Page 41 - Income Tax

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

CBDT notifies changes that will also apply to pension funds

Income Tax dept amends TDS form, makes it more comprehensive

As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore

How to claim income tax deduction for investments made in April - July 2020

One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21

Income Tax department extends five new deadlines for Indian taxpayers

The estimation poses some practical challenges and also makes it difficult to assess tax liability

Govt allows I-T exemption on conveyance allowance under new tax regime

The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees

Securities transaction tax mop-up rises 14% despite sharp sell-off

The department collected Rs 2,568 crore against Rs 2,262 crore in the corresponding period a year ago.

New ITR forms call for filing return even if your income isn't taxable

Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions

Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax

Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.

Tax devolution to states to be 30% lower than Budget estimates: Icra study

The projected figure to be 16.2 per cent lower than even FY20 numbers

FM Sitharaman launches scheme for instant allotment of online PAN

In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.

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

Time to boost P2P lending

As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders

Covid-19 impact: TDS revenue collection in first 10 days of May down 22%

The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown

Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19

Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister

Tax-burden on India's GDP to rise further, hitting consumption and savings

In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP up from 9.3 per cent a year ago and low of 6.1 per cent in FY10

Govt may extend 'Vivad se Vishwaas' tax settlement deadline to September

Hopes for bettwe results post Covid-19 as revenue dept has not seen a single deposit owing to the disease outbreak

Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea

Telecom company had sought tax refunds for four years but it was allowed for 2014-15.

IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled

The committee has argued the 'super-rich' have a higher obligation towards ensuring public good and recommended either raising income-tax rate for the highest slab or re-introducing wealth tax

Pharma traders seek IT rule exemption as retailers pay stockists in cash

They fear scrutiny by tax authorities at a later date, assure that the relaxation will not be misused

Arrears' collection will be tricky

We need to understand the nature of the astronomical tax arrears' figure of Rs 9 trillion