income tax – Page 2

Business

LTA exemption: What is Leave Travel Allowance and can you claim it at the time of filing your income tax return? | Business – Times of India

getworldnews1 year ago08 mins

[ad_1] LTA exemption: Salaried individuals typically need to give proof of their expenses and investments to get tax deductions under the Income-tax Act. One common tax exemption available to salaried individuals is the Leave Travel Allowance or LTA. Leave Travel Allowance (LTA), often included in your salary, pays for your vacation travel expenses. It also…

India

Congress Got Large Amounts In Cash, Had Ample Time To Reply: Sources On Tax Charge

getworldnews1 year ago06 mins

[ad_1] Congress leaders have said the party is being targeted. New Delhi: The Congress’ claims of “tax terrorism” based on fresh notices from the Income Tax department have been strongly countered by sources in the government agency, who have pointed out that incriminating material had been seized and the assessment proceedings are taking place now…

India

Day after I-T slaps notices of over Rs 1,800 crore to Congress, party leaders say received two more ‘last night’ | India News – Times of India

getworldnews1 year ago04 mins

[ad_1] NEW DELHI: A day after Congress was served notices from the income-tax department, asking it to pay over Rs 1,800 crore, the grand old party said it got two more “last night”. Addressing a press conference on Saturday, senior Congress leader Jairam Ramesh told reporters, “Two more notices were sent to us last night.”On…

India

“CPI Received Income Tax Notice For Use Of Old PAN Card,” Says D Raja

getworldnews1 year ago08 mins

[ad_1] “We have received the income tax notice for the use of the old PAN card,” CPI leader D Raja said. New Delhi: The Communist Party of India (CPI) received a notice from the Income Tax Department sometime back regarding some discrepancies due to the use of old PAN cards by some state units of…

Business

How a fake number landed UAE fund in tax soup – Times of India

getworldnews1 year ago04 mins

[ad_1] MUMBAI: What’s in a number? Well, a fictitious mobile number ‘9999999999’ that was entered by Abu Dhabi Investment Authority to enable it to upload its income tax return on the portal, led to I-T authorities doubting the veracity of this entity. Consequently, the commissioner (appeals) upheld tax at 20% on interest income of about…

Top Stories

RBI clears ‘interoperable’ net banking payments – Times of India

getworldnews1 year ago03 mins

[ad_1] MUMBAI: RBI governor Shaktikanta Das said the central bank has approved a platform that will facilitate online merchants to receive payments from any bank via internet banking, without signing up for every bank.Bharat Bill Payment System, an arm of the National Payments Corporation of India, will implement a new system of interoperable netbanking payments….

Business

Investors consider ELSS for tax benefits, long-term wealth creation; here’s what you need to know | Business – Times of India

getworldnews1 year ago04 mins

[ad_1] It is tax planning season, and investors are considering the Equity Linked Savings Scheme (ELSS) for its dual benefits of capital appreciation and tax exemption. ELSS mutual funds provide tax exemption on investments up to Rs 150,000 under Section 80C of the Income Tax Act.ET quoted Deepak Gagrani, Founder of MADHUBAN FINVEST, saying that…

Top Stories

Tax-saving fixed deposits for senior citizens: A guide to tax-exempt returns | Business – Times of India

getworldnews1 year ago010 mins

[ad_1] Fixed deposits: Tax-saving fixed deposits (FDs) enable senior citizens to avail a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income-tax Act, 1961. The interest earned on fixed deposits typically incurs taxes. However, senior citizens have the opportunity to generate tax-exempt returns from tax-saving FDs. To understand how it…

Business

Government releases 2 tranches of tax devolution – Times of India

getworldnews1 year ago01 mins

[ad_1] NEW DELHI: Government has authorised release of two installments of tax devolution amounting to Rs. 1.4 lakh crore on Thursday to strengthen hands of state governments for financing various social welfare measures and infrastructure development schemes. This release is in addition to tax devolution of an installment of Rs 71,061 crore made on February…

Business

PPF, NPS, Sukanya Samriddhi rules: What’s the minimum deposit to be made per financial year to avoid penalty or account freezing? | Business – Times of India

getworldnews1 year ago09 mins

[ad_1] Penalties for not depositing in PPF, SSY, NPS: Investors in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) must deposit a minimum amount in their accounts each year to keep them active. If they miss this deposit, their accounts can be frozen, and they may face penalties. The deadline…