Income Tax  

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The new financial year starts on April 1, and many new changes and additions have been made this year. A new tax regime has been introduced and taxes on converting physical gold have also been removed, among several other changes. 

Starting from April 1, the new tax regime will come into effect, bringing many changes and additions. Taxpayers can now avail of a basic exemption of Rs. 3 lakh, which was previously Rs. 2.5 lakh.

The government offers taxpayers a choice between the traditional old regime, which includes numerous deductions and exemptions, and the new regime with simplified structures and lower tax rates.

The list features top ten countries with the highest income tax rates imposed by the government.

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As the founder of Narayan Seva Ashram Trust, Hare Ram struggled to provide for the 35 orphan girls. However, he has gained significant recognition since his appearance on the reality TV show ‘Kaun Banega Crorepati’ in 2023.

Two heart wrenching incidents in his life prompted Hare Ram to establish an organization to take care for the abandoned children. He discussed the idea with his wife and received full support from her. With the assistance of the then DC Mastram Meena, Narayan Seva Ashram Trust was established. Until last year, Hare Ram had 35 children in his care. There are three boys, and the rest are girls. He has also married off four of the girls in well-off families.

Priya Singh is a resident of Mansarovar Colony, Bulandshahr. Her father works as an inspector in Mathura. Her grandfather is a retired SHO. Priya earned an MSc in Physics from Chaudhary Charan Singh University, Meerut. In 2017, Priya cleared the UPPSC exam in her first attempt and secured a position in the Income Tax Department. She attempted the exams again and achieved her goal of becoming a Deputy Superintendent of Police (DSP) in 2018.

With several new features, the IT department will launch its new e-filing portal www.incometax.gov.in on June 7

ITR filing has been made easy for taxpayers as details of capital gains, income from list securities, dividend income, income from interest on bank deposits will all come pre-filled in the ITR form

Vivad se Vishwas has helped to settle around Rs 83,000 crore of the contested 9.32 lakh crore amount which was under litigation

An inter-ministerial committee to coordinate investigations into alleged violation of various legal provisions of PMLA, Income Tax Act, FCRA and others by the Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust and Indira Gandhi Memorial Trust has been set up by the Union home ministry

An inter-ministerial committee to coordinate investigations into alleged violation of various legal provisions of PMLA, Income Tax Act, FCRA and others by the Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust and Indira Gandhi Memorial Trust has been set up by the Union home ministry 

In India, there were reports that a few Tablighi attendees threw urine bottles and defecated openly in front of their rooms at quarantine centres. The income tax department has decided to release refunds up to Rs 5 lakh in view of the lockdown. This is expected to benefit 14 lakh taxpayers.