In his address for the interim Budget 2019, Finance Minister Piyush Goyal introduced no changes to the tax slabs but announced full tax rebate for those who earn less than Rs 5 lakh. Also those whose gross income reaches to Rs 6.5 lakh will not be required to pay any[Read More…]
Tag: Income Tax Act
Maneka Gandhi: Gifts to wives, daughters-in-law should be tax-free
Minister for Women and Child Development Maneka Gandhi has urged Finance Minister Piyush Goyal to make amendments to the Income Tax Act so that gifts to wives or daughters-in-law are not taxed. Maneka made the plea through her twitter post saying, “As a society, the onus of ensuring economic empowerment[Read More…]
Party accounts can be scrutinised by tax department: Finance Ministry
The Finance Ministry on Saturday clarified that there are provisions in the Income Tax Act to scrutinise the accounts of political parties. Referring to news reports that income tax returns of political parties registered with Election Commission cannot be scrutinised with regard to deposit of demonetised currency notes, the ministry,[Read More…]