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Faked Tax Deductions? You Could Face A 200% Penalty Under Income Tax Rules
New ITR-1 and ITR-4 forms now require detailed documentation for deductions and claims, promoting transparency and accuracy.
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Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details
The Income Tax Bill 2025 classifies any cryptographically generated code, number, or token representing inherent value as part of the country's VDA ecosystem.
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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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Cabinet Clears New Income Tax Bill: Report
The Union Cabinet on Friday approved the new income tax bill, which will replace the six decades old I-T Act, sources said.
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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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Is There New, 'Simpler' Income Tax Act In Budget 2025? What Sources Said
The Direct Tax Code - a new income tax bill meant to simplify compliance for individual taxpayers - will be introduced separately, and not as part of the Union Budget to be delivered by Finance Minister Nirmala Sitharaman on Saturday morning.
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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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Keep Away From Benami Transactions, Warns Income Tax Department
The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.
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Sold Properties To Buy A New House? Income Tax Ruling You Need To Know
Section 54F of Income Tax Act deals with exemption on long-term capital gains arising from sale of capital assets like plot of land and commercial house property.
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Income Tax Act Not Discriminatory, Treats All Assesses Alike: Supreme Court
The Supreme Court has termed as "fallacious" an argument that the new provision of the Income Tax Act making Aadhaar mandatory for filing income tax returns, is discriminatory and creates two classes.
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Income Tax Department Launches New Facility To Link Aadhaar With PAN
The Income Tax department has launched a new e-facility to link a person's Aadhaar with the Permanent Account Number (PAN), a mandatory procedure for filing Income Tax returns now.
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Rs 141 Crore Worth New 500-and 2000-Rupee Notes Seized In Raids: Arun Jaitley
The Income Tax department, Enforcement Directorate and other government agencies have seized Rs 141.13 crore worth of new currency notes of Rs 2,000 and Rs 500 while acting in different parts of the country, Lok Sabha was informed today.
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Unaccounted Deposits In Old Notes To Attract 50 Per Cent Tax, 4-Year Lock-In Period
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in parliament shortly.
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Controversial Meat Exporter Gives Immigration Authorities The Slip At Delhi Airport
Controversial Delhi-based meat exporter Moin Qureshi was today detained at the airport in New Delhi in a money laundering case but managed to give immigration authorities the slip and flew to Dubai after showing a court order in an income tax case, leaving officials red faced.
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Black Money Case Against Meat Exporter Moin Qureshi Deferred till December
The proceedings in an Income Tax (IT) Department's blackmoney case allegedly involving businessman Moin Akhtar Qureshi could not take place today in a Delhi court as the IT officials failed to bring complete records.
-
Faked Tax Deductions? You Could Face A 200% Penalty Under Income Tax Rules
New ITR-1 and ITR-4 forms now require detailed documentation for deductions and claims, promoting transparency and accuracy.
-
Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details
The Income Tax Bill 2025 classifies any cryptographically generated code, number, or token representing inherent value as part of the country's VDA ecosystem.
-
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.
-
Cabinet Clears New Income Tax Bill: Report
The Union Cabinet on Friday approved the new income tax bill, which will replace the six decades old I-T Act, sources said.
-
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.
-
Is There New, 'Simpler' Income Tax Act In Budget 2025? What Sources Said
The Direct Tax Code - a new income tax bill meant to simplify compliance for individual taxpayers - will be introduced separately, and not as part of the Union Budget to be delivered by Finance Minister Nirmala Sitharaman on Saturday morning.
-
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.
-
Keep Away From Benami Transactions, Warns Income Tax Department
The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.
-
Sold Properties To Buy A New House? Income Tax Ruling You Need To Know
Section 54F of Income Tax Act deals with exemption on long-term capital gains arising from sale of capital assets like plot of land and commercial house property.
-
Income Tax Act Not Discriminatory, Treats All Assesses Alike: Supreme Court
The Supreme Court has termed as "fallacious" an argument that the new provision of the Income Tax Act making Aadhaar mandatory for filing income tax returns, is discriminatory and creates two classes.
-
Income Tax Department Launches New Facility To Link Aadhaar With PAN
The Income Tax department has launched a new e-facility to link a person's Aadhaar with the Permanent Account Number (PAN), a mandatory procedure for filing Income Tax returns now.
-
Rs 141 Crore Worth New 500-and 2000-Rupee Notes Seized In Raids: Arun Jaitley
The Income Tax department, Enforcement Directorate and other government agencies have seized Rs 141.13 crore worth of new currency notes of Rs 2,000 and Rs 500 while acting in different parts of the country, Lok Sabha was informed today.
-
Unaccounted Deposits In Old Notes To Attract 50 Per Cent Tax, 4-Year Lock-In Period
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in parliament shortly.
-
Controversial Meat Exporter Gives Immigration Authorities The Slip At Delhi Airport
Controversial Delhi-based meat exporter Moin Qureshi was today detained at the airport in New Delhi in a money laundering case but managed to give immigration authorities the slip and flew to Dubai after showing a court order in an income tax case, leaving officials red faced.
-
Black Money Case Against Meat Exporter Moin Qureshi Deferred till December
The proceedings in an Income Tax (IT) Department's blackmoney case allegedly involving businessman Moin Akhtar Qureshi could not take place today in a Delhi court as the IT officials failed to bring complete records.
