MUMBAI: The Income Tax (I-T) investigation wing is conducting searches on several premises in Mumbai and other locations in connection with BMC’s Covid scam during the pandemic, mainly supply of oxygen at inflated rates.I-T officials included the premises of the contractors in the search.It was alleged that BMC had paid Rs 140 crore to a contractor for oxygen procurement and supply during the pandemic...
MUMBAI: In a case between a senior citizen and the income tax department, the tax tribunal’s Mumbai bench held that the penalty levied for non-disclosure of interest earned on her tax refund is not valid.In their order, the ITAT bench comprising Amarjit Singh, accountant member, and Sandeep Singh Karhail, judicial member, emphasised that unless the refund is received, its interest element cannot be...
KOLKATA: The proposal for a modification of base unit area value under the Unit Area Assessment (UAA) system was passed in the Kolkata Municipal Corporation House on Saturday. It paved the way for a hike in the property tax rates of residential buildings and flats across the city. Under the UAA system it is the base unit area value that primarily determines the tax on a property. Though there are other...
Apr 07, 2023, 07:30AM ISTSource: TOI.inNew income tax regime vs old tax regime: Income tax slabs for 2023-24 kick in from April 1, 2023. It’s time to choose between the revised new income tax regime and the old tax regime. With your investment declaration for the year looming, we help you make an informed choice on the new versus old regime. In this episode of TOI Wallet Talks, Surabhi Marwah, Tax...
Apr 04, 2023, 05:43PM ISTSource: ET NowIndia's net direct tax collections surged by 17.63 per cent to Rs 16.61 lakh crore in the financial year 2022-23 (FY23), against Rs 14.12 lakh crore in the preceding financial year. The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY23 were fixed at Rs 14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs 16.50...
NEW DELHI: The provisional figures of direct tax collections for the financial year (FY) 2022-23 show that net collections exceeded the Union Budget estimates by Rs 2.41 lakh crore i.e. by 16.97%, according to a statement released by the finance ministry on Monday.The net collections for 2022-23 stand at Rs 16.61 lakh crore, compared to Rs 14.12 lakh crore in the preceding financial year -- representing...
MUMBAI: Mutual fund companies are wooing retail investors who seek to avail of long-term tax benefits in debt funds in the last few days of the fiscal ending March 31. Last week, the government withdrew indexation benefits for investors in mutual fund schemes that hold less than 35% domestic equity in their portfolio. The new norms will apply from April 1, 2023.According to industry players, the demand...
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