No tax claims after winding up order of company passed, says CBIC – The Economic Times https://economictimes.indiatimes.com/news/economy/policy/no-tax-claims-after-winding-up-order-of-company-passed-says-cbic/articleshow/89051544.cmsThe circular says in case of a bankrupt defaulter,
Category: Income Tax
I-T notice issued against a dead person not valid: Delhi HC – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/news/national/no-it-notice-proceeding-in-the-name-of-dead-person-delhi-hc/article64929571.ece The Court also highlighted from previous ruling that it is not a statutory obligation on the part of legal heir to inform the
4 things to do after filing your tax returns – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/big-story/4-things-to-do-after-filing-your-tax-returns/article64927889.ece Are you sitting back relaxed, having beaten the December 31 deadline to file income tax returns? Wait, there’s more to do! Heaving a
Smartly tweak tax treatment for savings – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-editorial/smartly-tweak-tax-treatment-for-savings/articleshow/89047684.cmsSynopsis The existing tax-exempt limit under Section 80 C of the I-T Act is ₹1.5 lakh, while the annual standard deduction is ₹50,000. A
Daughters to inherit fathers’ self acquired, other properties, get preference over others: SC – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/daughters-to-inherit-fathers-self-acquired-inherited-properties-to-get-preference-over-otherssc/articleshow/89032972.cmsSynopsis Justice Murari, writing the 51-page judgment for the bench, also dealt with the question of whether such property will devolve on to the
Mutual benefit – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/taxing-stocks/article64928644.ece LTCG on equity funds needs review in order to nudge investors to take the funds route The equity market has been among the
Can tax benefits be claimed on both HRA, home loan interest? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/ask-money-today/story/ask-money-today-can-tax-benefits-be-claimed-on-both-hra-home-loan-interest-319871-2022-01-21 HRA per say is not tax free unless you are actually paying rent for your place of residence. Tax benefits on HRA I
Streamline issuance of lower/nil TDS certificate – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/opinion/streamlining-lowernil-tax-deduction-certificate-issuance/article64926528.ece The process of getting lower/nil tax deduction certificate needs to be made more objective and user-friendly To protect one’s cash flow from the
Tax relief on job loss compensation if you have worked for at least 3 years – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-tax-relief-on-job-loss-compensation-if-you-have-worked-for-at-least-3-years/2409890/ The Income Tax Act provides for taxation of income from other sources including interest income either on cash or accrual basis at the
itr portal glitches: Fix ITR portal glitches or we will extend tax return filing deadline: Gujarat HC to income tax dept – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/fix-itr-portal-glitches-or-we-will-extend-tax-return-filing-deadline-gujarat-hc-to-income-tax-dept/articleshow/89011399.cmsSynopsis The Gujarat HC refused to issue directions on Tuesday, but insisted on assurance from the “highest authority” that in case of difficulty faced
Didn’t file your ITR? Here’s what you can expect next – Consequences of not filing ITR | The Economic Times
Didn’t file your ITR? Here’s what you can expect next – Consequences of not filing ITR | The Economic Times https://economictimes.indiatimes.com/wealth/tax/didnt-file-your-itr-heres-what-you-can-expect-next/consequences-of-not-filing-itr/slideshow/88900395.cms Whereas missing the ITR
No need for in-person appearance in Income Tax Advance Ruling hearing, e-mechanism notified – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/no-need-for-in-person-appearance-in-income-tax-advance-ruling-hearing-e-mechanism-notified/article64910485.ece To help non-resident taxpayers in big way The Finance Ministry has come out with ‘e-advance rulings scheme’ for resolving issues related with income
How capital gains on Ulips will be calculated: CBDT notification – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-capital-gains-on-ulips-will-be-calculated-cbdt-notification/articleshow/88996809.cmsSynopsis Earlier any gains made on ULIPs were completely tax free, however, after the Budget 2021 proposal the maturity amount remains tax free only
FinMin notifies e-advance ruling scheme, allows filing e-mail application – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/finmin-notifies-e-advance-ruling-scheme-allows-filing-e-mail-application/2410729/ The advance ruling mechanism is provided in the Income Tax Act to provide upfront clarity to non-residents and certain other specified taxpayers, regarding
Taxman challenges HC order quashing reassessment notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/taxman-challenges-hc-order-quashing-reassessment-notices/articleshow/88981683.cmsSynopsis In the 2021 budget, the government had amended a provision governing reassessment proceedings under Section 148 of the Income-Tax Act, 1961. The amendment
YOUR QUERIES: LOANS : Registration of gift deed needed only for immovable property – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-loans-registration-of-gift-deed-needed-only-for-immovable-property/2408874/ The registration of the gift deed in this case is not mandatory. Only gift deeds that contain immovable property as a gift to
Budget could consider levying TDS/TCS on crypto trading, make it reportable in SFT – The Financial Express
Clipped from: https://www.financialexpress.com/money/budget-could-consider-levying-tds-tcs-on-crypto-trading-make-it-reportable-in-sft/2407789/ Nangia Andersen LLP Tax Leader Aravind Srivatsan said currently, India has the highest number of crypto owners globally, at 10.07 crore and as
Compliance conundrum – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/compliance-conundrum/article64899272.ece The GST invoice matching mechanism remains a work in progress after four and a half years At the core of the input tax
Search for tax evasion | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/search-for-tax-evasion-122011601077_1.html India needs to expand its tax base Government finances this year have benefitted from a higher than expected revenue collection. While the third wave of
Torture under ‘transparent taxation’ | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/torture-under-transparent-taxation-122011601089_1.html Everyone had believed that faceless assessments would end corruption In August 2020, the prime minister announced three structural tax reforms under “transparent taxation”
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