New Delhi: Showing an increase of 15.7 per cent over the last year, the gross direct tax collections till November stood at Rs 6.75 lakh crore, according to provisional figures released on Monday. This was despite a 50 per cent rise in filing of income-tax returns over the last year.[Read More…]
Tag: Central Board of Direct Taxes
Another 5.56 lakh people found to have inconsistent tax profiles with money deposited post demonetisation
The Income Tax Department has identified another 5.56 lakh people whose tax profiles are found to be inconsistent with the money deposited by them post demonetisation in October last year. With an aim to detect black money generation post demonetisation, the I-T department carried out the second phase of ‘Operation[Read More…]
Jewellery/gold purchased out of disclosed income not to be taxed
The finance ministry on Thursday said that the Amended I-T Act will not apply to tax jewellery/gold purchased out of disclosed income or exempted income or reasonable household savings, reported Indian Express. The announcement by the Central Board of Direct Taxes (CBDT) has given a major relief to the people[Read More…]