INCOME TAX NOTICES
Signature Global to invest Rs 400 cr in 2 affordable housing projects in Gurugram
Signature Global is mainly into development of affordable housing and has launched 12 such projects, comprising over 11,000 units, so far, under the Haryana Affordable Housing Policy. Two projects having 1,800 units have been handed over to buyers. The company has started two new projects 'Aspire' and ' Prime', which have in total about 1,450 units.
Income Tax department raids BMC contractors
IT said they had conducted search action in Mumbai and Surat on November 6 on entry providers and...
No GST on CXO salaries: Government set to clarify
CBEC is set to clarify that common function like HRs should be out of the GST gamut
How FedEx cut its tax bill to $0
The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder and chief executive, Frederick Smith, who repeatedly took to the airwaves to champion the power of tax cuts. “If you make the United States a better place to invest, there is no question in my mind that we would see a renaissance of capital investment,”.
ITAT dismisses Rahul Gandhi's application to make Young India charitable trust
The Income Tax Appellate Tribunal has dismissed Congress leader Rahul Gandhi's plea to make Young India a charitable trust. Rejecting the ap...
Budget 2020: FinMin seeks suggestions for rationalising income tax, other duties
While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put out circular seeking suggestions for changes in income tax rates for both individuals and corporates as well as in indirect taxes such as excise and customs duty.
How can I avail tax break on interest income earned on RD, monthly income schemes and NSC?
Under Section 80TTA, you can claim a deduction of up to Rs 10,000 on savings bank/post office deposits. Interest earned on post office RD and NSC is eligible for exemption under Section 80C within the overall limit of Rs 1.5 lakh in the years.
Income Tax department raids onion traders from Lasalgaon
The raid comes amid ballooning onion prices which have touched Rs 80/kg to Rs 90/kg as incessant rainfall in Maharashtra, the top onion producing state of the country, has delayed harvest and also damaged the quality of the kharif crop. The average wholesale prices at Lasalgaon market have been ruling around Rs 45/kg.
Income Tax task force report suggests complete rejig of tax slabs, saving govt Rs 55,000 crore
The current Income Tax rates are 5 per cent plus 4 per cent cess for people earning between Rs 2.5 lakh and Rs 5 lakh, 20 per cent plus 4 per cent cess for incomes of more than Rs 5 lakh up to Rs 10 lakh, and 30 per cent plus 4 per cent cess for those earning over Rs 10 lakh.
Tax optimiser: NPS, LTA claim can help salaried Gupta cut tax by Rs 4 lakh
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
Commodity companies seek tax rebate to cut costs
A tax of 0.01% is levied on exchange-traded commodity derivatives apart from other taxes.
I-T department busts Rs 3,300-crore hawala racket involving infrastructure firms
The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and Goa on a group of people indulging in issuing bogus bills and carrying on hawala transactions. Hawala denotes illegal transaction of funds by skirting the legal banking channels.
Tax department wants to impose 18% GST on CXO salaries
The taxman wants companies to treat services as supply, meaning the people providing the service will pay GST.
ITC, Larsen, Infy among top buys of MFs in October
A common link among the companies bought by managers in October is their size.
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