Page 5 - Income Tax Act

How to respond to a notice for reassessment of income u/s 148A of I-T Act

Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings

Tax department move to tax goodwill could expand in the next Budget

While the new tax is not retrospective in nature, it will impact foreign companies buying into Indian companies going ahead

Faceless assessment: Taxpayers seek redress from courts over thorny issues

Experts says that the system is a mixed bag of experiences for the taxpayer, but agree that it largely circumvents the principle of natural justice

HC notice to Centre on petition challenging faceless income tax assessment

The court restrained the tax department from recovering additional demand and posted the matter to November 11

Senior citizens above 75 years can avoid filing ITR from next year

Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS

Govt approaches 17 companies to settle retrospective tax cases

The rules under the Taxation Laws (Amendment) Act, 2021, are expected this week

Good sense, finally

Govt wasted nine years in trying to defend the indefensible retro tax

Top headlines: Govt buries retro tax; Cipla Q1 net profit rises 24%

Business Standard brings you the top headlines on Thursday

Experts welcome govt's move to bury retro tax, but with riders

They, however, say are not sure if the lack of interest and costs payable by govt will satisfy all litigants

Haven't been issued Form 16? Here is how you can still file your tax return

The last date for issuing Form 16 extended till July 31

Tips on handling tax matters and digital assets of a deceased person

Legal heirs must file tax returns for income earned in the year the dead passed away

Govt allows cash payment of over Rs 2 lakh for Covid treatment at hospitals

The Income Tax Department on Friday issued a notification allowing hospitals and nursing homes to accept cash payments of Rs 2 lakh and more for the treatment of coronavirus infected patients

A quick and simple guide on tax compliance ahead of the March 31 deadline

Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN

A dive into five contentious issues contained in Finance Bill, 2021

Govt may have to respond to concerns over equalisation levy, exporters issues, definition of the term 'liable to tax' and taxability of interest on employees' EPF contributions exceeding Rs 2.5 lakh

Pay your family's insurance premiums and PPF contributions to save tax

While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws don't apply

Bitcoin trade may attract I-T, GST; taxes to be paid in this fiscal year

The recent trigger being Tesla, Inc.'s announcement of having bought $1.5 billion in bitcoin.

AAR in new avatar: Old wine or efficient machinery for disposal of cases?

Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers

Budget 2021: Govt extends benefits on affordable housing till March 2022

The upper limit is capped at Rs 45 lakh for claiming this deduction.

What the lay citizen and the experts want the Budget to deliver on Feb 1

Top of the wish list is an increase in deduction under Sections 80C, 80CCC and 80 CCD(1) from Rs 1.5 lakh to Rs 2.5 lakh

Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme

A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore