Income Tax Act It Act

Five days after Supreme Court expressed its displeasure over the way the Centre had enacted Tribunals Reforms Act, Centre cleared the appointment of judicial and technical members to National Company Law Tribunal and Income Tax Appellate Tribunals.

Keeping in mind the difficulties being faced by taxpayers in filing various taxes, CBDT has extended dates for electronically filing of these taxes.

The IT department gathered evidence of tax evasion regarding wrongful claims of deduction under section 80JJAA of Income-tax Act, 1961.

Income Tax Relief Amid COVID-19: The government announced that the amount paid by an employer to employees for COVID-19 treatment would be exempted from tax

Budget 2021: Taxmann said in its pre-budget recommendations to the government that section 47 should be amended to remove the reference of any particular year from the sovereign gold bond scheme

Budget 2021: Section 80JJAA, which provides for deduction of 30 per cent on emoluments paid to new employees, can be claimed for three years. It is available upto an emolument of Rs 25,000

Have you fully utilised the income tax benefit available under Section 80C of the Income Tax Act? If not, it may be a great time to sort out your investments and curb your income tax outgo.

Non-resident Indians (NRIs) who don't pay taxes in a foreign country will now be taxed in India, the Union Budget has proposed. It has also said that a person, to be categorised as a NRI, will now have to stay abroad for 240 days as opposed to the earlier stipulated period of 182 days.

The Income Tax department on Tuesday attached properties worth Rs 1,600 crores belonging to former AIADMK leader VK Sasikala under the provisions of the Benami Transactions (Prohibition) Act, IT sources said.

Aadhaar-PAN inter-linking: While the government has allowed quoting of Aadhaar in place of PAN under the Income Tax Act, it has also announced grant of Aadhaar to NRIs on arrival without a waiting period. Meanwhile, the Income Tax Department has set a September 30 as the last date for assessees to link the two "unless specifically exempted". Aadhaa...

India Budget 2019: Assocham, in its Pre-Budget Memorandum has demanded that the deductions under the Section 80C of the Income Tax act should be increased to Rs 3 lakh from existing deduction limit of Rs 1.5 lakh, among other demands on the income tax front. Assocham said the current limit needs to be revised with passage of time. A higher limit wi...

If you haven't filed your income tax return yet, you have few days left to do so to avoid legal proceedings. Individuals who have not filed their income tax returns (ITR) for the assessment year 2018-19 should do the same within 21 days to avoid proceedings under the Income Tax Act, news agency IANS (Indo-Asian News service) reported citing a gover...

Aadhaar is compulsory for filing Income Tax return, so you must link it with your PAN number. PAN-Aadhaar linking deadline is March 31, 2019.

It is mandatory to quote PAN on filing of income tax return or ITR, and during all correspondence with any income tax authority.

Under Section 80 C of the Income Tax (IT) Act, one can get a maximum income tax benefit of Rs 1,50,000.

Five days after Supreme Court expressed its displeasure over the way the Centre had enacted Tribunals Reforms Act, Centre cleared the appointment of judicial and technical members to National Company Law Tribunal and Income Tax Appellate Tribunals.

Keeping in mind the difficulties being faced by taxpayers in filing various taxes, CBDT has extended dates for electronically filing of these taxes.

The IT department gathered evidence of tax evasion regarding wrongful claims of deduction under section 80JJAA of Income-tax Act, 1961.

Income Tax Relief Amid COVID-19: The government announced that the amount paid by an employer to employees for COVID-19 treatment would be exempted from tax

Budget 2021: Taxmann said in its pre-budget recommendations to the government that section 47 should be amended to remove the reference of any particular year from the sovereign gold bond scheme

Budget 2021: Section 80JJAA, which provides for deduction of 30 per cent on emoluments paid to new employees, can be claimed for three years. It is available upto an emolument of Rs 25,000

Have you fully utilised the income tax benefit available under Section 80C of the Income Tax Act? If not, it may be a great time to sort out your investments and curb your income tax outgo.

Non-resident Indians (NRIs) who don't pay taxes in a foreign country will now be taxed in India, the Union Budget has proposed. It has also said that a person, to be categorised as a NRI, will now have to stay abroad for 240 days as opposed to the earlier stipulated period of 182 days.

The Income Tax department on Tuesday attached properties worth Rs 1,600 crores belonging to former AIADMK leader VK Sasikala under the provisions of the Benami Transactions (Prohibition) Act, IT sources said.

Aadhaar-PAN inter-linking: While the government has allowed quoting of Aadhaar in place of PAN under the Income Tax Act, it has also announced grant of Aadhaar to NRIs on arrival without a waiting period. Meanwhile, the Income Tax Department has set a September 30 as the last date for assessees to link the two "unless specifically exempted". Aadhaa...

India Budget 2019: Assocham, in its Pre-Budget Memorandum has demanded that the deductions under the Section 80C of the Income Tax act should be increased to Rs 3 lakh from existing deduction limit of Rs 1.5 lakh, among other demands on the income tax front. Assocham said the current limit needs to be revised with passage of time. A higher limit wi...

If you haven't filed your income tax return yet, you have few days left to do so to avoid legal proceedings. Individuals who have not filed their income tax returns (ITR) for the assessment year 2018-19 should do the same within 21 days to avoid proceedings under the Income Tax Act, news agency IANS (Indo-Asian News service) reported citing a gover...

Aadhaar is compulsory for filing Income Tax return, so you must link it with your PAN number. PAN-Aadhaar linking deadline is March 31, 2019.

It is mandatory to quote PAN on filing of income tax return or ITR, and during all correspondence with any income tax authority.

Under Section 80 C of the Income Tax (IT) Act, one can get a maximum income tax benefit of Rs 1,50,000.