Income Tax

  • More tax concessions when economy improves: Finance Minister 12-07-2014 07:29 PM

    New Delhi: Finance Minister Arun Jaitley on Saturday promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose." "I think there was never a Union Budget since...
  • It is not the end, but start of the journey, says Arun Jaitley on his maiden Budget 10-07-2014 07:54 PM

    New Delhi: Finance Minister Arun Jaitley is confident that his government will be able to stick to the 4.1 per cent fiscal deficit target even though rating agencies have voiced skepticism about the Budget estimates. "This is not the end, this is just the start of the journey," Jaitley said...
  • Income tax relief in Jaitley's Budget for 2014-15, smokers will pay more 10-07-2014 06:43 PM

    New Delhi: The Budget for 2014-15 on Thursday doled out sops to income tax payers by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5 lakh while seeking to revive growth, manufacturing and investor confidence. Without...
  • Budget 2014: I-T exemption limit hiked by Rs 50000, save a maximum of Rs 35000 per year 10-07-2014 02:14 PM

    There is some good news for individual tax payers under the age of 60 years as Finance Minister Arun Jaitley increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. The savings limit under Income Tax Act Section 80C has also been hiked by...
  • Budget 2014: Disinvestment target revised upwards to Rs 58,425 cr 10-07-2014 02:04 PM

    New Delhi: Finance Minister Arun Jaitley on Thursday raised the disinvestment target for the current fiscal to Rs 58,425 crore. The target include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies, as per the Budget...
  • Budget 2014: Tax exemption limit raised to Rs 2.5 lakh from Rs 2 lakh 10-07-2014 12:45 PM

    New Delhi: In a minor relief to the individual tax payers, the Narendra Modi government in its maiden Union Budget raised the income tax exemption slab from Rs 2 lakh to Rs 2.5 lakh. "I propose not to make any changes in the tax rate. However, with the view to...
  • Budget 2014: Retrospective tax amendment to be undertaken with extreme caution 10-07-2014 11:53 AM

    New Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley on Thursday said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee. However, the existing tax disputes,...
  • Axe the Tax: What the common man wants from Jaitley's Budget 10-07-2014 08:37 AM

    New Delhi: Ahead of the Narendra Modi government's first Budget, CNN-IBN presented your wishlist of taxes that you want axed, to Finance Minister Arun Jaitley as part of its award winning Axe the Tax campaign. This year, you asked for an increase in the Income Tax threshold from Rs 2...
  • Arun Jaitley set to present Modi government's maiden Budget today 10-07-2014 08:24 AM

    New Delhi: The Narendra Modi government's maiden Budget will be presented in Parliament on Thursday by Finance Minister Arun Jaitley. With high expectations to meet, it remains to be seen whether the Budget will be a bitter pill for the common man in its bid to revive the economy. It...
  • Union Budget 2014: As it happened 10-07-2014 07:36 AM

    Finance Minister Arun Jaitley's promises of bold budget decisions and broadsides against the "mindless populism" of his left-of-centre predecessors have proved a hit with investors, helping the benchmark BSE stock index to a record high last week. ...
  • Budget 2014: First test of Modi government's reform mettle 10-07-2014 07:07 AM

    New Delhi: Prime Minister Narendra Modi faces the first major test of his reform credentials on Thursday, when his fresh-faced government presents its maiden budget amid early doubts about his willingness to make unpopular decisions. Modi, 63, won a landslide general election victory in May with a pledge to boost...
  • National Herald case: Sonia Gandhi calls I-T notice 'political vindictiveness' 09-07-2014 01:49 PM

    New Delhi: Congress President Sonia Gandhi on Wednesday called the Income Tax notice to her in the National Herald case 'political vindictiveness'. She said that the 'witch-hunt' will help the Congress come back to power. "We have been issued notices by the Income Tax department, it's political vindictiveness. Such political...
  • Modi's Budget may not have any major exemptions for salaried class 07-07-2014 12:06 PM

    New Delhi: With the Narendra Modi government set to present its maiden Union Budget on July 10, expectations among the public is running high. There is a lot of hope that Finance Minister Arun Jaitley will bring in bold changes in the tax exemption limit which will come as a...
  • I-T moves SC with a tax demand of Rs 4,800 crore from Sahara 03-07-2014 04:00 PM

    New Delhi: There seems to be more trouble for the Sahara Group as the Income Tax department has now approached the Supreme Court with a tax demand of Rs 4,800 crore for the last 3 years. This comes even as Sahara chief Subrata Roy has sought an interim bail of...
  • National Herald case: I-T notice to Congress over tax exemption 01-07-2014 06:11 PM

    New Delhi: The Income Tax department on Tuesday sent a notice to the Indian National Congress for claiming tax exemption, say sources. The I-T notice comes in the backdrop of court summons to Congress leaders Sonia Gandhi and Rahul Gandhi in connection with the National Herald case. While the Congress...
  • Kolkata: CBI arrests two Income Tax officers in bribery case 30-06-2014 05:40 PM

    Kolkata: The Central Bureau of Investigation on Monday arrested two senior Income Tax officers from Kolkata in a bribery case. Those in arrest include Joint Commissioner I-T, an I-T officer and a Chartered Accountant. CBI sleuths have also seized Rs 3 lakh from their possession. The CA had allegedly taken...
  • Mumbai: Fire breaks out at Income Tax Office 27-06-2014 08:15 PM

    Mumbai: A major fire broke out at the Income Tax Office in Mumbai's Church Gate branch on Friday evening. The blaze started from the basement of the building. At least five fire engines have been pressed into service to douse off the flames. The cause of the blaze has not...
  • Income Tax department asks ex-CBI chief AP Singh to provide bank, property details 19-06-2014 10:06 AM

    New Delhi: The Income Tax department on Thursday summoned former CBI Director AP Singh and his wife Shabnam Singh. The ex-CBI chief has been asked to provide details of his properties, bank accounts, lockers and credit cards. The investigation on Singh is in connection with the suspected case of tax...
  • India @ 9 with Arunoday Mukharji and Palki S Upadhyay 13-06-2014 10:17 PM

    Catch the day's top stories with Arunoday Mukharji and Palki S Upadhyay on India @ 9. ...
  • News 360: Modi government may increase I-T exemption limit to Rs 5 lakh 13-06-2014 09:36 PM

    The Narendra Modi government is considering a hike in Income Tax exemption limit from Rs 2 lakhs to 5 lakhs, sources tell CNN-IBN. ...
  • Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh 13-06-2014 06:26 PM

    New Delhi: In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh. The Finance Ministry has also sought a report...
  • Income tax return case: TN CM Jayalalithaa, Sasikala skip court, judge fumes 09-06-2014 11:52 AM

    New Delhi: Tamil Nadu Chief Minister J Jayalalithaa and her aide Sasikala skipped court appearance in connection with an income tax return case filed against them by Bharatiya Janata Party leader Subramanian Swamy. The court ordered them to appear before it at the next date of appearing on June 30...
  • Tamil Nadu CM Jayalalithaa told to appear on June 9 in income tax case 03-06-2014 03:25 PM

    Chennai: A Chennai court on Tuesday adjourned to June 9 the income tax return cases against Tamil Nadu Chief Minister J Jayalalithaa and her aide Sasikala for their appearance. When the case came up for hearing to fix the date for their appearance before the Additional Chief Metropolitan Magistrate R...
  • I-T notice to NCP for unaccounted cash deposits in bank 12-05-2014 01:24 PM

    Mumbai: The Income Tax department has sent a notice to the Nationalist Congress Party for unaccounted cash deposits in one of its bank accounts. The I-T department has asked the party to explain cash deposits of over Rs 35 crore between April 2, 2013 and April 9, 2014 in one...
  • Police seize Rs 25 lakh from private college principal's residence 01-05-2014 03:13 PM

    Police on Thursday seized Rs 25 lakh from a private college principal's residence and detained him at Beta Chowk in Bihar's Darbhanga district. Acting on a tip off, a police team raided Dr Zakir Hussain Teachers' Training College Principal Dr M Hasan's residence and seized Rs 25 lakh in Indian...
  • Rs 40 lakh cash seized from Bolero in poll-bound Begusarai 29-04-2014 08:55 AM

    As part of intensive campaign against use of black money in elections, police on Monday seized Rs 40 lakh from a Bolero in Begusarai district. The seizure was made during search of Bolero in Sahebpur Kamal police station area of the district, Superintendent of Police, Harpreet Kaur said. The unaccounted...
  • 1.68 crore cash, gold seized on poll day 18-04-2014 08:43 AM

    Raids at different places in Jharkhand on Thursday led to seizure of about Rs 1.68 crore cash, gold and silver on poll day. The seizure was made at Hazaribagh, Ranchi, Koderma, Ramgarh, Bokaro and Dhanbad, according to a release issued by the Election Commission. A total of 9.98 gram gold...
  • Rs 38 lakh seized from two vehicles in election related checking 15-04-2014 02:50 PM

    A sum of Rs 38 lakh was on Tuesday seized from two vehicles during election related checking at Anjanpir in Vaishali district, police said. Rs 30 lakh were seized from a SUV and Rs 8 lakh from another car when they were stopped at a police checkpoint for election related...
  • Police catch two people carrying Rs 6.36 lakh, cash seized 12-04-2014 09:32 AM

    During checking for unaccounted cash for use in poll, police on Friday caught two persons carrying Rs 6.36 lakh at Maithi toll plaza in Muzaffarpur district. During routine checking of vehicles, the police found Rs 6.36 lakh in a car coming from Darbhanga to Muzaffarpur, police said. When queried about...
  • Rajasthan's Income Tax Department breaks seizure records in 2013-14 10-04-2014 11:06 PM

    In its searches operations, the Investigation wing of Rajasthan Income Tax Department found undisclosed income to the tune of Rs 603.61 crore as admitted by the assesses and total assets of Rs 44.27 crore were seized in 2013-14. The performance of the Investigation wing of the I-T Department, Rajasthan improved...