The Centre’s net direct taxes collections grew 13.6 per cent in April-December 2018 to ₹7.43 lakh crore, official data released on Monday showed. The collections
Category: Income Tax
Benami: Look ahead, have a threshold–Economic Times
India’s tax authorities are reportedly inundated with pleas from various trade bodies to soften the two-year-old law to crack down on benami properties. An outright
Direct tax-GDP ratio of 5.98% during FY’18 best in 10 years: FinMin – The Hindu BusinessLine
The direct tax-to-GDP ratio of 5.98 per cent achieved during 2017-18 fiscal is the best in the last 10 years, the finance ministry said on
No plan to repeal The Chartered Accountants Act, say officials | Business Standard News
The central government has no plan to repeal The Chartered Accountants Act, said senior officials at the ministry of corporate affairs. This comes against the backdrop of
Tax uncertainty continues on LLP conversions | Business Standard Column
Recently, the Mumbai Bench of the Income Tax Appellate Tribunal (Tribunal) ruled that conversion of a company into an LLP (limited liability partnership) firm would be construed
Why you should file belated ITR before December 31 | Economic Times
If you still have not filed your ITR it is best to do it before December 31, 2018 to avoid paying higher penalty on late
Inheritance Tax and Farm Waiver–Unpopular thoughts to end the year with | Business Standard Column
As the year winds down, it is time to reflect on what lies ahead in the new year. This column will speak about, at the
Taxman shows up at startup valuers’ doors – The Economic Times
Even as the Centre seeks to pacify India’s startup ecosystem on the so-called angel tax, chartered accountants and industry experts have come under the taxman’s lens for the methodology
Income Tax dept allows manual filing by resident, NRI taxpayers for nil/lower TDS certificate – The Financial Express
The Income Tax Act, 1961, provides that if a taxpayer considers that his total income warrants deduction of income tax at lower/ nil rate, he
Angel tax fiasco | Business Standard Editorials
Arecent series of so-called “angel tax” notices received by start-ups have caused consternation. Under Section 56 of the Income Tax Act, the tax department can
Expert panel to look into ‘angel tax’ issue faced by start-ups – The Hindu BusinessLine
Start-ups that received a notice from the Income-Tax Department over ‘angel tax’ can breathe easy as the government has decided to set up an expert
Editorial on Start up India program & Angel tax issue | ना ताळ ना मेळ! | Loksatta
‘एंजल टॅक्स’ २०१२ पासून अस्तित्वात असला तरी तो दंडासह भरण्याची सक्ती आताच केली जाणे, हे धोरणविसंगतीचे लक्षण आहे.. नवउद्यमींवरील हा कर खरे तर ‘स्टार्ट अप
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
