Income Tax-act

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Income Tax-act - Total results - 113
EC tells Supreme Court provisions in laws on political funding will have 'serious repercussions' on transparency
India

EC tells Supreme Court provisions in laws on political funding will have 'serious repercussions' on transparency

The Election Commission, which has filed affidavit in the apex court, said that on 26 May, 2017 it had written to the Ministry of Law and Justice about its views that the changes made in the Income Tax Act, the Representation of People Act and the Finance Act would be against the endeavour to have transparency in funding to political parties.

Income tax exemption limit on gratuity doubled to Rs 20 lakh from existing Rs 10 lakh: Labour ministry
Business

Income tax exemption limit on gratuity doubled to Rs 20 lakh from existing Rs 10 lakh: Labour ministry

The labour ministry's move will benefit employees who are not covered by the Payment of Gratuity Act, 1972.

Angel tax: CBDT notifies relaxed norms for startups, to be effective with retrospective effect from 19 February
Business

Angel tax: CBDT notifies relaxed norms for startups, to be effective with retrospective effect from 19 February

It is dubbed as angel tax due to its impact on investments made by angel investors in startup

Panel to overhaul direct tax law seeks three months’ extension; likely to submit report before final Budget
Business

Panel to overhaul direct tax law seeks three months’ extension; likely to submit report before final Budget

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

Sir Dorabji Tata Trust opposes Income Tax Department's order against outgoing managing trustee R Venkataramanan
Business

Sir Dorabji Tata Trust opposes Income Tax Department's order against outgoing managing trustee R Venkataramanan

The Income Tax Department withdrew the tax exemption granted to Sir Dorabji Tata Trust after the authorities found a violation of certain conditions by the trust

Govt relaxes angel tax norms for startups, increases investment limit to Rs 25 crore for availing income tax concessions
Business

Govt relaxes angel tax norms for startups, increases investment limit to Rs 25 crore for availing income tax concessions

Currently, startups avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore

I-T Department releases Coffee Day's Mindtree shares; attaches VG Siddhartha's partial stake in coffee venture
Business

I-T Department releases Coffee Day's Mindtree shares; attaches VG Siddhartha's partial stake in coffee venture

Last month, Income Tax Department had attached 74.90 lakh shares of Mindtree, in which 22.20 lakh shares belonged to Coffee Day Enterprises and 52.70 lakh shares belonged to its promoter Siddhartha.

Startups seek scrapping of contentious angel tax proposal; govt may increase investment limit for exemption
Business

Startups seek scrapping of contentious angel tax proposal; govt may increase investment limit for exemption

Various startups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.

Affordable housing: Why are builders enjoying 100% income tax holiday and not passing on benefits to home-buyers?
Business

Affordable housing: Why are builders enjoying 100% income tax holiday and not passing on benefits to home-buyers?

Budget 2019 has given one more year to builders to seek approval from competent authority for their housing projects

Govt may exempt DPIIT-certified startups from angel tax; likely to raise investment limit to Rs 25-40 crore
Business

Govt may exempt DPIIT-certified startups from angel tax; likely to raise investment limit to Rs 25-40 crore

The consideration assumes significance as several startups have claimed to receive angel tax notices, impacting their businesses.

Rationalise regime of standard deduction for salaried class; keep highly paid CEOs out of this facility
Business

Rationalise regime of standard deduction for salaried class; keep highly paid CEOs out of this facility

Standard deduction for the salaried class in its new avatar is one-size-fits-all — it is the same for both the CEO of a company and his lowly minion at the bottom of the heap.

I-T Department to soon decide on startups to be exempted from angel tax; multilayer checking system in place to find eligible firms
Business

I-T Department to soon decide on startups to be exempted from angel tax; multilayer checking system in place to find eligible firms

Last month, the government eased the procedure for seeking income tax exemption by startups on investments from angel funds and prescribed a 45-day deadline for a decision on such applications.

Interim Budget brings relief to individual taxpayers; rebate under section 87A hiked to Rs 12,500 for income up to Rs 5 lakh
Business

Interim Budget brings relief to individual taxpayers; rebate under section 87A hiked to Rs 12,500 for income up to Rs 5 lakh

The Section 87A limit of Rs. 3,50,000 has been hiked to Rs. 5,00,000 to help bring down taxes for those earning up to Rs 5 lakh.

Introduction of foreign tax credit carryforward will give competitive edge to Indian firms in global market
Business

Introduction of foreign tax credit carryforward will give competitive edge to Indian firms in global market

The concept of carryback of loss provides businesses with the choice to carry back tax loss of current tax year to be offset against profit of earlier years.

What are the expectations of individual taxpayers on personal tax front?
Business

What are the expectations of individual taxpayers on personal tax front?

On a personal front, salaried individuals will hope that the tax slab rate is modified for individual taxpayers

Don't be in a hurry to make tax-saving investments; seek professional guidance based on financial goals
Business

Don't be in a hurry to make tax-saving investments; seek professional guidance based on financial goals

Final choice of the investor for choosing a tax-saving instrument depends upon various factors like risk profile, the kind of tax-saving instrument which can be linked to a specific goal, tenure, and the taxability status.

Flipkart-Walmart deal: Sachin Bansal pays Rs 699 cr advance tax for Q1 FY19; Binny Bansal yet to disclose capital gains
Business

Flipkart-Walmart deal: Sachin Bansal pays Rs 699 cr advance tax for Q1 FY19; Binny Bansal yet to disclose capital gains

In May, Bentonville, Arkansas-based Walmart Inc acquired 77 percent stake in Flipkart for about $16 billion in its biggest acquisition till date.

Haven’t yet filed Income Tax Returns? Last day today; hurry up and save late fee of Rs 5,000
Business

Haven’t yet filed Income Tax Returns? Last day today; hurry up and save late fee of Rs 5,000

Income Tax Returns will not be accepted unless you have paid the late filing fee.