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Topic: Income Tax
I-T dept will analyse expenditure patterns through collected data to look for evasion. But honest taxpayers won’t be impacted, stresses the government.
The tax department's move had raised concerns over increase in compliance burden for firms, and it's unclear if the govt will go through with the proposal.
New I-T proposal aims to widen tax base, seeks to make several additions to the transaction-reporting framework by including purchases of jewellery & white goods worth over Rs 1 lakh.
Modi says the reforms are meant to reduce govt interference in taxpayers' lives and encourage more people to pay their taxes. The charter & faceless assessment are effective from today.
Data released by the Controller General of Accounts showed that contraction in tax revenues and rising expenditures pushed the fiscal deficit to over Rs 6.6 lakh crore in first quarter.
The high prices of petrol and diesel are adding another headwind to India’s economy facing the biggest contraction in four decades.
I-T department has issued charge sheets to the officers for their complicity in a report that was prepared by 50 IRS officers, and causing "embarrassment" to govt.
Modi govt wants to earn Rs 2 lakh crore from ‘Vivaad Se Vishwas’ scheme for disputed tax cases, and has told field officers their appraisals will depend on it.
Modi is right to complain about the low number of taxpayers, but it is his govt that doubled the exemption threshold to Rs 5 lakh ahead of 2019 polls.
A round up of newspaper front pages from across the country.