Old vs new tax regime: What investment proofs must taxpayers submit to their employer?

Old vs new tax regime: What investment proofs must taxpayers submit to their employer?

The income tax (I-T) department introduced a new tax regime in financial year 2020-21, giving taxpayers the choice between this and the old one. These two regimes differ in terms of taxation slabs, rates and allowances deduction, ultimately affecting the investment proof submission.  Every employer may have specific requirements for submitting investment proofs, so employees … Read more

Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

National Pension System 2024: The Centre may extend the benefits of the National Pension System (NPS) to the new tax regime, a report said on Wednesday. It is to be noted that the New Tax Regime doesn’t have most tax exemptions valid under the Old Tax Regime.  CNBC Awaaz reported that the government may make … Read more

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on … Read more

Scrapped Covid vaccine deal with Valneva cost UK taxpayers £358m

Scrapped Covid vaccine deal with Valneva cost UK taxpayers £358m

A spokesman for Valneva said the firm was “exploring options for its Almeida manufacturing facility in Livingston, initially built to produce its Covid-19 vaccine, including a possible sale or a repurposing to produce its vaccine for Japanese Encephalitis, and its chikungunya vaccine, if approved”. Source link

Taxpayers’ money built expressway, give credit to them: AAP

Taxpayers’ money built expressway, give credit to them: AAP

Amidst the ongoing tussle for credit among BJP, Congress and anata Dal (Secular) for the Bengaluru-Mysuru Expressway which will be inaugurated on Sunday, the Aam Aadmi Party in Mysuru on Saturday said the parties were fighting amongst themselves conveniently forgetting that the expressway was built from the taxpayers’ money. Hitting out at the parties for … Read more

CBDT issues Rs 1.54 lakh crore refunds to taxpayers

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The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal. This includes 1.20 crore refunds of Assessment Year 2021-22 (fiscal ended March 31, 2021), amounting to Rs 23,406.28 crore. “CBDT issues refunds of over Rs 1,54,302 crore to … Read more

Honest taxpayers deserve to be recognised for paying due share of taxes: Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman on Saturday said honest taxpayers deserve to be recognised for dutifully paying their due share of taxes and appreciated the Income Tax Department for successful implementation of various reforms. In her message to the I-T Department on the 161st anniversary of Income Tax Day, she complimented the department for continuing to … Read more

Taxpayers can use ITC to discharge GST dues for March

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The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March. “Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month … Read more