Quick Reads Summary is AI generated, newsroom reviewed. Filing ITR is crucial for salaried employee, business owner and freelancer. But do keep in mind the deadlines for various categories of taxpayers. Filing your ITR on time saves you from late fees, interest, and scrutiny notices New Delhi: Filing your Income Tax Return (ITR) is an … Read more
Damoh/Aligarh: An egg seller and a juice vendor in Madhya Pradesh and Uttar Pradesh were in for a huge shock when they received notices for dues worth crores from the Income Tax (I-T) department. The two men, who are the sole earners in their families, said the notices have left them deeply distressed. In Madhya … Read more
New Delhi: The new Income Tax Bill prescribes the existing process for tax authorities to gain access to the digital space or a computer device only during search and survey operations, and it is not aimed to breach the online privacy of common taxpayers even if their case lands into scrutiny, a top I-T department … Read more
Akshay Kumar is known to be one of the highest paid actors in the country. Not to mention, he’s also been the highest tax payer at many instances. In 2022, he was the highest tax payer in India and had given Rs 29.5 crore to the Income Tax Department. The actor was also awarded Samman … Read more
The middle class has long been seeking income tax relief. Until now, tax benefits were primarily targeted at the lower segments of the income pyramid, while those in the middle and upper tiers of the middle class remained outside the scope of any significant relief. In fact, their tax burden increased due to changes in … Read more
New Delhi: People Group and Shaadi.com founder Anupam Mittal praised the Union Budget’s provision to not tax salaried individuals earning up to Rs 12.75 lakh, calling it a “systemic correction”. The Shark Tank India investor said previous Budgets reduced middle class professionals to a “punching bag”, where individuals were “taxed at every turn, squeezed for … Read more
Union Finance Minister Nirmala Sitharaman unveiled the Budget 2025-26 on Saturday, announcing key reforms to tax exemptions and more. Sitharaman emphasized that the new budget would focus on accelerating employment-led growth through strategic investments in agriculture, rural development, and exports. “This budget is dedicated to accelerating growth, driven by our aspirations for a ‘Viksit Bharat.’ … Read more
Almost all finance ministers of India have faced the challenge of widening the country’s tax net. While the debate over how few people pay income tax in India is old, what is less well-known is that many companies also avoid paying income tax. While only 2% of the population pays income taxes, nearly half of … Read more