Page 4 - Income Tax Law

SC to hear Serum's plea challenging amendment to IT Act on May 17

With this plea, it also challenged the Bombay High Court's order that dismissed its petition against a 2016 amendment to the Income Tax Act

CBDT issues FY25 interim action plan to ensure quick disposal of appeals

The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals. The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024. It also called for finalisation of compounding proposals pending as on March 31, 2024, and disposal of at least 150 appeals by June 30. Priority should be given to disposal of the appeals filed prior to April 1, 2020, followed by disposal of appeals filed after April 1, 2020, it said. AKM Global, Partner- Tax, Sandeep Sehgal said the Central Board of Direct Taxes (CBDT) has unveiled its interim action plan for FY 2024-25, marking a significant stride towards enhancing tax administration efficiency. Immediate measures have been initiated to address grievances through e-Nivaran and CPGRAM platfo

Income from shares gifted to minor child gets clubbed with donor's income

If the gift of shares is received from a relative, there is no tax implication for recipient

Explained: Rs 1 lakh limit per individual for withdrawal of old tax demands

The total waiver of up to a maximum of Rs. 1,00,000 would be waived off per taxpayer(PAN).

I-T dept searches premises linked to ex-Cong minister in Chhattisgarh

The Income Tax Department on Wednesday conducted searches at the locations linked to former Chhattisgarh minister Amarjeet Bhagat and others, including businessmen in the state, officials said. The reason behind the I-T department's action was not immediately known. The state's Economic Offences Wing/Anti-Corruption Bureau recently lodged an FIR in an alleged coal levy scam based on a complaint of the Enforcement Directorate which had launched a probe into the scam during the previous Congress government. Amarjeet Bhagat, who was a minister in the previous Bhupesh Baghel-led Congress government, is among the 35 accused named in the FIR. According to officials, the searches were underway since early Wednesday morning in different districts including Surguja, Raipur, Durg and Rajnandgaon. A team of a dozen I-T personnel reached the residence of Bhagat in Ambikapur city, the headquarters of Surguja district, early this morning, an official said. Police personnel were seen deployed .

Investment declaration guide: Dos and don'ts and key things to know

Investment declaration refers to the formal disclosure made by an individual or organisation regarding their investment portfolio, holdings, or financial assets

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh

Last week, the PFRDA chairman had said that the body has recommended employer contributions to the National Pension Scheme up to 12 per cent to be exempted from the income tax

Will or gift: The better way to transfer assets to the next generation

A gift deed comes into play when finalised and a will for transfer one the death of property owner

HC rejects I-T reassessment proceedings beyond four-year limitation period

The ruling was given on a writ petition filed by an assessee challenging the reopening notice on capital gains issued by the income tax authorities

LIC gets income tax penalty notice of Rs 84 cr; insurer to file appeal

Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order. For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing. Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961, it said. The notice was issued by the Tax Department on September 29, 2023, it said. Incorporated in 1956 with an initial capital of Rs 5 crore, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as of March 31, 2023.

Taxing rules

New angel tax norms partially address startup concerns

Charitable trusts having a tough time under new regulations, seek more time

The government has asked trusts to share the identities of relatives of trustees, settlors, and substantial contributors, along with information about electronic and other modes of payments

ITAT nixes additional tax demand on firm for deposits during demonetisation

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

Seniors citizens must disclose all forms of income in ITR to avoid charge

Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS

No proposal before govt on capital gains tax, says Income Tax dept

A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes

Comprehensive approach

India needs legislation on cryptos

How a new tax law has stumped Tata Trusts and top corporate donors

The Finance Bill proposes that if a charitable organisation donates to another charity then only 85 per cent of the donation will be considered as application of income for the donor organisation

Income tax exemption might be extended to Rs 5 lakh in budget, say sources

The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.

Supreme Court to set up separate special Bench to hear tax matters

Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench