Income Tax department might follow the GST path

India is soon going to follow the one-nation, one-tax principle after the implementation of the goods and services tax (GST) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the Income Tax Department. The department might take a path-breaking initiative of jurisdiction-free assessment More...

by Loknath Das | Published 4 months ago
By Loknath Das On Tuesday, June 6th, 2017
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Income tax return: Do super senior citizens have to file returns?

  My father is over 90 years of age and has income from pension, interest on fixed deposits and savings account. His total income is Rs 2 lakh per annum. He has no TDS refund claim. Is he required to file More...

By Loknath Das On Monday, June 5th, 2017
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Income tax return: Do super senior citizens have to file returns?

My father is over 90 years of age and has income from pension, interest on fixed deposits and savings account. His total income is Rs 2 lakh per annum. He has no TDS refund claim. Is he required to file income More...

By Loknath Das On Saturday, June 3rd, 2017
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Tories vow not to increase income tax for UK’s richest

The Conservatives have ruled out raising income taxes on the highest earners – despite having refused to make the same pledge for taxpayers on lower incomes. Theresa May has repeatedly refused to rule out raising More...

By Loknath Das On Wednesday, May 31st, 2017
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Now Link Aadhaar With PAN Using SMS, Says Income Tax Department

New Delhi: The Income Tax Department today urged taxpayers to link their Aadhaar with their PAN, using an SMS-based facility. The department issued advertisements in leading national dailies and described how both More...

By Loknath Das On Monday, May 29th, 2017
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Should agricultural income be taxed?

The recent discussion on taxing farm income is nothing new. This kind of thinking was doing the rounds even in British India, when as early as 1925, a committee was set up to assess the feasibility of taxing agriculture More...

By Loknath Das On Thursday, May 4th, 2017
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Why India should tax agricultural income

In 1925, the Indian taxation enquiry committee noted, “There is no historical or theoretical justification for the continued exemption from the income tax of income derived from agriculture. There are, however, More...

By Loknath Das On Sunday, April 30th, 2017
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High incomes, awful finances People for whom $100,000 isnt enough to live on

Katrina Genefaas, from Rotorua, could teach people who say they’re struggling to get by on $100,000 a thing or two. After she split with her long-time partner, the mental health nurse found herself alone More...

By Loknath Das On Tuesday, April 18th, 2017
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Income Tax Declaration To Employer 10 Changes You Should Be Aware Of

In the beginning of every fiscal year, employees are asked for details like their investment in ELSS (Equity Linked Savings Schemes), insurance policies, house rent, home loan, education loan etc. by their employer More...

By subhadip On Monday, February 6th, 2017
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Over 10,000 people have signed to support Basic Income

The Basic Income Canada Network (BICN) has just passed their goal of signing 10,000 people who support a basic income guarantee in Canada. This milestone marks the culmination of over a year of collecting supporters. More...