Finance Act

Finance Act News

Supreme Court notice to Centre on plea challenging Finance Act

The impugned sections, appearing in Chapter XIV of the Act, were “unconstitutionally certified as Money Bill” to bypass the requirement to get the assent of both Houses of Parliament, the petition stated.

Foreign accounts: I-T Act in need of amendments for greater clarity

IF NRIs’ assessments are re-opened for last 16 years, it will be very difficult to explain the detail of each and every credit their source.


For ‘super rich’ it’s pay tax now, may get refund later

For individual tax payers, the deadline for the first tranche of advance tax payments is September 15, by when the Finance Act would be passed.

Indian envoy in UK red-flags back tax: Investors nervous

Income-Tax Department in a Jan 22 order claimed that Cairn Energy made capital gains of Rs 24,503.50 crore when it transferred its entire India business from subsidiaries incorporated in Jersey.

Nigdi firm in the dock for evading Rs 75-lakh tax

Proprietor of Creative Constructions held.

CBEC calls for restraint in arresting tax evaders

Wants officers to use measures judiciously and with caution.


Taxation: TDS realty

For any purchase of immovable property for over Rs 50 lakh,the buyer will have to deduct TDS of 1% from the amount paid to the seller