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New Income Tax Bill Tabled In Parliament. Here's What Is Different In It
Finance Minister Nirmala Sitharaman tabled the new income tax bill - which she had mentioned in her Budget speech on February 1, and which is expected to reduce the jargon in the Income-Tax Act of 1961, making it easier to understand.
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What Is Direct Tax Code And How It Is Different From Income Tax Act, 1961
A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon.
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Top Tax Authority CBDT Forms Panel To Review Income Tax Law
An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.
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Analysing Swiss Bank Accounts Data Of Indians, Says Tax Body Chief
Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.
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New Date To Link Aadhaar And PAN. Check Here
If a taxpayer fails to link the two documents, his/her PAN card will become inoperative. The taxpayer will not be able to furnish, intimate or quote his PAN in such cases.
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Profit-Oriented Institutions Not Entitled For Approval Under Section 10 (23C) Of IT Act: Supreme Court
The Supreme Court said on Wednesday educational institutions will not be entitled to approval under section 10(23C) of the Income Tax (IT) Act where their objective appears to be "profit-oriented".
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IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
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Centre Clears Appointments To Tribunals After Supreme Court's Ultimatum
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.
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Rs 880 Crore ''Concealment'' Found In Income Tax Survey Of Bengaluru Firm
The IT department gathered evidence of tax evasion regarding wrongful claims of deduction under section 80JJAA of Income-tax Act, 1961.
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Rules Tweaked In Budget, NRIs Not Paying Tax Abroad To Be Taxed In India
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.
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Ex-AIADMK Leader VK Sasikala's Assets Worth 1,600 Crores Attached
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.
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The Landmark Aadhaar Verdict: What It Means For You
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.
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Tax Department Charge Sheets Against Us "Baseless": Chidambaram Family
The family of former finance minister P Chidambaram today said the Income Tax Department (ITD) charge sheets against them under the black money law were "baseless allegations" as the overseas investments under question were duly reflected in their IT returns.
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Can Proceed Against Karti Chidambaram Under Black Money Act: Madras High Court
The Madras High Court has allowed the Income Tax department to proceed with its inquiry based on a show cause notice issued to former union minister P Chidambaram's son Karti Chidambaram and other directors of a company under the black money act.
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Do Not Act Tough With Startups To Recover Pending Taxes, CBDT Tells Income Tax Department
An angel investor is one who funds a startup during its difficult times when it is taking baby steps to establish itself in the competitive market economy.
-
New Income Tax Bill Tabled In Parliament. Here's What Is Different In It
Finance Minister Nirmala Sitharaman tabled the new income tax bill - which she had mentioned in her Budget speech on February 1, and which is expected to reduce the jargon in the Income-Tax Act of 1961, making it easier to understand.
-
What Is Direct Tax Code And How It Is Different From Income Tax Act, 1961
A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon.
-
Top Tax Authority CBDT Forms Panel To Review Income Tax Law
An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.
-
Analysing Swiss Bank Accounts Data Of Indians, Says Tax Body Chief
Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.
-
New Date To Link Aadhaar And PAN. Check Here
If a taxpayer fails to link the two documents, his/her PAN card will become inoperative. The taxpayer will not be able to furnish, intimate or quote his PAN in such cases.
-
Profit-Oriented Institutions Not Entitled For Approval Under Section 10 (23C) Of IT Act: Supreme Court
The Supreme Court said on Wednesday educational institutions will not be entitled to approval under section 10(23C) of the Income Tax (IT) Act where their objective appears to be "profit-oriented".
-
IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
-
Centre Clears Appointments To Tribunals After Supreme Court's Ultimatum
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.
-
Rs 880 Crore ''Concealment'' Found In Income Tax Survey Of Bengaluru Firm
The IT department gathered evidence of tax evasion regarding wrongful claims of deduction under section 80JJAA of Income-tax Act, 1961.
-
Rules Tweaked In Budget, NRIs Not Paying Tax Abroad To Be Taxed In India
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.
-
Ex-AIADMK Leader VK Sasikala's Assets Worth 1,600 Crores Attached
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.
-
The Landmark Aadhaar Verdict: What It Means For You
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.
-
Tax Department Charge Sheets Against Us "Baseless": Chidambaram Family
The family of former finance minister P Chidambaram today said the Income Tax Department (ITD) charge sheets against them under the black money law were "baseless allegations" as the overseas investments under question were duly reflected in their IT returns.
-
Can Proceed Against Karti Chidambaram Under Black Money Act: Madras High Court
The Madras High Court has allowed the Income Tax department to proceed with its inquiry based on a show cause notice issued to former union minister P Chidambaram's son Karti Chidambaram and other directors of a company under the black money act.
-
Do Not Act Tough With Startups To Recover Pending Taxes, CBDT Tells Income Tax Department
An angel investor is one who funds a startup during its difficult times when it is taking baby steps to establish itself in the competitive market economy.
