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Good news for non-govt salaried employees: Income Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh

Good news for non-govt salaried employees: Income Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh

Thu, May 25, 2023

With this announcement, the tax exemption on leave encashment of non-government salaried employees will rise for the period of earned leaves remaining at the time of their retirement in case of both superannuation and otherwise. 

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Independence Day 2022: Ticolour hoisted at Idgah Maidan in Bengaluru for 1st time since 1947 amid tight security

Independence Day 2022: Ticolour hoisted at Idgah Maidan in Bengaluru for 1st time since 1947 amid tight security

Mon, Aug 15, 2022

Flag hoisting was carried out by the Bengaluru North Sub-Division officer Shivanna attached to the Revenue Department.

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Tax arrears recovery: Rs 21 lakh crore! Parliament panel asks revenue dept to formulate concrete action plan

Tax arrears recovery: Rs 21 lakh crore! Parliament panel asks revenue dept to formulate concrete action plan

Wed, Aug 03, 2022

The report of the Standing Committee on Finance, which was tabled in Parliament, said the revenue department seems to be "caught up in the vicious cycle to tax arrears", as about Rs 18.68 lakh crore in direct tax and Rs 2.95 lakh crore in indirect tax are outstanding in the form of tax arrears.

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Government notifies excise duty relaxation on ethanol blending with petrol, diesel; oil, sugar companies to benefit - Anil Singhvi explains how

Government notifies excise duty relaxation on ethanol blending with petrol, diesel; oil, sugar companies to benefit - Anil Singhvi explains how

Wed, Jul 13, 2022

The revenue department has officially notified that ethanol blending concession has been expanded to 12%-15% for petrol, up from previously 10% in different zones of the country, said Ambarish Pandey

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Delhi Circle Rates Rebate: Revenue Department extends reduction till Jun 2022

Delhi Circle Rates Rebate: Revenue Department extends reduction till Jun 2022

Thu, Dec 30, 2021

The Delhi government on Thursday extended the 20 per cent rebate on circle rate for land and immovable property till June 30, 2022, according to an order issued by the Revenue Department.

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Enforcement actions always irrespective of political affiliation: Revenue Dept to EC

Enforcement actions always irrespective of political affiliation: Revenue Dept to EC

Tue, Apr 09, 2019

The Revenue Department on Monday told the Election Commission that its enforcement actions are always "neutral', "impartial' and "non-discriminatory" irrespective of political affiliation and urged the poll panel to share "specific information" with the I-T department about illicit money in  electoral  process, sources said.

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Govt recovered less than 9% service tax arrears in FY17: CAG

Govt recovered less than 9% service tax arrears in FY17: CAG

Tue, Dec 19, 2017

"It can be seen that only 8.87% of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.

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PAN not needed for cash sale of agri produce up to Rs 2 lakh per day

PAN not needed for cash sale of agri produce up to Rs 2 lakh per day

Fri, Nov 03, 2017

The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultural produce by the cultivators/ agriculturists.

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CBEC seeks exporters' feedback on drawback rates post GST

CBEC seeks exporters' feedback on drawback rates post GST

Sun, Feb 26, 2017

"In order to ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on rebate to be implemented for exports in the context of new GST environment," it said.

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Finance Ministry lowers taxes for corporates, small businesses to boost growth, employment

Finance Ministry lowers taxes for corporates, small businesses to boost growth, employment

Mon, May 09, 2016

The steps that will be taken include lowering of corporate tax to 25% for new manufacturing companies, extending tax benefits to housing sector and reducing technical service fees among others. 

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