Page 21 - Income Tax

Centre suspends FCRA licence of think tank CPR amid I-T searches

According to the report, officials said that CPR's licence was revoked recently over non-compliance with FCRA norms.

House rent allowance: Tax exemption can be claimed on rent paid to parents

Prepare an agreement, pay rent into their bank accounts, and ensure they pay tax on it

BBC does not have an agenda, says chief to staff in India after I-T survey

The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices. In an email to BBC staff in India reported on Thursday by the broadcaster, Director General Tim Davie thanked them for their courage as he stressed that nothing was more important than reporting impartially. He added that the BBC would help staff in India do their jobs effectively and safely. "Nothing is more important than our ability to report without fear or favour, Davie said in the email, reported by the BBC. "Our duty to our audiences around the world is to pursue the facts through independent and impartial journalism, and to produce and distribute the very best creative content. We won't be put off from that task. I'd like to be clear: the BBC does not have an agenda we are driven by purpose. And our first

Explained: Does the new tax regime adversely affect household savings?

New tax regime does not have tax deductions as is given under various provisions such as 80C or 80D of the Income Tax Act

How health check-up, insurance premium can help you in saving tax

Preventive check-up is one available to save tax based on medical-related issues

India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic

Growth rate of new tax payers has been under pressure in recent years

Explained: Difference between Income Tax Surveys and Searches

Reports usually mention Income Tax searches and surveys interchangeably but there is a difference between these two terms. Watch the video to know more >

Income Tax 'survey' operations at BBC offices continues for third day

The Income Tax department's 'survey' at the BBC office here continued for the third straight day on Thursday as officials gathered financial data from select staffers and made copies of electronic and paper data of the news organisation. The operation that began at the British Broadcasting Corporation (BBC) offices in Delhi and Mumbai around 11:30 am on Tuesday has clocked more than 45 hours now, officials said. The survey is going on, they told PTI. Authorities had said on Wednesday that the exercise would continue for some more time, saying the "exact time frame to call the operation closed rests entirely on the teams on the ground". The survey is being carried out to investigate issues related to international taxation and transfer pricing of BBC subsidiary companies, officials have said. The survey teams are seeking answers on financial transactions, the company structure and other details about the news company, and are copying data from electronic gadgets as part of their ta

Income tax 'raids': What is the difference between surveys and searches?

Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'

Top headlines: ALT's ESG rating under review, Srei group resolution & more

Business Standard brings you the top headlines at this hour

Old vs new: Soon, I-T portal may show which tax regime's best for you

The system will also compare the two schemes in an easy-to-understand format, said another source

Income Tax Department sleuths survey BBC's Mumbai studios, Delhi office

The sources also said that the team reached there to verify documents and some of the employees were also asked to leave the office and go home

Fully cooperating with Indian income tax authorities, tweets BBC

The BBC on Tuesday said the Indian income tax authorities were at its offices in New Delhi and Mumbai and the British public broadcaster was fully cooperating with them. The Income Tax Department on Tuesday conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of an investigation into alleged tax evasion, officials said in New Delhi. The surprise action comes weeks after the broadcaster aired a two-part documentary, "India: The Modi Question". "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating. We hope to have this situation resolved as soon as possible," the press office of the BBC tweeted.

Govt mulls modified valuation norms for taxing foreign investments in cos

The Income Tax Department is likely to come out with modified valuation rules under the I-T Act for ascertaining the fair market value (FMV) of shares of unlisted companies for the purpose of levying tax on non-resident investments, an official said. The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognised startups, under the tax net. The official said that amendments are needed as I-T Act and FEMA provide different methodologies for calculating the FMV of shares of unlisted companies. "Rule 11UA of I-T rules will be re-prescribed taking into account the concerns expressed by stakeholders to harmonise it with the FEMA regulations," the official told PTI. Rule 11UA deals with determination of FMV of assets, other than immovable property. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and

New tax regime to benefit middle class; leave more money in their hands: FM

Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group crisis, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seize

Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts

With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys

New tax regime to leave higher disposable income with people: Sitharaman

The Union Budget 2023-24, astutely balances the requirement for India's development imperatives within the limit of fiscal prudence, Finance Minister Nirmala Sitharaman tells Lok Sabha

New and old: How two tax regimes work for home loan interest benefit

You can benefit under the new tax regime but there are a few caveats

From savings to spending: What new IT rules tell us about govt's intentions

The new IT regime will be the default one but those tax payers wanting to continue with the old one can still do so

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns