income tax act

income tax act News

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

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

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

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

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

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

Black money: No action under FEMA for disclosures

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


Govt amends I-T Act to put curbs on shell companies

To curb the formation of shell companies, which are located abroad but controlled from India, to evade taxes, the government has amended the income tax act by introducing the concept of ‘place of effective management’. Following the amendment, all such companies would be taxable in India even if they are incorporated abroad but their key […]

Tax sops to factories for hiring at least 50 new workers

The provision is at present available only to firms that employ 100 new workers in a fiscal.

Depository receipts: Govt working on greater tax clarity

The finance ministry last November announced a liberalised DR scheme that includes new asset classes.

Tax holidays, I-T benefits needed, says TelecomMin

Adding trouble for the sector, a lot of manufacturing has moved to Vietnam due to a predictable regulatory environment and better incentives.