income tax
Income tax is a tax imposed by the central government on the taxable income of all persons who are individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person. Levy of tax is different on each person. Indian Income Tax Act, 1961 levies and governs income tax. The Indian Income Tax Department is administered by CBDT which is part of the Department of Revenue under the Ministry of Finance, Govt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public.
The Union Budget 2018-19 was presented by FM Arun Jaitley on February 1, 2018. Under this budget there were not many major changes seen for the salaried class, except for the standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses.
In his Budget speech on February 1, 2017, finance minister Arun Jaitley said that the fiscal deficit is pegged at 3.2 per cent of GDP in 2017-18 and 3 per cent in the following year.
Tax for small companies having a turnover of less than Rs 50 crore reduced to 20 per cent. Demonetisation led to a 34.8% increase in personal income tax declarations. An integral part of the Centre’s campaign against black money, the account holders have been targeted via use of data analytics to sift through information for the period between November 9, when the old Rs 500 and Rs 1,000 notes ceased to be legal tender, and December 30, when the window for their deposit in banks ended.
The income tax department has also started cracking down on those with "benami" assets, issuing notices in 87 cases and attaching 42 properties.
The Union Budget 2018-19 was presented by FM Arun Jaitley on February 1, 2018. Under this budget there were not many major changes seen for the salaried class, except for the standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses.
In his Budget speech on February 1, 2017, finance minister Arun Jaitley said that the fiscal deficit is pegged at 3.2 per cent of GDP in 2017-18 and 3 per cent in the following year.
Tax for small companies having a turnover of less than Rs 50 crore reduced to 20 per cent. Demonetisation led to a 34.8% increase in personal income tax declarations. An integral part of the Centre’s campaign against black money, the account holders have been targeted via use of data analytics to sift through information for the period between November 9, when the old Rs 500 and Rs 1,000 notes ceased to be legal tender, and December 30, when the window for their deposit in banks ended.
The income tax department has also started cracking down on those with "benami" assets, issuing notices in 87 cases and attaching 42 properties.
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