Page 4 - Income Tax Act

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Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn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

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

Trip that includes a foreign leg is not eligible for LTC, say experts

This condition is not satisfied merely by the trip starting and ending in India

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report

Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore

Gifts received from non-relatives of above Rs 50,000 a year are taxable

Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable