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Tuesday, Oct 04, 2022

income tax act

INCOME TAX ACT NEWS

ITR Filing AY 2022-23: What happens in case you miss to file your income tax returns by July 31? Know about late fee, penalty

July 31, 2022 9:35 am

Income Tax Return File: Just four days are left to file your income tax return (ITR). Read here to find out what are the late fees that will apply in case you miss the due date.

Explained: TDS on transfer of virtual digital assets, applicable from July 1 — what the guidelines say

June 23, 2022 3:51 pm

The Finance Act, 2022 introduced Section 194S in The Income Tax Act, 1961, under which a TDS of 1 per cent will be levied on the transfer of VDAs effective July 1 if the value of transactions exceeds Rs 10,000 in a year.

Budget amendments in Income-Tax Act: How plugging cess/surcharge loophole may bring legal clarity

February 04, 2022 4:26 am

The Budget has also made changes to the I-T law making space for the tax department to seek explanation for source of funds at the hands of the creditor.

CBDT chief: Changes to I-T law have huge revenue implications

February 03, 2022 12:16 pm

Making a retrospective amendment to the Income-tax Act from 2005-06, the Budget clarified that cess and surcharge will not be allowed to be claimed as deductions in the form of expenditure.

Panel drafting new direct tax law seeks extension of 2-3 months

February 28, 2019 3:22 am

Prime Minister Narendra Modi, during the annual conference of tax officers in September 2017, had observed that the Income-tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted.

Startup India: In 34 months, only 94 of 15,798 govt recognised ventures got tax exemptions

February 21, 2019 12:11 pm

According to the latest available data, as of mid-January 2019, 4,648 complete applications were received for exemption under Section 80IAC of the Income Tax Act.

Aadhaar now compulsory for tuberculosis patients: Here is the list of services requiring UID

June 28, 2017 4:54 pm

Over the past one year, aadhaar has been made compulsory by the government for various schemes/programmes and institutions. While the legality of Aadhar Card is being argued in court of law, here are some services for which Aadhaar card is mandatory.

All assesses 'constitute one class' in Income-Tax Act, no discrimination says Supreme Court

June 12, 2017 1:28 pm

The court termed as fallacious argument advanced by the counsel for petitioners that the provision of the I-T Act was discriminatory in nature as it created two classes - one class of those who volunteered to enroll themselves under Aadhaar scheme and other class of those who did not want it to be so.

Govt sets up committee to simplify income tax laws, provide ease of biz

October 28, 2015 1:00 am

The first batch of recommendations to be considered in Budget 2016-17: Revenue secretary.

Black money: No action under FEMA for disclosures

October 01, 2015 4:09 pm

Last week, the Reserve Bank of India had said that no action under FEMA will be taken against declarations under one-time compliance window.

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