Page 6 - Income Tax Act

Taxpayers' charter: Expect more fairness

The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise

I-T dept to intimate taxpayers under scrutiny about faceless assessment

A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act

Taxpayers don't need to mention high-value transactions in ITR form: Report

Government is not considering any modification in the ITR form

Making India a hub of global financial services: So close, yet so far

The dynamic nature of business in IFSCs necessitates a high degree of inter-regulatory coordination, say experts

Sovereign wealth funds to get tax relief on infrastructure bets: CBDT

CBDT notifies changes that will also apply to pension funds

Income tax exemptions to lower tax assessee for certain allowances

The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions

BHEL reports Rs 1,532 cr loss in Q4 on lower revenues and deferred tax

The company had posted a consolidated net profit of Rs 680.77 crore in the quarter ended March 2019, it said in a BSE filing.

Trustees of PM CARES appoint SARC & Associates as auditor of fund

Opposition parties have questioned how the PM CARES Fund is being kept out of the audit purview of the Comptroller and Auditor General (CAG).

Realtors fazed by Piyush Goyal's take, say lower prices may not boost sales

Commerce minister had urged developers not to wait for govt aid or markets to rationalise but start lowering prices and write off their earlier investments as bad business decisions

Govt notifies revised Form 26AS, to have purchase info of shares, property

Easing taxpayer compliance, the annual information statement has been subsumed in the Form 26AS

CBDT notifies revised Form 26AS, to include details of property, share deal

To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act

NCLAT's resolution professional ruling: Several bankruptcy cases face delay

National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy

Lockdown period not to be counted for determining residency of NRIs: CBDT

There were apprehensions that this extended stay could lead to these individuals becoming Indian residents as per Section 6 of the Income Tax Act

Old income tax regime or new? Work out the math before you make your choice

Compute your income-tax liability twice, under the old system and the new. Factor in likely events like job loss of pay cuts

Six changes in tax rules that come into effect today

Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today

Deregulate large-scale philanthropy

The purpose and performance of these companies do not demonstrate that any one class, on a secular basis, is superior or inferior in these respects.

Make an evidence-based choice between the old and new income tax regimes

Those who can cross certain thresholds of deduction will be better off sticking to the old regime

Taxing targets

Unreasonable I-T demands affect investment climate

Investors making a beeline for foreign properties must be mindful of rules

Since there will be tax incidence in the foreign country, an investor has to seek credits in India

If you give money for a good cause, I-T Act offers you tax benefits

Section 80G deduction can be availed of by a person who makes an eligible donation, but conditions apply