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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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SC likely to pronounce verdict on linking Aadhaar with PAN for IT returns today

SC likely to pronounce verdict on linking Aadhaar with PAN for IT returns today

Fri, Jun 09, 2017

The Supreme Court (SC) is likely to pronounce its verdict on the petitions challenging constitutional validity of newly-inserted section in the Income Tax Act that makes linking of Aadhaar number with PAN mandatory for filing Income Tax (IT) returns on Friday.

Rs 59,000 crore stressed assets to turn standard in few years: PFC

Rs 59,000 crore stressed assets to turn standard in few years: PFC

Wed, Jun 07, 2017

Under revised RBI norms, the PFC reclassified Rs 23,309 crore and Rs 35,995 crore worth of loans as NPAs and restructured assets, respectively.

100% penalty if Rs 2 lakh or more transacted in cash, warns IT Department

100% penalty if Rs 2 lakh or more transacted in cash, warns IT Department

Fri, Jun 02, 2017

Income Tax Department, in an advertisement, has warned people for not transacting in cash for Rs 2 lakh or more.

Income Tax: Half of your income could be tax exempt if you are a professional

Income Tax: Half of your income could be tax exempt if you are a professional

Wed, May 17, 2017

Presumptive Taxation involves the use of indirect methods to compute tax liability, where the taxable income is calculated based on assumptions instead of actuals.

CBI unearths 393 shell companies used to divert Rs 2,900 crore

CBI unearths 393 shell companies used to divert Rs 2,900 crore

Sun, May 07, 2017

According to sources, CBI has uncovered 393 shell companies which were used to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money.

CBDT seeks suggestion on draft notification of STT chargeability rules

CBDT seeks suggestion on draft notification of STT chargeability rules

Mon, Apr 03, 2017

Under the Section 10 (38), the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after 1st October, 2004.

Income Tax Department to launch simplified e-filing of ITR form from April 1

Income Tax Department to launch simplified e-filing of ITR form from April 1

Wed, Mar 29, 2017

Income Tax Department will introduce simplified e-filing of Income Tax return form on April 1 this year which will do away with some columns while filing the the IT returns.

Donating to your preferred charity may save you income tax; here's how

Donating to your preferred charity may save you income tax; here's how

Tue, Mar 28, 2017

Section 80G, 80GGA and 80GGC cover provisions which make your donations eligible for tax deductions.

Save income tax: PPF vs NSC

Save income tax: PPF vs NSC

Wed, Mar 22, 2017

The NSC is a one-shot investment where you can invest as less as Rs.100 to as much as Rs.1.5 lakh at a time.

Cash transaction limit proposed to be cut to Rs 2 lakh from Rs 3 lakh

Cash transaction limit proposed to be cut to Rs 2 lakh from Rs 3 lakh

Wed, Mar 22, 2017

In yet another move to curb black money in India, the government on Tuesday proposed a fresh ceiling of Rs 2 lakh on cash transactions, which is lower than the Rs 3 lakh proposed in Budget 2017-18.

Tax saving: Mutual Funds should be your next investment option

Tax saving: Mutual Funds should be your next investment option

Mon, Mar 20, 2017

The tax saving mutual funds come with the added bonus that investments made in them are eligible for tax benefits under section 80C.

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Sat, Mar 11, 2017

The tribunal also said that Cairn India should have withheld tax on capital gains made by its parent company.

Here are 5 key things to know about funds transfer to National Pension Scheme

Here are 5 key things to know about funds transfer to National Pension Scheme

Wed, Mar 08, 2017

If you wish to transfer your savings from recognised Provident Fund (PF) and Superannuation Fund accounts to National Pension Scheme (NPS) here are five key things that you should know about funds transfer to NPS.

Amount transferred from PF to NPS not taxable: FinMin

Amount transferred from PF to NPS not taxable: FinMin

Wed, Mar 08, 2017

The amount transferred from a recognised Provident Fund or superannuation fund to NPS would not be treated as income of the current year and, as such, would not be taxable.

Benami Act violators to face double whammy of legal action: Income Tax Department

Benami Act violators to face double whammy of legal action: Income Tax Department

Fri, Mar 03, 2017

The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).

Top 5 ELSS mutual funds to take care of 80C income tax needs

Top 5 ELSS mutual funds to take care of 80C income tax needs

Thu, Jan 19, 2017

ELSS funds or Equity Linked Savings Scheme is a simple way to get tax benefits and invest your money in stock markets.

NCLT to give order on January 18 on contempt plea filed by Cyrus Mistry family companies

NCLT to give order on January 18 on contempt plea filed by Cyrus Mistry family companies

Mon, Jan 16, 2017

The National Company Law Tribunal (NCLT) on Monday reserved its order till January 18 on a contempt petition filed by two Cyrus Mistry family companies against Tata Sons and its directors, including Ratan Tata, alleging violation of NCLT directives in taking steps to remove Mistry from the Board.

Jan Dhan account deposits double to Rs 87,000 crore in 45 days post demonetisation

Jan Dhan account deposits double to Rs 87,000 crore in 45 days post demonetisation

Sun, Jan 01, 2017

Deposits in Jan Dhan account have more than doubled to Rs 87,000 crore in 45 days post demonetisation, prompting the tax department to "dissect" information relating to such deposits, a top government official said.

Single cash payments over Rs 2 lakh need to be reported: CBDT

Single cash payments over Rs 2 lakh need to be reported: CBDT

Fri, Dec 23, 2016

The Central Board of Direct Taxes (CBDT) has clarified that reporting requirements as per the rules are applicable when a single transaction involves receipt of cash payment exceeding Rs 2 lakh for sale of goods or services, signifying that no aggregation is required, a Union Finance Ministry release here said.

No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

Thu, Dec 01, 2016

The Lok Sabha on Tuesday passed by a voice vote a bill to amend the income tax laws.

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