Page 3 - Income Tax Act

HC set to pass order on Cong's pleas against tax re-assessment exercise

The Delhi High Court will pronounce its order on Friday on the Congress party challenging the reassessment proceedings against it by the Income Tax Department. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav is scheduled to pass its verdict at 2:15 PM. The high court had reserved its order on March 20 on the pleas filed by the political party against the tax reassessment proceedings initiated against it by the authorities for three successive years, that is, 2014-15, 2015-16 and 2016-17. The party has contested the reassessment proceedings, claiming they were barred by limitation. Senior advocate Abhishek Singhvi, representing the Congress party, had submitted that tax reassessment proceedings are barred by limitation and the I-T department could have gone back to a maximum of six assessment years. The I-T department, however, asserted there was no violation of any statutory provision by the tax authority and that as per the material recovered, the "escaped" incom

Income tax allowances, deductions allowed for individuals in old tax regime

From house rent to donation to a political party, individuals can claim tax saving through several options

SC rules companies need not deduct tax for discounted SIM cards sales

This means that telecom companies need not deduct TDS for selling pre-paid SIM cards to their distributors at a rate below the market price

MSME apparel makers may face losses up to Rs 7,000 crore in Q4: CMAI

Says retailers dropping order because of amendment to I-T Act on payment to MSMEs

How to save money? Here are the 10 ways to save your tax in FY 2023-24

If you are a salaried employee and want to save your money, here are the 10 ways to save your financial tax under Income Tax, 1961

No changes in tax regime: Palkhiwala would have been pleased

His constant lament was that he longed for a budget, which would make zero changes in the Income Tax Act

Burden to call for curing of defects in tax return on assessing officer: SC

In appeals filed by the Revenue, the High Court reversed the finding of the Tribunal. Challenging the order of the High Court, the firm and its partners moved the Supreme Court

As interim Budget nears, check differences between old and new tax regime

Interim budget 2024: In a bid to improve the direct tax system, the finance ministry had introduced a simplified optional new income tax regime in 2020-2021

Taxing rules

New angel tax norms partially address startup concerns

Tax tribunal allows capital gain exemption in case of house purchase

Exemption allowed even if agreement to buy new house is signed before selling the old one: ITAT

Incriminating material must for any addition to taxable income: SC

The court, however, left the scope for the authorities to re-open the cases of tax violation if any incriminating evidence emerges later

Evidence against third parties subject to tax proceedings, rules SC

Apex court also allows retrospective application of rule

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

Ask for a benefit illustration of the 'tax-saving' plan you're being sold

Before investing in any tax-saving products, investors need to be aware of mis-selling strategies and must do their due diligence

Income tax 'raids': What is the difference between surveys and searches?

Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'

Avoid encashing of leave while you are in service: Know the rules

Tax exemption on leave encashment is only available at retirement, resignation, or termination

Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist

Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn

No TDS on remunerations, salaries or commission paid to partners: ITAT

The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on remuneration to partners

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Tax-authorities tighten noose around under-invoicing of Chinese imports

Tax authorities suspect a tax evasion of more than Rs 16,000 crore through under-invoicing by businesses from April 2019 to December 2020