Income-Tax

Finally at 11:00 am on February 2017, the Union Budget 2017-18 gets underway. The start of the Budget session was chaotic, and there were even doubts whether the budget will be presented today or not. But even after protest from…

Under the new GST regime, the date of implementation of which is still under doubt, is going softer on culprits of tax evasion and other soft crimes. After a meeting of the GST Council, it has been decided that tax evasion of less…

Income Tax Department has released some interesting numbers, which showcases the depth and intensity of black money in India. After understanding these numbers, it is clear that PM Modi’s harsh, sudden demonetization drive was indeed…

There are strong, unconfirmed reports that in the next Union Budget, Govt. of India may revise the existing Income Tax slabs for individuals. As per insider reports, this announcement can be made before UP Elections, which are most…

The surgical strike against black money continues with full force, as banks are now overflowing with deposited money, even as black money hoarders are discovering new ways to convert their wealth into white. In order to stop the…

If you are an avid social media user, and love to flaunt your overseas travels and expensive iPhones but fail to declare accurate income to evade tax, then there is some bad news for you. Income Tax Department is all set to unleash…

Income Tax department has revealed some interesting statistics related with wealth of Indians, who decided to declare their incomes last year. Relatively, annual declaration of income has increased at an astonishing pace, and the…

Income Tax Department’s scheme to furnish black money details is a massive hit, as Rs 65,250 crore of black money was declared by 64,275 individuals, thereby making it an average of Rs 1 crore, per individual. Ministry of Finance…

Income Tax Department has released the first draft of rules pertaining to tax filing under the new GST regime. Rules pertaining to invoice and payments, registrations, show-cause notices, procedures, and documents related to tax…

Various reforms introduced by the Indian Govt. for increasing income tax filing is slowly, but gradually showing results as more and more Indians are now actually paying Income Tax. During 2012-13, only 1% of Indians paid any form of…