Most taxpayers focus on deductions and exemptions to reduce their tax burden, but several sources of income are entirely tax-free under the Income Tax Act. These include agricultural income, gifts received from relatives, gratuity payments and more. Check the top 7 tax-free income sources.

Top 7 tax-free income sources every Indian taxpayer should know

The Central Board of Direct Taxes (CBDT) has announced the formation of an internal committee tasked with a thorough review of the Income Tax Act. This initiative aims to modernise tax regulations and enhance the user experience of the e-filing portal.

CBDT establishes committee to overhaul income tax act and enhance e-filing experience

Finance Minister Nirmala Sitharaman on Thursday introduced a Bill in Parliament to nullify the provision in the Income Tax Act. The Bill would withdraw the retrospective amendments to the Income Tax Act that raised demands on Vodafone, Cairn, indicating a move to attract foreign investments.

Finance Minister Nirmala Sitharaman introduces bill to nullify the provision in the Income Tax Act

The 25 richest Americans paid relatively little — and sometimes nothing — in federal income taxes between 2014 and 2018, according to an analysis from the news organization ProPublica that was based on a trove of IRS tax filings.

Wealthiest executives paid little to nothing in federal income taxes, report says

According to the United Nations (UN), the Arab economies could shrink by 5.7 per cent due to the coronavirus pandemic. At least a quarter of the Arab population could be pushed into poverty.

Saudi Arabia may introduce income tax as economy shrinks due to coronavirus

India's finance minister Nirmala Sitharaman while unveiling the financial package under "Atmanirbhar Bharat" announced that the government had decided to extend the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020.

Government extends deadline to file income tax returns till November 30

Government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies. Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1.

Government slashes corporate tax to 25.17% for domestic companies

The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said Monday.

I-T dept launches massive operation to probe cash, properties of Indians stashed abroad

Aadhaar: Putting the Cart before the Horse

If the Bill is passed, people who have deposited undisclosed cash will be taxed 50% and those who get caught by taxmen will be taxed 85%

Demonetisation: Government tables Bill to impose high taxes & penalties on unaccounted cash deposits

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