income tax

The existing Income Tax Act has 23 chapters containing 536 sections and 16 schedules. The new Bill with 298 sections and 14 schedules will be more concise the existing act. Once passed in the Parliament, the Bill will come into effect from April 1, 2026

When asked how much persuasion did it take to get the PM on board regarding the cut in income tax, Sitharaman said that it was the bureaucrats who needed to be convinced

Under the tax structure announced in the budget, marginal relief will be calculated by deducting the amount exceeding ₹12,00,000 from the tax calculated on the entire taxable income

While now there is no tax on income up to ₹12 lakh, in 2014 it was in the highest tax bracket, which started at ₹10 lakh with a tax rate of 30%.

One may ask if there is no income tax up to ₹12 lakh, why there are tax slabs for 4-8 lakh and 8-12 lakh, the reason is I-T is calculated in slabs

The Supreme Court on Friday refused to entertain a PIL seeking to declare that the Tax Deducted at Source (TDS) system is "manifestly arbitrary, irrational and violative of various fundamental rights".

Taxpayers making less than Rs 10 lakh now make up a smaller portion of the income tax collection in Modi regime, the Income Tax Returns data shows.

Income Tax Department has summoned Assam Pradesh Congress Committee (APCC) president Bhupen Kumar Bora asking him to appear on 16 August

The IT dept initiated reassessment proceedings after discovering discrepancies in the Congress party's tax returns.

Congress earlier received notices for five years (Assessment Year 1994-95 and AYs 2017-18 to 2020-21) from the Income-Tax department.