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Here's What Will Happen If You Don't Link Your PAN and Aadhaar By March 31
Aadhar Pan Card Linking: All taxpayers have to mandatorily link the two by March 31, 2023, failing which they will be liable to consequences under the I-T Act and have to suffer a number of implications.
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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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Crypto Mining Cost Not Allowed as Deduction Under I-T Act: Finance Ministry
Cost incurred in the mining of cryptocurrencies or any virtual digital assets (VDA) will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
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Crypto Mining Cost Not To Be Allowed As Deduction Under I-T Act: Finance Ministry
Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the Income Tax (I-T) Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
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Delhi High Court Notice To I-T Department Over Robert Vadra's Plea
The Delhi High Court on Friday issued notice to the Income Tax Department over businessman Robert Vadra's plea challenging notices issued to him on December 4, 2018, and December 18, 2019, under the Black Money Act, 2015.
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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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Lok Sabha Passes Taxation Bill To Relax Compliance Requirements For Taxpayers
Taxation Bill: Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.
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CBDT Extends Income Tax Returns Filing Deadline For J&K, Ladakh To January 31
"The Central Board of Direct Taxes (CBDT), in exercise of powers conferred under section 119 of the Income-tax Act, 1961 and in partial modification of CBDT's order under section 119 of the Act dated 23.07.2019, 27.09.2019 and 31.10.2019 hereby further extends the ''due-date' for filing I-T Returns/Tax Audit Reports to January 31, 2020 in respect o...
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Government Releases New Income Tax Compounding Rules
CBDT has issued a revised 32-page guideline for 'compounding of offences under direct tax laws, 2019' which will be executed under the I-T Act, 1961
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From Section 80C To Section 80GG Of I-T Act: 5 Ways You Can Reduce Your Income Tax Liability
Over and above of the Rs. 1.50 lakh deduction allowed under section 80C of the Income Tax Act, 1961, one can claim an extra exemption of Rs. 50,000 by making investments in the National Pension System (NPS). An assessee can claim exemption of up to Rs. 2 lakh on the total taxable income by investing in NPS.
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Mutual Fund Investment: Don't Confuse ELSS With SIP, Here's Why
While ELSS or Equity-Linked Saving Scheme is a type of mutual fund that is eligible for tax exemption under Section 80C of the Income Tax (I-T) Act, SIP or Systematic Investment Plan is only a way of investing in a mutual fund.
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SBI's PPF Account Offers Tax Benefits Up To Rs 1,50,000. Ten Things To Know
State Bank of India (SBI) public provident fund scheme is one of the most popular small savings scheme. The SBI PPF scheme enables the subscribers to save income tax as it allows the deduction from taxable income under the section 80C of the Income Tax (I-T) Act, while also offering handsome returns. The current interest rate (effective from Januar...
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Tax Department Denies Writing Off Rs 3,000 Crore Corporate Dues
According to the RTI replies, the Pr-CCIT, Hyderabad had stated that it had written off a total of Rs 3,002.20 crores in two financial years, 2016-2017 and 2017-2018.
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Here's What Will Happen If You Don't Link Your PAN and Aadhaar By March 31
Aadhar Pan Card Linking: All taxpayers have to mandatorily link the two by March 31, 2023, failing which they will be liable to consequences under the I-T Act and have to suffer a number of implications.
-
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.
-
Crypto Mining Cost Not Allowed as Deduction Under I-T Act: Finance Ministry
Cost incurred in the mining of cryptocurrencies or any virtual digital assets (VDA) will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
-
Crypto Mining Cost Not To Be Allowed As Deduction Under I-T Act: Finance Ministry
Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the Income Tax (I-T) Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
-
Delhi High Court Notice To I-T Department Over Robert Vadra's Plea
The Delhi High Court on Friday issued notice to the Income Tax Department over businessman Robert Vadra's plea challenging notices issued to him on December 4, 2018, and December 18, 2019, under the Black Money Act, 2015.
-
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
-
Lok Sabha Passes Taxation Bill To Relax Compliance Requirements For Taxpayers
Taxation Bill: Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.
-
CBDT Extends Income Tax Returns Filing Deadline For J&K, Ladakh To January 31
"The Central Board of Direct Taxes (CBDT), in exercise of powers conferred under section 119 of the Income-tax Act, 1961 and in partial modification of CBDT's order under section 119 of the Act dated 23.07.2019, 27.09.2019 and 31.10.2019 hereby further extends the ''due-date' for filing I-T Returns/Tax Audit Reports to January 31, 2020 in respect o...
-
Government Releases New Income Tax Compounding Rules
CBDT has issued a revised 32-page guideline for 'compounding of offences under direct tax laws, 2019' which will be executed under the I-T Act, 1961
-
From Section 80C To Section 80GG Of I-T Act: 5 Ways You Can Reduce Your Income Tax Liability
Over and above of the Rs. 1.50 lakh deduction allowed under section 80C of the Income Tax Act, 1961, one can claim an extra exemption of Rs. 50,000 by making investments in the National Pension System (NPS). An assessee can claim exemption of up to Rs. 2 lakh on the total taxable income by investing in NPS.
-
Mutual Fund Investment: Don't Confuse ELSS With SIP, Here's Why
While ELSS or Equity-Linked Saving Scheme is a type of mutual fund that is eligible for tax exemption under Section 80C of the Income Tax (I-T) Act, SIP or Systematic Investment Plan is only a way of investing in a mutual fund.
-
SBI's PPF Account Offers Tax Benefits Up To Rs 1,50,000. Ten Things To Know
State Bank of India (SBI) public provident fund scheme is one of the most popular small savings scheme. The SBI PPF scheme enables the subscribers to save income tax as it allows the deduction from taxable income under the section 80C of the Income Tax (I-T) Act, while also offering handsome returns. The current interest rate (effective from Januar...
-
Tax Department Denies Writing Off Rs 3,000 Crore Corporate Dues
According to the RTI replies, the Pr-CCIT, Hyderabad had stated that it had written off a total of Rs 3,002.20 crores in two financial years, 2016-2017 and 2017-2018.
