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Income Tax Act

ITR Filing: Income tax department targets taxpayers claiming false deductions; sends notices to offenders

ITR Filing: Income tax department targets taxpayers claiming false deductions; sends notices to offenders

Mon, Aug 19, 2024

ITR filing: In cases where discrepancies are found, the department can issue a notice requesting proof of deductions or details about the income source. Failure to provide satisfactory responses could result in additional tax liabilities, penalties, and interest charges for late tax payments. Continued non-compliance might even lead to legal action.

Continue 45-day MSME payment rule: Industry body to Finance Minister

Continue 45-day MSME payment rule: Industry body to Finance Minister

Sun, Jul 14, 2024

Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman.

Income Tax Season: How you can save tax by depositing money in your spouse's account; know the rule

Income Tax Season: How you can save tax by depositing money in your spouse's account; know the rule

Thu, Jul 04, 2024

Income Tax Saving Tips: For taxpayers under the old tax regime, there are a number of ways to save tax. One of the methods is known as clubbing. Under clubbing provision, one can save tax making investment in your wife's name or depositing money in her account. You can save substantial tax through this procedure.

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Income tax return (ITR) tip: Save money, claim home rent and home loan benefits from taxman

Income tax return (ITR) tip: Save money, claim home rent and home loan benefits from taxman

Thu, Oct 04, 2018

Income-tax Act allows taxpayers to claim exemptions on investments made and expenditure incurred out of the total income. While exemptions on principal repayment of home loan can be claimed under Section 80C and interest payment can be claimed under section 24b, House Rent Allowance exemption can be claimed under section 10 (13A) of the Act.

Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money

Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money

Wed, Sep 19, 2018

In respect of loans taken from your friends and relatives, you can claim deduction under Section 24(b) for interest. But the deduction under Section 80 C for repayment of principal is not available in such case.

Income tax return (ITR) filing: Modi govt allows this segment not to pay tax

Income tax return (ITR) filing: Modi govt allows this segment not to pay tax

Tue, Sep 18, 2018

The PM Narendra Modi government Monday exempted from income tax the interest payable on rupee-denominated bonds issued outside India by a company or a trust to a non-resident or a foreign company, a move aimed at increasing dollar inflow.

Startups with up to Rs 10-cr investment to get tax concession

Startups with up to Rs 10-cr investment to get tax concession

Thu, Apr 12, 2018

Several startups have raised concerns to taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity. As many as 18 startups have got notices from tax authorities.

Home loan: Know these tax benefit sections in IT Act

Home loan: Know these tax benefit sections in IT Act

Tue, Feb 13, 2018

f you fulfill the bank's criteria, your home loan process moves towards the next step. The real difficulty arises when you fall short of certain eligibility.

Want to claim tax benefit, remember these Sections under IT Act

Want to claim tax benefit, remember these Sections under IT Act

Wed, Jan 31, 2018

In case you have paid excess taxes, have invested in LIC, PPF, Mediclaim, incurred towards tuition fees etc., you can file your ITR and can get refund.

Are you paying education loan; here's how you can avail tax benefit

Are you paying education loan; here's how you can avail tax benefit

Mon, Jan 29, 2018

An Education loan plan is considered as safe and efficient way to gain finance for when compromising on your child’s education is not an option.

I-T busts refund fraud, claims nexus between employees of top companies, CA

I-T busts refund fraud, claims nexus between employees of top companies, CA

Thu, Jan 25, 2018

The Income Tax Department today claimed to have busted a racket of extracting fraudulent tax refunds by employees of bellwether companies like IBM, Vodafone and Infosys in alleged connivance with a Chartered Accountant (CA) in Bengaluru, the IT capital of the country.

Do you know your interest on savings account is taxable?

Do you know your interest on savings account is taxable?

Thu, Jan 25, 2018

Savings account has been the most traditional form of investment in banking and other form of financial system.

Here's how you can avail tax deduction under Section 80G

Here's how you can avail tax deduction under Section 80G

Wed, Jan 10, 2018

Under IT Act, Section 80G is available for contributions made to certain relief funds and charitable institutions.

No IT exemption to cooperative banks: govt tells Lok Sabha

No IT exemption to cooperative banks: govt tells Lok Sabha

Fri, Dec 29, 2017

Jaitley said most of these banks provided standard banking facilities like opening of letters of credit, bill discounting and collection, lockers and safe deposit vaults and bank guarantees.

Startups seek Angel tax relief to revive growth

Startups seek Angel tax relief to revive growth

Wed, Dec 27, 2017

According to industry estimate, Angel tax is one of the reasons behind the decline of the growth in early stage funding in the country, falling every quarter this year.

Here's what rule 9 sub-rule 17 says if you fail to provide Aadhaar, PAN

Here's what rule 9 sub-rule 17 says if you fail to provide Aadhaar, PAN

Wed, Dec 13, 2017

Aadhaar along with other official documents is needed by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.

ELSS can give you better returns than other tax saving options: Fund managers

ELSS can give you better returns than other tax saving options: Fund managers

Tue, Dec 12, 2017

ELSS have the shortest lock-in period of three years, compared to other instruments with minimum five years for bank FDs, 15 years for PPFs and for the life of the policy for insurance products.

India sets up panel to draft new Income Tax Act

India sets up panel to draft new Income Tax Act

Thu, Nov 23, 2017

A task force for redrafting the Indian Income Tax Act, 1961, to bring it in tune with the current economic needs and realities, was set up by the government on Wednesday, an official statement said.

PAN not needed for cash sale of agri produce up to Rs 2 lakh per day

PAN not needed for cash sale of agri produce up to Rs 2 lakh per day

Fri, Nov 03, 2017

The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultural produce by the cultivators/ agriculturists.

Things you should know about "Gift Tax" before receiving, giving this festive season

Things you should know about "Gift Tax" before receiving, giving this festive season

Mon, Sep 18, 2017

As per the Income Tax Act, 1961 if the value of gifts received is more than Rs 50,000 a year, then such amount is taxed as income in the hands of the receiver.

Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do

Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do

Wed, Jul 19, 2017

As per the Section 194J of Income Tax Act, employers need to deduct tax deduct at source (TDS) from payments made to professionals.

Income Tax: File ITR before July 31 or face penalties

Income Tax: File ITR before July 31 or face penalties

Fri, Jul 14, 2017

Finance Arun Jaitley had introduced a late filing fee under new provision of Section 234F under Income Tax Act. As per the rule, taxpayer will have to pay penalty of up to Rs 10,000 for late filing of ITR.

Income Tax: Here's how you can check if TDS was paid on your services

Income Tax: Here's how you can check if TDS was paid on your services

Wed, Jul 05, 2017

A self-employed person needs to understand the tax treatment. From a tax perspective, self-employed individual's income is Profit & Gains of Business & Profession.

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