Private bank Bandhan Bank Limited on Wednesday (March 26) said it has received an income tax demand order of ₹119.38 crore from the Income Tax Department’s Faceless Assessment Unit for assessment year 2023-24 (FY2022-23). “…it is hereby informed that the Income Tax Department, Faceless Assessment Unit, has issued an assessment order under Section 143(3) read […]
Finance Minister defends officials’ access to digital data, calls it crucial for probing tax evasion – CNBC TV18
Finance Minister Nirmala Sitharaman on Tuesday defended tax authorities’ access to digital records under the new tax bill, noting that the provision is essential to curb tax evasion and financial fraud. Speaking in the Lok Sabha, she said digital evidence, including WhatsApp messages and Google Maps location data, is already being used in tax investigations […]
New Income Tax Bill: 23 chapters and 16 schedules as part of the Bill – CNBC TV18
The new Income Tax Bill is likely to propose 23 chapters and 16 schedules, sources told CNBC-TV18. It will introduce simpler terms such as “tax year.” The tax year would define the twelve-month financial period starting from April 1, 2026, sources said. Index Fund Corner Sponsored Scheme Name 1-Year Return Invest Now Fund Category Expense […]
Exclusive | Govt likely to table New Income Tax Bill in Parliament on Thursday: Sources – CNBC TV18
The government is likely to table the much anticipated New Income Tax Bill in Parliament on Thursday, according to sources, who added that the proposed legislation spans over 600 pages, proposing the new legislation as the Income Tax Act, 2025. Once passed, it will come into effect from April 1, 2025. Company Value Change %Change […]
Budget 2025: How personal tax changes benefit the common man — an EY India perspective – CNBC TV18
The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, aims to accelerate growth, promote inclusive development, strengthen private sector investments, uplift household sentiments, and enhance the spending power of India’s middle class. The personal tax announcements focus on reforming the tax rate structure, rationalising Taxes Deducted at Source (TDS) and Taxes Collected at Source […]
What is Public Provident Fund? All you need to know about the savings scheme – CNBC TV18
The Public Provident Fund or PPF is a popular government-backed savings scheme among investors in India. The long-term savings scheme is recognised for its attractiveness to investors. It provides stability, competitive interest rates and tax breaks, making it an invaluable tool for anyone looking to establish a secure financial future. Index Fund Corner Sponsored Scheme […]
Exclusive | Union Budget 2025 likely to simplify direct tax laws in phased manner – CNBC TV18
The government is gearing up for a significant overhaul of direct tax laws, according to sources. The upcoming Union Budget 2025 could mark the start of a phased approach to simplifying these laws, aiming to create a more streamlined and taxpayer-friendly system. According to sources, the proposed reforms will focus on simplifying the language of […]
What is the maximum contribution limit for PPF accounts? – CNBC TV18
A Public Provident Fund (PPF) account is a government-backed savings scheme in India designed to promote long-term investment and tax savings. It can be opened by any Indian citizen for themselves or on behalf of a minor. The account comes with a fixed tenure of 15 years, during which the deposits are locked in. However, […]
India Inc pushes for simpler tax laws to reduce compliance burden: Survey – CNBC TV18
94% of Indian industry leaders are calling for streamlined tax laws to reduce compliance burdens, enhance tax certainty, and foster economic growth, according to a new survey by Deloitte India. The findings come as the Finance Ministry reviews the country’s Income Tax Act, with a focus on simplifying the complex tax framework and improving the […]
Aligarh govt employee asked to return surplus salary. Will he get tax refund too? – CNBC TV18
A government employee, who was drawing extra salary over the last 17-18 years due to the wrong allocation, has been asked to return the surplus money now. The unusual case is from Aligarh, where Ashok Kumar paid taxes under the 30% tax slab. His question on CNBC Awaaz’s ‘Tax Guru’ show was simple: “Will I […]