Page 4 - Income Tax Act

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Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn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

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

Even foreign nationals have right to personal liberty: Huawei chief to HC

Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore

No restrictions on RRPR Holding for warrant conversion, says I-T dept

In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax

Experts raise several red flags around section 194R of the Income Tax Act

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

After SC verdict on Benami law, experts weigh in on the Black Money law

The Black Money law penalises the concealment of foreign income and imposes criminal liability for attempting to do so

Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt

Social security scheme should reach the poor and underprivileged, says official

Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money

New SEZ law to focus on job creation and research, not foreign exchange

The Bill shall propose the re-introduction of certain direct tax benefits, under which units set up in these development hubs shall attract a 15 per cent corporate tax until 2032

Income tax rules: Here are the changes in rules from July 1, 2022

While the late fees for linking PAN-Aadhaar will shoot up, doctors and influencers will have to pay 10% TDS on the benefits they receive from sales promotions

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

Income Tax Act must be replaced by Direct Tax Code: P Chidambaram

The debate remained inconclusive and will be resumed on Tuesday, along with the Finance Minister's reply