Income Tax
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Income Tax Refunds Surge 46.3% to Rs 3.04 Lakh Crore in April-November
In the corresponding period last year between April 1, 2023, and November 30, 2023, refunds totalling Rs 2.03 lakh crore were issued, reflecting the Ministry's concerted efforts to expedite the process this year. The statement added that CBDT played a crucial role in achieving this milestone.
ITR Filing: Income Tax Filers Increase by 120% from 2014 to 2024, Sources Reveal
Returns filed in this income group increased from 1.85 lakh individuals in 2014 to 9.39 lakh in 2024; such an increase is attributed to the sources as resultant of enhanced compliance amongst this particular group.
FM Sitharaman Urges Income Tax Department to Adopt Fair and Approachable Practices
“Let the experience of filing tax return on the first day be as good as filing it on the last day. We have to ensure that threatening language in tax notices and messages is avoided,” FM Sitharaman said.
Income Tax Processing Time Slashed in Decade, Signaling Major Shift: FM
One of the major achievements of Prime Minister Narendra Modi's government is the large reduction in the average processing time of returns. As per Finance Minister Nirmala Sitharaman, it has come down from 93 days in 2013 to just 10 days now, facilitating quicker refunds.
Government Removes Angel Tax on Startups Across Investor Categories
Angel tax is a charge levied by the government on the funds that unlisted companies, especially startups, raise if their shares' valuation is more than the fair market value.
Enhanced Benefits for Salaried Workers: Standard Deduction Increased by 50% to Rs 75,000
Besides, Sitharaman brought in changes in the tax slabs in the new income tax regime, which would come into force from April 1, 2024, that is, Assessment Year 2025-26. This restructuring of the regime shall lead to a further rise in disposable income and is likely to save salaried employees up to Rs 17,500 annually in income tax.
Government Bonds Valued at Rs 30,000 Crore Set for April 12
The bond offerings encompass a diverse range, catering to various investment preferences. Among them are the 7.32 per cent Government Security 2030, with a notified amount of Rs 11,000 crore, slated for a price-based auction utilizing the price method. Additionally, the New Government Security 2039, valued at Rs 10,000 crore, will undergo a yield-based auction employing the multiple price method. Lastly, the 7.30 per cent Government Security 2053, with an amount of Rs 9,000 crore, will be available through a price-based auction utilizing the multiple price method.
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