Income Tax Act
Income Tax Act News
Interested in trading in NFTs? Read to know how they are taxed under Income Tax Act
The clarification on NFT being covered under the definition of virtual digital assets was provided by the government on 30 June 2022 in a notification.
Real Estate Investment: How are dividends from REITs taxed? Check regulations and other details
If owned for less than a year, a 15 percent short term capital gains tax is applied to capital gains generated on the sale of Indian REITs
Crypto tax: A laudable move but government should engage in meaningful deliberations with stakeholders
To put the prevailing apprehensions at rest, the Modi government should hold talks with all stakeholders, both on the taxability of virtual digital assets and their future legal position in India
Budget 2022: Taxing time for common folks but big bonanza for politicians; here's how to correct this anomaly
Union Budget 2022-23: It is common for good Samaritans to educate the children of their domestic help and such altruistic spending should be encouraged with a tax break
I-T Dept extends deadline for filing of various tax compliances, Vivad Se Vishwas scheme till 30 Sept
The deadline for filing the Equalisation Levy statement in Form-1 for the Financial Year 2020-21 has been extended till 31 December as against the original due date of 30 June
Nirmala Sitharaman announces 25% cut in TDS/TCS for non-salary payments; ITR filing deadline extended
Finance Minister Nirmala Sitharaman said the reduction in TDS (tax deducted at source)/TCS (tax collected at source) rate would release about Rs 50,000 crore in the hands of people.
Coronavirus Outbreak: Govt extends deadline for deposits in PPF, Sukanya Samriddhi accounts; to safeguard interests of small saving depositors
The subscribers of PPF and SSA may now deposit their savings up to 30 June, which couldn't be deposited in 2019-20 due to lockdown in the country,
Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund; contributions to get I-T Act exemption
One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra.
Bajaj Finance posts highest ever quarterly net profit at Rs 1,614 cr in Q3 on healthy interest income; NBFC's total income grows 41%
Total income of the company grew 41 percent to Rs 7,026 crore for October-December of 2019-20 as against Rs 4,992 crore in year ago period, Bajaj Finance said in a regulatory filing.
Budget 2020: Govt may announce schemes for fabless chip design industry; incentives to boost manufacturing
In the last few years, the Indian government has launched a slew of schemes to boost local manufacturing of electronic goods
Nirmala Sitharaman to hold pre-Budget consultations with stakeholders from today; focus on boosting economic growth
The finance ministry has already started the Budget preparation exercise, with different ministries and departments making expenditure projections
Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT
The Central Board of Direct Taxes (CBDT), in a clarification, said companies will be allowed to utilise such credits only against regular taxes under the old regime
Government extends deadline to link PAN, Aadhaar from 30 September to 31 December
The deadline to link PAN with Aadhaar has been extended till 31 December, a The Central Board of Direct Taxes order said Saturday.
Direct Tax Code: Government proposes to overhaul taxation system; here is how new rules will affect you
Direct Tax Code appears to be a simpler version as compared to the existing income tax law, which is a welcome measure
Task force on Direct Tax Code submits report to Finance Minister Nirmala Sitharaman
A government-appointed task force headed by CBDT member Akhilesh Ranjan on Monday submitted its report on the new Direct Tax Code, which seeks to replace the existing Income Tax Act
GJC urges govt to rollback import duty on gold; seeks comprehensive integrated policy to save gems and jewellery sector
Reduction in gold duty will directly reduce social and economic menace in the country, he said.
I-T Department had attached Mindtree shares held by VG Siddhartha without notice: Sources
There was no demand made by I-T Department before attaching Mindtree shares and for a “potential” tax demand of Rs 625 crore, shares worth Rs 3,000 crore were attached.
RBI savings bonds: All you need know about eligibility, issue price, limit of investment, tax rules, repayment
On 10 January 2018, the Government of India announced the launch 7.75 percent Savings (Taxable) Bonds, 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling.
Affordable housing: How to claim Income Tax deduction up to Rs 3.5 lakh on home loans
In Union Budget 2019, affordable housing got a further fillip with an increase in Income Tax deduction of Rs 1.5 lakh on home loans
Budget 2019: Govt proposes raising income tax exemption for NPS subscribers to 60% of corpus; new limit applicable from April 2020
Finance Minister Nirmala Sitharaman Friday proposed to exempt from income tax 60 percent of the amount received by subscribers of National Pension System on closure of account or opting out of the scheme