Page 8 - Income Tax Act

Amid revenue shortage, govt begins audit of GST returns for FY 2017-18

The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three

Budget 2020: I-T Act may allow seizure of trustees' personal assets

The new provision is likely to come in Budget next month

Industry players lobby for relaxation of offshore fund taxation rules

According to current norms, the total investment of a person resident in India, whether directly or indirectly, shall not be more than 5 per cent of the fund corpus

Want to avail of home-loan overdraft? Do it only if you have surplus funds

Savings done by depositing extra money into the home loan overdraft facility should outweigh the higher interest cost charged from you

I-T Department conducts searches on business group; 28 premises covered

A total of 28 premises were covered in search action, including 15 under Section 132 and 13 under Section 133A

Two in three cos may shift to new corporation tax rates immediately: Crisil

Half of those shifting may use tax savings for ongoing capex to strengthen balance sheet

Why not a states income tax?

India's 'normal' tax rate has been between 40 and 55 per cent for almost 800 years

Handle income tax related issues of startups with utmost care: CBDT

On August 30, the CBDT had notified creation of a five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues

Top 10 biz headlines: Auto sales down 23.5%, direct tax code delay & more

From PV sales declining for the 10th straight month to chances that the govt is unlikely to replace the Income Tax Act with the direct tax code, here are the top business headlines for Tuesday

Tata Trusts' run-in with authorities puts spotlight on how trusts are taxed

Though Tata Trusts was granted cancellation and that order was upheld by the Income Tax Appellate Tribunal, whether tax should be levied or not has become a bone of contention

Changes in I-T rules kick in today; to help govt track taxpayers' income

The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1

Task force recommends four far-reaching changes in Income Tax law

Suggests rejig in tax slabs, with some relief for those earning up to Rs 55 lakh a year; Corporation tax rate may come to 25% for all; DDT may go, procedures for dispute settlement may be streamlined

Enhanced limits to reduce pending direct tax litigation in one stroke

The CBDT circular has come at an appropriate time. It will provide much needed respite to business entities and taxpayers

Committee submits report on replacing I-T Act with Direct Tax Code

The recommendations made by task force headed by CBDT member Akhilesh Ranjan have not been made public.

Direct Tax Code 2.0: Task force for big relief to individual taxpayers

Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief

Top 10 biz headlines: Firms may get tax relief, fresh DHFL default & more

From DTC task force recommending slashing of corporate tax to 25% for domestic and foreign firms to DHFL defaulting on financial repayment obligations, here are the top business headlines for Tuesday

Tax terrorism: Embedded in laws & practice

Blaming tax officials will not help us get to the root of the issue. The problem is government itself, in two important ways

DTC task force likely to submit report to Nirmala Sitharaman on Monday

The government last month expanded the scope of the task force to look into five more areas

Income Tax dept relaxes assessment and scrutiny norms for start-ups

In cases where start-ups are recognised by the DPIIT but scrutiny involves wider issues, the I-T dept has asked its field formations not to pursue the issue of angel tax during assessment proceedings

New direct tax code panel report to overhaul I-T Act delayed by 15 days

This is the second extension for the taskforce under the CBDT member Akhilesh Ranjan