All posts tagged: taxpayers

Income tax dept asks to ignore ‘significant transactions’ emails, says they are ‘erroneous’| India News

Income tax dept asks to ignore ‘significant transactions’ emails, says they are ‘erroneous’| India News

Published by Parlour News

The Income Tax Department on Saturday asked taxpayers to ignore certain emails sent under its Advance Tax e-Campaign for Assessment Year 2026-27 after some messages were found to contain incorrect information about “significant transactions.” In a clarification posted on X ( formerly Twitter), the department said it had received reports from taxpayers about inaccuracies in the communications and was working with its service provider to resolve the issue. (Pixabay/Representational image) In a clarification posted on X (Twitter), the department said it had received reports from taxpayers about inaccuracies in the communications and is working with its service provider to resolve the issue. “Certain taxpayers have received emails containing inaccurate details regarding ‘significant transactions’… the department regrets the inconvenience caused,” it said. The department added that the emails were meant only as facilitative reminders to help taxpayers review financial information and ensure advance tax compliance where applicable. It advised taxpayers to verify their transaction details through the e-Campaign tab on the Compliance Portal available on the income tax e-filing website. “In the meantime, taxpayers are requested …

‘Not a single drop will be given away’: CM Mann warns of mass resistance over water release as High Court flags Punjab for contempt | Chandigarh News

‘Not a single drop will be given away’: CM Mann warns of mass resistance over water release as High Court flags Punjab for contempt | Chandigarh News

Published by Parlour News

Reiterating that not a drop of Punjab’s water would be allowed to go out, Chief Minister Bhagwant Mann on Sunday warned the BJP-led Centre and the Bhakra Beas Management Board (BBMB) of mass resistance if they attempted to release water to Haryana without the state’s consent. The CM’s strongly worded statement came just two days after the Punjab and Haryana High Court observed that Punjab had prima facie committed contempt by obstructing BBMB’s functioning. “The people of Punjab are up in arms. Any BBMB officer who tries to come and release water will be responsible for their safety,” Mann said, accusing Union Minister and former Haryana Chief Minister Manohar Lal Khattar of being the “mastermind” behind the push to divert water. “If Punjabis can guard our borders, they can protect their waters too,” said CM Mann, while addressing a gathering at the Nangal dam. Mann categorically asserted that there was no High Court order directing the state to release water. “The BJP is illegally trying to snatch Punjab’s water under the garb of judicial directives,” …

Congress Workers Get Guarantee Panel Post, BJP’s “Taxpayers’ Money” Charge

Congress Workers Get Guarantee Panel Post, BJP’s “Taxpayers’ Money” Charge

Published by Webster

Bengaluru: A massive row has erupted in Karnataka after the Siddaramaiah government appointed Congress workers as office-bearers of the panel set up to fulfill pre-poll guarantees and earmarked funds for their salaries and allowances. Opposition BJP and JD(S) have accused the ruling Congress of looting taxpayers’ money to pay its workers. Deputy Chief Minister DK Shivakumar has responded that Congress workers have every right to oversee the state government’s programmes. BJP MLAs today staged a protest outside the Vidhana Soudha. JD(S) MLA MT Krishnappa raised the issue in the Assembly yesterday. He said that when MLAs and officials had been overseeing programme implementation, the Congress government was unnecessarily spending funds on party workers. Leader of the Opposition R Ashoka criticised Deputy Chief Minister and state Congress chief Shivakumar and said he had failed to differentiate between the government and the party. “How can you give taxpayers’ money to Congress workers? If you want to pay them, go beg on the streets. These Congress workers have been given cabinet rank, official bungalows, and offices,” he alleged. …

DOGE is trying to access the IRS’s data on millions of taxpayers

DOGE is trying to access the IRS’s data on millions of taxpayers

Published by Webster

The Department of Government Efficiency has requested access to the Internal Revenue Service’s taxpayer data system — potentially giving it access to highly sensitive information, including Social Security Numbers and tax returns — according to a report from CNN. DOGE has also launched an IRS-specific account on X and is soliciting “insights on finding and fixing waste, fraud, and abuse” within the agency. “Waste, fraud and abuse have been deeply entrenched in our broken system for far too long,” Harrison Fields, White House deputy press secretary, said in a statement to multiple outlets. “It takes direct access to the system to identify and fix it.” Senators Elizabeth Warren (D-MA) and Ron Wyden (D-OR) sent a letter to the IRS commissioner on Monday requesting that the IRS “immediately disclose to the Senate Committee on Finance the full extent of the potential access to IRS systems and data granted to DOGE team members so that the Committee can address any efforts by DOGE personnel to gain access to taxpayer records at the IRS, which may constitute criminal …

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman | Latest News India

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman | Latest News India

Published by Parlour News

The Prime Minister Narendra Modi-led government has sought to respect the taxpayer instead of following a rent-seeking approach, finance minister Nirmala Sitharaman said on Sunday, emphasising that the huge tax relief announced in Saturday’s Union Budget was an acknowledgement of the contribution of citizens who pay their fair share towards nation-building, or, as she repeatedly stressed, a manifestation of “respect”. Finance minister Nirmala Sitharaman (Sanchit Khanna/HT Photo) The headline-grabbing tax cuts were not the only economic catalyst set in motion by the government, but the move could also have the follow-on benefit of driving discretionary spending and drive a consumption-led recovery in the economy, Sitharaman said in an interview with Hindustan Times and Mint a day after she presented the budget. The minister also touched upon the burning issues of a possible global trade war in the wake of US tariffs on key trading partners, simplification of regulatory compliances, boosting capital expenditure, and fraught Centre-state relations over electoral freebies. But she acknowledged that it was only understandable that the tax changes have attracted so much …

Big win for taxpayers, no income tax till Rs 12 lakh, Sitharaman makes big announcement – India TV

Big win for taxpayers, no income tax till Rs 12 lakh, Sitharaman makes big announcement – India TV

Published by Webster

Image Source : PTI Nirmala Sitharaman In a big win for individual taxpayers, Union Finance Minister Nirmala Sitharaman on Saturday hiked the income tax exemption limit to Rs 12 lakh per annum under the New Tax Regime. She said from the next financial year, taxpayers will not have to pay income tax till Rs 12 lakh. Finance Minister Sitharaman said, “The middle class provide strengths to the economy. In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs.”  The Central government also allowed the individual taxpayers to claim annual value of two self-occupied properties as nil. Check new tax regime: Up to Rs 4 lakh – 0%  Rs 4-8 lakh – 5%  Rs 8-12 lakh – 10%  Rs 12-16 lakh – 15%  Rs 16-20 lakh – 20%  Rs 20-25 lakh – 25%  Above Rs 25 lakh – 30% Nirmala Sitharaman said the personal Income Tax reforms will focus on the middle-class and …

What Changes Do Economists Suggest For Salaried Taxpayers

What Changes Do Economists Suggest For Salaried Taxpayers

Published by Webster

Every Budget season, the most-asked question remains the same – does it have anything for the salaried class? With Finance Minister Nirmala Sitharaman set to present Budget 2025-26 on February 1, the salaried class is again looking out if the government has any plans to reduce their financial burden. Economists have suggested that the government this time offer a higher tax exemption limit and an increased standard deduction under the new tax regime, which would benefit a lot of taxpayers. In the last Budget, the standard deduction was increased to Rs 75,000 from Rs 50,000 while the exemption limit stands at Rs 3 lakh under the new regime. The economists also hinted at tax benefits for electric vehicles, boosting the housing sector, and easing the purchase and sale of real estate by Non-Residential Indians (NRIs). Deepika Mathur, Director at Deloitte India, said that if the government plans to offer any relief to the salaried class at all, it may benefit only those under the new regime. “I really do not expect any changes in the …

Big relief for taxpayers? Government likely to introduce new Income Tax Bill, say sources – India TV

Big relief for taxpayers? Government likely to introduce new Income Tax Bill, say sources – India TV

Published by Webster

Image Source : PTI/FILE PHOTO Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chairs the eighth pre-Budget consultation with the stakeholders and representatives from the trade unions for the Union Budget 2025-26. The government will introduce a new income tax bill in the upcoming Parliament budget in a major move to simplify India’s tax system, it was quoted as saying by news agency PTI. The proposed legislation aims to replace the six-decade-old Income Tax Act, 1961, with a concise, lucid, and comprehensible version, reducing the number of provisions by about 60 per cent. Finance Minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act in her July 2024 budget speech and promised to revamp the law in six months. Sources said the draft law is currently being reviewed by the Ministry of Law and is expected to be tabled in Parliament during the second half of the budget session. Key details of the Budget Session The Budget session will begin on January 31, 2025, and end on January 4, 2025. The …

Taxpayers anticipate income tax relief, know current slabs under new and old tax regimes – India TV

Taxpayers anticipate income tax relief, know current slabs under new and old tax regimes – India TV

Published by Webster

Image Source : PTI/FILE PHOTO Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chairs the eighth pre-Budget consultation with the stakeholders and representatives from the trade unions for the Union Budget 2025-26, in New Delhi. Budget 2025: As the budget approaches, taxpayers are eagerly awaiting a possible income tax notification, which is expected to provide relief to individuals earning up to Rs 15 lakh per annum. Here’s a breakdown of the current tax bands under the new and old tax systems to help you understand what they mean. New Tax Plan (FY 2024-25) Introduced in Budget 2020, the New Tax Regime offers lower tax rates with fewer exemptions and deductions: Up to Rs 3,00,000: Nil Rs 3,00,001 – Rs 7,00,000: 5 per cent  Rs 7,00,001 – Rs 10,00,000: 10 per cent  Rs 10,00,001 – Rs 12,00,000: 15 per cent  Rs 12,00,001 – Rs 15,00,000: 20 per cent  Above Rs 15,00,000: 30 per cent  This regime is the current one. However, taxpayers must waive the HRA, LTA, and …

Food and Civil Supplies Minister says only 1.02 lakh BPL cards of government employees and taxpayers ‘modified’

Food and Civil Supplies Minister says only 1.02 lakh BPL cards of government employees and taxpayers ‘modified’

Published by Parlour News

Leader of the Opposition in the Legislative Assembly R. Ashok interacting with the family members who hold BPL ration card at Arasu Colony in Jayanagar, Bengaluru, on Thursday. | Photo Credit: Food and Civil Supplies Minister K.H. Muniyappa on Thursday said that only 1.02 lakh below the poverty line (BPL) cards held by government employees and taxpayers had been “modified” as above the poverty line (APL) cards, contrary to the claims of the Opposition BJP which has launched a protest against what they called “massive cancellation of cards of poor people”. Addressing presspersons here on Thursday, Mr. Muniyappa said except for the 1.02 lakh cards (held by government employees and those who file income tax), all other BPL cards would be reissued if there were any erroneous cancellations. How many, in what category “Of the 1.02 lakh, as many as 4,036 are government employees and 98,473 taxpayers, according to HRMS and I-T records. As many as 59,370 BPL card holders have been moved to the APL category and 16,806 BPL cards have been retained. Only …