income tax
Income tax, GST offices to remain open on March 30, 31 to facilitate year-end collection
Tax offices, for both income tax and GST, will remain open on Saturday and Sunday as the department’s race against time to meet the revenue collection targets. “As per past practice, all field offices of CBIC(Central Board of Indirect Taxes and Customs) will remain open during the last weekend of the current financial year also March 30 and March 31, 2019, for assisting …
Income tax dept digs up dodgy transactions worth Rs 17 crore in J&K
The income tax (I-T) department on Friday announced it has documentary evidence of undeclared property deals of more than Rs 41 crore and concealed financial transactions of nearly Rs 17 crore in Jammu & Kashmir, primarily in the Valley that involve several local businessmen. The department stumbled upon these details after it conducted searches in …
Voluntary Disclosure of Income Scheme
The Voluntary Disclosure of Income Scheme (VDIS) was a very unconventional but successful process among Indian economic policies. It would grant an opportunity to the income tax or wealth tax defaulters to disclose their undisclosed income at the prevailing tax rates. This project would also ensure that the laws relating to economic offences would not be applicable to those defaulters. …
What is a Special Economic Zone (SEZ)?
With a view to overcoming the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a point to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was launched in April 2000. SEZs in India functioned from 1.11.2000 to …
What is Form 16 in Income tax?
Form 16 is an Income Tax form castoff by companies to provide their salaried individuals in India. This form carries all the needed details that help the employee in filing their tax returns with the Income Tax department in India. The Income Tax Act of 1961 and the Income Tax rules of 1962 are the …
What is Pradhan Mantri Garib Kalyan Yojana
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) was introduced by Indian prime with Mr Narendra Modi in 2015. The main goal of this scheme is to addressing poverty. However, with the latest demonetization drive introduced by the large-scale government to procure the spread of black money, an amendment has been made to the current Income …
What is Income Tax?
An income tax is an expense that government charges on budgetary wage produced by all elements inside their locale. By law, organizations and people must file an income tax each year to decide if they owe any assessments or are qualified for a duty discount. Income tax is the main source of funds that the …
What is Section 80(c) of the Income Tax Act?
Section 80c comprises of various investments and expenses that are eligible for tax deductions. Under section 80C, a deduction of Rs 1,50,000 can be claimed from once total income. One can reduce up to Rs 1, 50,000 from his total taxable income through section 80C. This deduction is given to an Individual or a Hindu Undivided …
What is Property Tax?
The property tax is a charge levied by the government on real estate projects. It also includes lands. On the possessor, this tax is also imposed. Property tax is also known as house tax. Property tax varies in a different state. Its value is different for all states. The owner has the liability to pay …