The issue assumes significance as several startups and angel investors have raised concerns over notices received from income tax authorities.
Section 40A (3) disallows cash expenses in excess of Rs 10,000 in toto while computing a person’s income from business and profession
It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be taken" against such firms.
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
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
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
The ministry had in November last year set up a 6 member task force to rewrite the over 50-year-old Income Tax laws.
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
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.
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
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
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
The interest rate on Sukanya Samriddhi account is revised every quarter, just like other small savings schemes and PPF.
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.
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
Informants of benami properties can be denied rewards on the grounds that information provided is already available with the IT-Department.
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.
The Department of Industrial Policy and Promotion (DIPP), under Union Ministry for Commerce and Industry, amended the definition of a startup on Wednesday
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.