Income Tax-act

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Income Tax-act - Total results - 113
Resolve taxation issues being faced by startups getting angel funds: Suresh Prabhu to Arun Jaitley
Business

Resolve taxation issues being faced by startups getting angel funds: Suresh Prabhu to Arun Jaitley

The issue assumes significance as several startups and angel investors have raised concerns over notices received from income tax authorities.

Fig leaf of PAN would be inadequate as taxman is watching every high value cash transactions
Business

Fig leaf of PAN would be inadequate as taxman is watching every high value cash transactions

Section 40A (3) disallows cash expenses in excess of Rs 10,000 in toto while computing a person’s income from business and profession

Govt to set up expert committee to look into tax issues faced by startups, angel investors: CBDT
Business

Govt to set up expert committee to look into tax issues faced by startups, angel investors: CBDT

It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be taken" against such firms.

Angel tax concerns: Startups required to seek tax exemption from inter-ministerial board, says govt
Business

Angel tax concerns: Startups required to seek tax exemption from inter-ministerial board, says govt

Several startups have raised concerns on taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity.

National Pension Scheme bonanza: Cabinet raises government contribution to NPS to 14 percent of basic salary
Business

National Pension Scheme bonanza: Cabinet raises government contribution to NPS to 14 percent of basic salary

In a bonanza for government employees, the Cabinet on Thursday raised the government's contribution to National Pension Scheme (NPS) to 14 per cent of basic salary from the current 10 per cent, sources said

Panel to redraft Income Tax Act to focus on removing ambiguities, unlikely to suggest rate changes
Business

Panel to redraft Income Tax Act to focus on removing ambiguities, unlikely to suggest rate changes

The task force set up to redraft Income Tax law will focus on removing the ambiguities, rather than suggesting dramatic policy changes and tweaking of tax rates, the panel's convenor Akhilesh Ranjan said on Tuesday

Panel to overhaul, simplify direct tax laws to submit report by 28 February, names CBDT member Akhilesh Ranjan as head
Business

Panel to overhaul, simplify direct tax laws to submit report by 28 February, names CBDT member Akhilesh Ranjan as head

The ministry had in November last year set up a 6 member task force to rewrite the over 50-year-old Income Tax laws.

Nissan fires Carlos Ghosn: Why Japanese action could be a lesson for Indian corporates, government
Business

Nissan fires Carlos Ghosn: Why Japanese action could be a lesson for Indian corporates, government

It is not as if only private sector companies are guilty of spoiling their honchos and promoters. The public sector companies come handy for politicians to indulge their passions and desire for extravagance.

SC verdict on Aadhaar validity: Bench declares scheme as 'constitutionally valid'; linkage mandatory for PAN card, I-T returns
India

SC verdict on Aadhaar validity: Bench declares scheme as 'constitutionally valid'; linkage mandatory for PAN card, I-T returns

The bench upheld the passing of the Aadhaar Bill as a Money Bill by the Lok Sabha and said that an Aadhaar card continues to be mandatory for PAN card linking.

Insolvency and Bankruptcy Code: There are glaring problems and it isn't only about low valuations
Business

Insolvency and Bankruptcy Code: There are glaring problems and it isn't only about low valuations

Valuers have a greater role to play in asset valuation rather than in share valuation.

Monsoon Session of Parliament: RS adjourned following TMC protests over black money stashed in Swiss banks
Politics

Monsoon Session of Parliament: RS adjourned following TMC protests over black money stashed in Swiss banks

The Rajya Sabha was on Tuesday adjourned for about 90 minutes following noisy protests by members of the Trinamool Congress, who stormed the Well demanding that black money stashed by Indians in Swiss Banks be brought back.

Finance Act 2018: A look at how recent changes impact personal tax planning for the ongoing financial year
Business

Finance Act 2018: A look at how recent changes impact personal tax planning for the ongoing financial year

Net tax savings for a majority of all salaried individuals, on account of the changes listed in the Finance Act, 2018, has left a lot to be desired.

Govt slashes minimum annual deposit requirement for Sukanya Samriddhi account to Rs 250 from Rs 1,000 earlier
Business

Govt slashes minimum annual deposit requirement for Sukanya Samriddhi account to Rs 250 from Rs 1,000 earlier

The interest rate on Sukanya Samriddhi account is revised every quarter, just like other small savings schemes and PPF.

Maneka Gandhi seeks changes in I-T Act, says assets gifted to wives must not be taxed
India

Maneka Gandhi seeks changes in I-T Act, says assets gifted to wives must not be taxed

Women and Child Development Minister Maneka Gandhi has asked Finance Minister Piyush Goyal to suitably amend the Income-tax Act so that assets gifted to wives and daughters-in-law were not taxed.

CBDT extends PAN-Aadhaar linking deadline for fifth time, last day pushed to 31 March next year
Business

CBDT extends PAN-Aadhaar linking deadline for fifth time, last day pushed to 31 March next year

The CBDT on Saturday extended the deadline for the PAN-Aadhaar linking to 31 March next year.

Reward scheme for informers of benami properties isn’t informant-friendly; will deter people from exposing corruption
Business

Reward scheme for informers of benami properties isn’t informant-friendly; will deter people from exposing corruption

Informants of benami properties can be denied rewards on the grounds that information provided is already available with the IT-Department.

Income Tax Department chargesheets against us baseless allegation, says P Chidambaram's family
Business

Income Tax Department chargesheets against us baseless allegation, says P Chidambaram's family

The family of former finance minister P Chidambaram on Saturday said the Income Tax Department (ITD) chargesheets against them under the black money law were "baseless allegations" as the overseas investments under question were duly reflected in their IT returns.

Govt revises definition of a startup; everything you need to know about the new norms
Business

Govt revises definition of a startup; everything you need to know about the new norms

The Department of Industrial Policy and Promotion (DIPP), under Union Ministry for Commerce and Industry, amended the definition of a startup on Wednesday

Long-term capital gains tax: Investors might skirt law by buying ULIPs, says report
Business

Long-term capital gains tax: Investors might skirt law by buying ULIPs, says report

With the Budget spooking the market sentiment with the 10 percent long-term capital gains tax on equities gains, American brokerage Morgan Stanley has opined that life insurance products, particularly Ulips could be relatively attractive from a medium-to long-term.