Latest news with #Tax
Indian Express
2 days ago
- Business
- Indian Express
Income Tax Returns FY 2024-25 (AY 2025-26): Who's exempt from ITR filing based on income?
Income Tax Returns FY 2024-25 (AY 2025-26): The filing of income tax returns (ITR) has started for the financial year 2024-25 (assessment year 2025-26), and 15 September 2025 has been extended as the deadline. According to Indian tax regulations, if an individual's taxable income is less than the basic exemption amount, they are not required to file one. The maximum limit for the old tax system was Rs 2,50,000, whereas the new tax regime is Rs 3,00,000 for the fiscal year 2024-25. Furthermore, there are certain conditions where individuals must file ITR, despite their taxable income being less than the basic exemption amount. 1. If there is a Rs 50 lakh or more deposit in either one or multiple savings accounts in the previous financial year. 2. If there is a deposit of Rs 1 crore or more in one or more current accounts in either commercial or cooperative banks within a financial year. (Businesses are exempted from this requirement.) 3. If the gross annual sales turnover is more than Rs 60 lakh. 4. If professional income is more than Rs 10 lakh in the previous financial year. 5. The payment of electricity bills is more than Rs 1 lakh. 6. Individuals with Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) of Rs 25,000 or more. (For senior citizens, it has been raised to Rs 50,000.) 7. If an individual owns or benefits from any asset located outside of India, or if they hold signing authority for an overseas account. 8. Any declaration of expenditure on foreign travel that exceeds Rs 2 lakh also necessitates the filing of an ITR.
Business Recorder
3 days ago
- Business
- Business Recorder
ST, Federal Excise Return: FBR extends date of submission upto June 5
ISLAMABAD: The Federal Board of Revenue (FBR) has extended date of submission of Sales Tax and Federal Excise Return for the tax period of April, 2025 upto June 5, 2025. This is subject to the condition that due sales tax liability has been deposited within due date. FBR to levy 18% sales tax in erstwhile tribal areas In this regard, the FBR has issued instructions to all Chief Commissioners Inland Revenue of Large Taxpayers Offices (LTOs), Medium Taxpayers Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) on extension in date of Submission of Sales Tax & Federal Excise Return for the Tax Period of April, 2025. In exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, the FBR has directed that the date of submission of Sales Tax and Federal Excise Return for the tax period of April, 2025 which was due on May 18, 2025 is extended till June 5, 2025 subject to the condition that due sales tax liability has been deposited within due date, FBR added. Copyright Business Recorder, 2025
Gulf Insider
4 days ago
- Politics
- Gulf Insider
120 Saudi Government Staff Detained For Suspected Bribery, Job Exploitation
Saudi Arabia's state anti-corruption watchdog has interrogated 435 suspects this month and arrested 120 of them on suspicions of graft amid a relentless clampdown on white-collar corruption in the kingdom. The detainees are employees at the ministries of interior, defence, municipalities and housing, human resources, transport, and health, as well as the Zakat, Tax, and Customs Authority, the Oversight and Anti-Corruption Authority said. They were investigated on charges of bribery and job exploitation. The watchdog, known as Nazha (Integrity) has reaffirmed its commitment to monitoring, exposing, and prosecuting anyone involved in abusing public office, vowing to protect public funds and reinforce transparency in both public and private sectors. In recent years, hundreds of state employees and businesspeople in Saudi Arabia have been interrogated for suspected corruption and mismanagement of public money. In January, local media reported that Saudi authorities had arrested 1,708 people in 2024, including government staff, over suspicions of corruption, money laundering, and influence trading. These arrests followed 4,000 investigations and over 37,000 oversight rounds. During last year's Hajj season, Nazaha also carried out 9,600 inspections at Mecca's holy sites and affiliated agencies, resulting in 155 arrests linked to corruption.
Deccan Herald
27-05-2025
- Business
- Deccan Herald
Is LTA taxed under the new regime?
Leave travel allowance (LTA) is a perk that many salaried employees are provided. It is a form of stipend given by an employer to an employee who is on leave from work to fund his or her travel the new tax regime provides several benefits, including zero tax on incomes up to Rs 12 lakh for the financial year 2025-26, one must also consider if their taxable income will include their perks. Here is how the new regime works on these benefits:.No, LTA isn't exempt under the new regime. Any LTA you get as part of your salary will be added to your taxable income and taxed if you were to submit travel bills for your journeys, it won't reduce your tax burden under the new regime. Thus one must include LTA as part of their taxable income to calculate their tax burden if they are considering opting for the new you have opted for the old Income Tax regime of, then under Section 10(5) of the Income Tax Act, LTA will be exempt under the following conditions:1. LTA exemption can be claimed twice within a block of four years, with the current block running from January 1, 2022 to December 31, 2025. 2. If your LTA is unused, one journey can be carried forward to the next block.3. The exemption is valid only for travel within India and does not apply to international trips.4. Not only the employee, but their spouse, children, and dependent parents or siblings can also claim the benefit.5. The exemption covers only the actual cost of travel by air, train, or bus and does not include hotel stays and meals. 6. To claim this exemption, you must submit your travel bills and documents to your employer within the deadline they specify.
Business Recorder
26-05-2025
- Business
- Business Recorder
Budget 2025-26: Traders for elimination of double taxation, cut in ST rate on services
PESHAWAR: Traders through various proposals for the Khyber Pakhtunkhwa fiscal budget for 2025-26, has urged the provincial government to abolish double taxation, especially property tax, easing process of KPRA audit, reduction in ratio of Sale Tax on Services, bringing reforms in trade and business-related institutions, and complete abolishment of provincial Infrastructure Development Cess on export, curtailing tax/fees of property registry and elimination of anti-business actions and make legislation, reforms through appropriate amendment and to present a business-friendly budget. Business community asserted deletion of harsh coercive provisions in the law governing business and industry in the provincial fiscal budget 2025-26, while emphasising on provision of subsidised SME financing through Bank of the Khyber, taking serious note over advance to deposit ratio 0.9 percent advance against 16 percent provincial deposit, besides made demand for pragmatic steps for ease of doing business, gas supply on priority basis to industrial consumers as per granted by the Constitution. Traders called for maximized provincial hydel power utilisation through early execution of transmission lines and adding 80-85 megawatt electricity into the grid station, besides proactive measures for maintenance of law and order and reduction of the heavy burden of various provincial taxes, war-footing initiatives for completion of the northern bypass and Ring Road, underpasses on identified locations in the city. SCCI presents budget proposals for FY 2025-26 Business community wanted immediate withdrawal, recently introduced by the provincial government Godown Act 2025. Legislation for institutionalising provincial department-based on the Dispute Resolution Council mechanism with representation of all relevant departments, stakeholders and business community in the forum should be carried out, traders demanded. It has been asked by the provincial government to incorporate SCCI proposals in the upcoming provincial budget 2025-26. These budget proposals presented during a joint meeting with Khyber Pakhtunkhwa Minister on Excise and Taxation Khaleequr Rehman, KP Minister for Revenue Nazeer Advisor to Khyber Pakhtunkhwa government on Finance Muzammil Aslam, SACM on industries Abdul Karim Khan here at the Sarhad Chamber of Commerce and Industry, which chaired by SCCI president Fazal Moqeem Khan. Office-bearers of the chamber, traders, industrialists and importers and exporters were present in a large number. Later, the provincial ministers and advisors of the KP government agreed with proposals and assured the SCCI and stakeholders to make appropriate amendments in harsh laws, policies as per constitution limits and also incorporate the business community proposals in the upcoming provincial budget 2025-26. Copyright Business Recorder, 2025
