Tax Deduction

  • Axe the Tax: Increase tax deduction under 80 C from Rs 1 lakh to 3 lakh July 4, 2014

    Mathew and Vineetha George are IT professionals with two young children and the need to save for their future. The income and cost of living has risen over the years but the exemption cap of Rs one lakh on savings has stayed unchanged since 2007. A rise in this cap...
  • SC rejects KFA's plea against HC order to pay Rs 350 cr TDS March 8, 2013

    New Delhi: The Supreme Court has dismissed a petition filed by Kingfisher Airlines challenging the Karnataka High Court order directing it to pay over Rs 350 crores of tax deducted at source (TDS). The company had contended in its petition that the amount due is much less than the demand...
  • Kingfisher Airlines owes Rs 269 cr income tax: Govt May 18, 2012

    New Delhi: Vijay Mallyapromoted Kingfisher Airlines owes Rs 269.06 crore income tax and IT Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday. Kingfisher Airlines was found to have deducted tax at source (TDS) on salary payments but had not deposited it...
  • Home loans may get Rs 3 lakh tax deduction March 12, 2012

    New Delhi: In a bid to boost housing sector credit, the government is contemplating enhancing income tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh. The government is considering raising the tax deduction limit for...
  • Taxman hopes to score in IPL, sends notice to BCCI May 16, 2008

    New Delhi: The big bucks involved in IPL could now spell trouble for the BCCI. The income tax department has sent a notice to BCCI asking for copies of agreements signed between the IPL franchisees and the foreign players. The IT department is investigating whether tax was deducted at source at...
  • No extension, July 31 last day to file Income Tax returns July 17, 2007

    New Delhi: File your Income Tax returns by July 31Finance Minister P Chidamabram has ruled out giving more time to taxpayers. "No chance, I suggest you file (Income Tax returns) today. Don't wait until the last day. Please file today," he said. Chidamabram said the government was yet to decide...