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Category: Income Tax
Govt to set up panel to look into tax issues faced by startups – The Economic Times
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
Tax warning: Income Tax Department warns people not to do these transactions – The Financial Express
The Income Tax Department has again warned people to refrain from large cash transactions. In a bid to implement the government’s mission to make India
Income tax: Tax changes in 2018 that have affected your personal finances
As 2018 comes to an end, a quick run-down of the main tax changes implemented during the year would help us in our tax planning and saving
Economists call for enhancing tax base – The Economic Times
The economists said states should be encouraged to undertake fiscal consolidation as they were lagging and called for a need to reprioritise expenditure. A group
Income Tax: Court order trips tax hounds in hunt for secret foreign assets–Economic Times
to a senior professional dealing in foreign exchange laws and PMLA, the tax department has been sending notices to even those who had invested abroad
Taxpayers Beware! Never fall for this income tax refund fraud, warns I-T Department – The Financial Express
If you have received an email or SMS from someone asking you to share your debit card details to be able to get your tax
No tax benefit on house sale if new flat is in wife’s name: ITAT – The Economic Times
The Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench recently denied a taxpayer I-T benefits available when long-term capital gains arising from sale of a residential property are invested
Half of direct tax collections netted; high growth clocked post DeMo: CBDT – The Hindu BusinessLine
A report by the Central Board of Direct Taxes (CBDT) said that the Income Tax Department (I-T Department) has mopped up over half the kitty of the
How senior citizens can avail tax break on interest income under Sec 80TTB – The Economic Times
Budget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs 50,000 in
Two years after note ban, taxman has no ‘precise data’ on black money unearthed – The Hindu BusinessLine
Two years after the demonetisation of high value currency and the subsequent efforts to unearth black money, tax authorities have said there are no estimates
BPO: Taxman starts questioning & issuing notices to BPOs–Economic Times
After the AAR ruling, industry body Assocham and an IT body too raised concerns around the future tax liability. One month after the Authority of
PAN card new rules: New PAN card rules that came into effect from December 5
There a few changes regarding the Permanent Account Number (PAN) that came into effect yesterday, i.e., December 5. The changes were notified by the income tax department
Income Tax Appellate Tribunal: Converting company to LLP is a transfer, hence taxable, rules I-T Appellate Tribunal
A new tax ruling threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganise themselves and attract foreign investors. This involved converting closely
Income Tax: Minor’s income is clubbed with that of parent with higher total income – The Financial Express
By Chirag Nangia Minor’s income is clubbed with that of parent with higher total income Is it possible to apply for PAN card for my
Direct tax collections on course to meet Budget Estimates: CBDT chief – The Hindu BusinessLine
The Centre’s direct tax collections are booming and are on course to meet the Budget Estimates for 2018-19, a top CBDT official said. For the
CAs are in a tizzy over SC order on misconduct outside professional sphere | Business Standard Column
Chartered accountants are in a tizzy following a recent Supreme Court order that upheld the right of the regulator to haul them up for misconduct, not related to
Are you aware of these new PAN rules? All you need to know – The Financial Express
The Income Tax Rules, corresponding to Section 139A, did not provide the time line by which such persons may apply for PAN allotment. Permanent Account
CBDT allows taxman to widen certain ‘limited scrutiny’ cases – The Economic Times
The CBDT has said that it only picks less than 1 per cent cases, out of the total returns filed, for scrutiny every year. The
Income Tax-Misplaced enthusiasm | Business Standard Editorials
The income-tax department has, for some time now, sought to crack down on unlisted companies that issue shares at a premium. This follows the amendment
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