Taxpayers will have to forego Rs 1.5 lakh savings deduction and Rs 2 lakh interest deduction on home loans, among others, to avail new income tax rates.
Income tax department tells Parliament it has unearthed 1,421 cases worth Rs 2,101 crore in FY2019-20 so far, up from 1,110 cases involving Rs 1,015 crore for 2018-19.
Before govt decides to do either, it needs to take a view about the macroeconomic picture. Is this a time for fiscal expansion, or for fiscal consolidation?
According to the Controller General of Accounts, tax collection until September is 2.6% lower than last year — a sign that slowdown is affecting govt revenues.
G. Parameshwara's confidant Ramesh allegedly committed suicide days after being grilled by IT officials amid raids on the former Karnataka deputy CM's premises.
The irony with PC Alexander was that when Indira Gandhi returned to power in 1980, she handpicked him as Principal Secretary and he became her political adviser, conscience keeper and administrative trouble-shooter.
The 125 APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). The total number of APAs since the start of the APA programme has risen to 641, with 506 UAPAs and 135 BAPAs.
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