Income  

Karnataka MP Rajeev Chandrasekhar lashed out at the Congress with regard to I-T sleuths finding more than Rs 2 crore cash from Narayana Gowda Patil, top official from the rural development department. He also questioned seven-time Congress MP KH Muniyappa for amassing 400 acres of benami land.

Finance minister Arun Jaitley on Friday announced that the income tax exemption limit on gratuity has been doubled from the existing Rs 10 lakh. The move is beneficial to employees, who are not covered under the Payment of Gratuity Act, 1972.

The working class will enjoy not only higher income but also a near absence of price rise, thanks to the low inflation during the past five years. These factors make for a higher standard of living. Another piece of good news for employees: Fewer of are changing jobs frequently — an indicator of work satisfaction.
 

Till now, the income tax department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, on a case-to-case basis, depending on the category of taxpayers
 

The central government had earlier this month appointed Mody as the CBDT boss and he took charge of the policy-making body of the Income Tax Department on February 15. He succeeded Sushil Chandra who was appointed as an election commissioner.

The Income-Tax officials carried out the raids at around 6:30 am on Thursday on suspicion of tax evasion. I-T officials also raided minister KC Veeramani’s house

After the announcements in Budget 2019, an individual earning up to Rs 7.85 lakh per year can end up not paying any tax, provided he invests in various instruments. He can save a tax of Rs 15,080.

Interim finance minister Piyush Goyal announced a full tax rebate up to Rs 5 lakh annual income after all deductions

Real estate and retail businessmen are facing the I-T heat. Raids are on at 74 locations in Tamil Nadu including Saravana Stores and Revathi Stores

The vehicle was stopped for regular check at a check post bordering Andhra Pradesh and Tamil Nadu, where two bags stacked with Rs 6 crore cash was found by the Andhra Pradesh Police.

 

However, the Oxfam study shows that the income disparity among the rich and the poor is still huge. While the top 1% of the country’s richest got richer by 39%, the bottom half of the population saw only 3% increase in wealth. 

While Mulayam Singh Yadav and his son Akhilesh as well as Mayawati have faced cases of asset accumulation disproportionate to their known sources of income, they have buried the allegations they had made against one another in the past for one reason: Another term for Prime Minister Narendra Modi may strip them of their ill-gotten wealth and benefit those who are really downtrodden
 

I-T raids started at DK Shivakumar owned properties in August 2017. Since then, the minister has been called a number of times for questioning.
 

After reservation for upper caste poor across all religions, the Modi government is planning to transfer Rs 2,000-2,500 per month to every BPL household as part of its welfare push through DBT.

Power Star Puneeth Rajkumar of Kannada cinema spoke exclusively to MyNation on the I-T raids and the challenges that come with them.