This has been the largest seizure of new currency notes post demonetisation.
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They were allegedly persons of "small mean".
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Flummoxed tax officials suspect that Mahesh Shah was fronting for local "big shots".
The government proposed to levy a total tax, penalty and surcharge of 50 percent on the amount deposited post demonetisation.
In its bid for transparency, the Modi government is leaving no stone unturned. The Income Tax Department released time-series data relating to direct tax collections, number of taxpayers, cost of coll...
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Individual as well as HUF taxpayers can save up to ₹1.5 lakh every year on income tax. This deduction is available on investments and expenses under Section 80C. One of the investment options that you...
Finance Minister Arun Jaitley said the 4-month scheme led to 64,275 declarations.
While the sluggish performance of many Indian athletes at Rio may have left us disappointed, the Income Tax Department has certainly been on its toes this year—in peak form in fact. In the first...
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Almost all of us have bank accounts and a majority of us hold at least some balance in fixed deposits. Yet many taxpayers fail to report interest income in their tax return. Not all types of interest income are subject to TDS and that leads to further confusion about whether such income is taxable at all. Here we will dispel some myths around the taxability of interest income.
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NEW DELHI -- Challenged by increasing cases of defaulters who smartly evade paying due taxes, the Income Tax department has asked its officers not to shy away from invoking the rare provisions of arre...
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Come July and do you see red with income tax chores piling up? Do you dread getting entangled in the unending realms of papers? Does legal tax-jargon sap the very energy from you, leaving you confused...
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Many of us are not confident about whether we should file an income tax return. Is filing tax returns an open invitation to income tax officers for more scrutiny? What happens if I do not e-file? I have paid all my taxes, why should I file my tax return? How does it help? Here's what you need to know.
NEW DELHI -- No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from 1 June. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS)...