National Institution for Transforming Indian (NITI) Aayog is in favour of keeping the threshold for the income tax (I-T) exemption intact at Rs 2.5 lakh. Instead, they want to extend the tax (10%) on the Rs 5 lakh slab to Rs 7 lakh.
The government has asked banks to provide information to the Income-Tax (I-T) Department about savings accounts where deposits have exceeded Rs 2.5 lakh (Rs 12.5 lakh in the case of current accounts) after November 8. If the deposits are higher than past
Suppose you buy an asset, hold it for a while and then sell it at a higher price, you make a capital gain. In the case of equities or equity mutual funds, if you sell an asset after one year, your gain is called long-term capital gain (LTCG).
For the past few months, several reports have suggested that rates of the Employee Provident Fund (EPFO) are likely to come down. While some reports have based their analysis on falling yield on 10-benchmark bond yields, down at 6.4%.
The recent notification of the Central Board of Direct Taxes (CBDT) asking banks to furnish details of cash deposits above a certain amount has got many worried about receiving notice from the income-tax department.
On March 30, 2016, the income-tax (I-T) office reportedly raised an incorrect demand of Rs 10,000 crore on State Bank of India (SBI) and forced it to pay up on the same day. This was refunded the very next month.