Page 3 - Income Tax Act

Time limit for re-assessment under Income Tax Act will be extended: SC

The court also stated that the directions in the Ashish Agarwal case will extend to all 90,000 assessment notices issued under the old regime

Opt for e-DRS when you are seeking relief from penalty and prosecution

The e-DRS offers a faster and more cost-effective alternative to traditional litigation

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated

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. The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961, he said and added that the exercise is being conducted under a central government-mandated comprehensive review of the law. Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working to identify areas of improvement. This is a work in progress...," he

Income Tax Day 2024: Date, history, significance, quotes and more

India celebrates the National Income Tax Day, or Aaykar Divas, every year on July 24, marking the historical development of tax administration in the country

Budget 2024: Modi 3.0 govt simplifies taxes, fosters foreign investments

India Budget 2024 tax rules: In order to achieve the vision of simplifying taxes, FM Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961

Union Budget 2024: Here's what startups, investors expect from Modi 3.0

Expectations rise for investments, simplified tax norms, and sectoral support

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura

RBI asks NBFCs not to lend more than Rs 20,000 in cash for gold loan

NBFCs are required to maintain a Loan-to-Value (LTV) ratio not exceeding 75 per cent for loans granted against the collateral of gold jewellery

Income tax notices lead to stress among startups, executives and investors

The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources

Raj Congress to hold protest against I-T notices, freezing of bank accounts

Rajasthan Congress will hold protests at all district headquarters of the state on Saturday against the fresh notices issued to it by the Income Tax Department and the freezing of the party's bank accounts. General Secretary and spokesperson of Rajasthan Pradesh Congress Committee Swarnim Chaturvedi said the BJP-led central government is continuously attacking democracy and democratic systems in the country. Public demonstrations will be organised by the district Congress committees at all the district headquarters of Rajasthan on Saturday, he said. All senior leaders, office bearers, and workers of the Congress will participate, he added. As part of a well-planned conspiracy of the central government, the bank accounts of the Congress party were frozen and now undemocratic action is being taken against it by the Income Tax Department which has asked it to pay Rs 1,823.08 crore, he said. This is being done so that the Congress is not able to participate with strength in the genera

45-day MSME payment rule: Impact and details of Section 43B(h) explained

Starting from April 1, companies are required to pay their suppliers registered as MSMEs within 15 days, or up to 45 days under an agreement

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