Page 22 - Latest Updates on Income tax
I-T dept to release draft rules for foreign investment in unlisted firms
The draft valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said
 "I-T dept to release draft rules for foreign investment in unlisted firms")
IT major TCS advances generation of income tax Form 16 documents by 45 days
India's largest private sector employer, TCS, has advanced the generation of Form 16 documents for its staff by 45 days to help its over 6 lakh employees file their income tax returns in time
 "IT major TCS advances generation of income tax Form 16 documents by 45 days")
Top headlines: I-T lens on big spenders, HBO finds home in India and more
Business Standard brings you top news at this hour
 "Top headlines: I-T lens on big spenders, HBO finds home in India and more")
Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23
Residents of Sikkim are exempted from paying income tax, but not for those who have gone there from other places
 "Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23")
I-T dept conducts searches at premises of pvt firm with alleged DMK links
The Income Tax (IT) department is conducting searches at multiple locations in Tamil Nadu
 "I-T dept conducts searches at premises of pvt firm with alleged DMK links")
Top headlines: I-T scanner on Angel investments, Tata-Wistron deal & more
Business Standard brings you top headlines at this hour
 "Top headlines: I-T scanner on Angel investments, Tata-Wistron deal & more")
No proposal before govt on capital gains tax, says Income Tax dept
A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes
 "No proposal before govt on capital gains tax, says Income Tax dept")
CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25
The exemption will continue in the current fiscal and the next financial year (2024-25)
 "CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25")
Begin tax planning at start of financial year to avoid cash crunch later
Consider both income level and deductions you can avail of when choosing between old and new tax regime
 "Begin tax planning at start of financial year to avoid cash crunch later")
TMS Ep401: Income tax, brand India, mutual funds, UPI payments
How will new income tax rules affect you from April 1? How can India create a global brand? Where will MFs invest when markets bottom out? Will your UPI payments not be free anymore? Answers here
 "TMS Ep401: Income tax, brand India, mutual funds, UPI payments")
How to reset password on Income Tax e-filing portal? Step by step guide
The income tax department gives you different options to reset your Income Tax e-filing portal password. Check out the step by step guide below
 "How to reset password on Income Tax e-filing portal? Step by step guide")
Removal of LTCG tax benefits on debt MFs pushes corporate bond yields
Following govt's latest move, tax would be computed on based the investor's tax bracket; levy could be as high as 30%; Centre's step puts the tax for MF units at parity with that for bank FD
 "Removal of LTCG tax benefits on debt MFs pushes corporate bond yields")
March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B
Here are some of the key ones you need to accomplish
 "March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B")
PAN-Aadhaar Link: A step by step guide to link two cards before deadline
PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000
 "PAN-Aadhaar Link: A step by step guide to link two cards before deadline")
Gift, loan, house rent: How your family can help in saving taxes
Provisions in the law allow your parents, spouse and siblings to maximise your tax returns
 "Gift, loan, house rent: How your family can help in saving taxes")
PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31
From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses
 "PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31")
Government workers in Sri Lanka stage protest over income tax hike
Sri Lankan health, railway, port and other state workers were on a daylong strike on Wednesday
 "Government workers in Sri Lanka stage protest over income tax hike")
Amazon Web Services served Rs 549 crore income tax demand notice: Report
AWS: The income tax department has reportedly raised the demand for Rs 190.85 crore tax for 2014-15 and Rs 358.27 crore for 2016-17 by invoking Section 147 of the Income-tax Act
 "Amazon Web Services served Rs 549 crore income tax demand notice: Report")
Meet the last advance tax deadline for FY23 to steer clear of penalties
If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month
 "Meet the last advance tax deadline for FY23 to steer clear of penalties")
Seven mistakes seniors make while planning their taxes and finances
They could invest in SCSS in tranches to optimise Sec 80C benefits and park some money in PMVVY before it closes on Mar 31
 "Seven mistakes seniors make while planning their taxes and finances")