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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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Moonlighting Can Have Tax Implications, Warn Income Tax Authorities
According to Section 194C of the Income Tax Act, anyone who pays a fee to a residential individual for carrying out contract work must deduct TDS.
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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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Income Tax Department Relaxes Norms For Compounding Of Offence
The income tax department on Saturday said it has relaxed various norms relating to compounding of offences under the I-T Act and allowed compounding in cases where the applicant has been sentenced to up to two years of imprisonment.
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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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Taxpayers Note, The Last Date To File Your Income Tax Return Is March 31. Don't Miss The Deadline
Income Tax Filing Date: If you miss the deadline, the IT department may impose a penalty.
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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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Central Board Of Direct Taxes Extends Dates For Filing Of Various Forms: See Details Here
Keeping in mind the difficulties being faced by taxpayers in filing various taxes, CBDT has extended dates for electronically filing of these taxes.
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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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Income Tax Exemptions For Covid Expenses: What It Means For You
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
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Union Budget 2021: Section 47 Of I-T Act Must Be Amended With Respect To Gold Bonds Scheme
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
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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.
-
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.
-
Moonlighting Can Have Tax Implications, Warn Income Tax Authorities
According to Section 194C of the Income Tax Act, anyone who pays a fee to a residential individual for carrying out contract work must deduct TDS.
-
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".
-
Income Tax Department Relaxes Norms For Compounding Of Offence
The income tax department on Saturday said it has relaxed various norms relating to compounding of offences under the I-T Act and allowed compounding in cases where the applicant has been sentenced to up to two years of imprisonment.
-
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.
-
Taxpayers Note, The Last Date To File Your Income Tax Return Is March 31. Don't Miss The Deadline
Income Tax Filing Date: If you miss the deadline, the IT department may impose a penalty.
-
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.
-
Central Board Of Direct Taxes Extends Dates For Filing Of Various Forms: See Details Here
Keeping in mind the difficulties being faced by taxpayers in filing various taxes, CBDT has extended dates for electronically filing of these taxes.
-
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.
-
Income Tax Exemptions For Covid Expenses: What It Means For You
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
-
Union Budget 2021: Section 47 Of I-T Act Must Be Amended With Respect To Gold Bonds Scheme
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
