Page 3 - Income Tax Act

Bitcoin trade may attract I-T, GST; taxes to be paid in this fiscal year

The recent trigger being Tesla, Inc.'s announcement of having bought $1.5 billion in bitcoin.

AAR in new avatar: Old wine or efficient machinery for disposal of cases?

Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers

Budget 2021: Govt extends benefits on affordable housing till March 2022

The upper limit is capped at Rs 45 lakh for claiming this deduction.

What the lay citizen and the experts want the Budget to deliver on Feb 1

Top of the wish list is an increase in deduction under Sections 80C, 80CCC and 80 CCD(1) from Rs 1.5 lakh to Rs 2.5 lakh

Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme

A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore

UK firms say India has become easier for business, want solution to tax row

Annual report on UK companies says retrospective amendment to India's Income Tax Act is a dampener.

Parliament passes bill providing relief to taxpayers on compliance front

The reliefs in the bill include extending deadlines for filing returns and for linking PAN and Aadhaar

Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March

Troubleshooting minister to popular President: Pranab Mukherjee in politics

Veteran politician's career spanned five decades; was awarded Bharat Ratna in 2019

Taxpayers' charter: Expect more fairness

The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise

I-T dept to intimate taxpayers under scrutiny about faceless assessment

A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act

Taxpayers don't need to mention high-value transactions in ITR form: Report

Government is not considering any modification in the ITR form

Making India a hub of global financial services: So close, yet so far

The dynamic nature of business in IFSCs necessitates a high degree of inter-regulatory coordination, say experts

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

CBDT notifies changes that will also apply to pension funds

Income tax exemptions to lower tax assessee for certain allowances

The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions

BHEL reports Rs 1,532 cr loss in Q4 on lower revenues and deferred tax

The company had posted a consolidated net profit of Rs 680.77 crore in the quarter ended March 2019, it said in a BSE filing.

Trustees of PM CARES appoint SARC & Associates as auditor of fund

Opposition parties have questioned how the PM CARES Fund is being kept out of the audit purview of the Comptroller and Auditor General (CAG).

Realtors fazed by Piyush Goyal's take, say lower prices may not boost sales

Commerce minister had urged developers not to wait for govt aid or markets to rationalise but start lowering prices and write off their earlier investments as bad business decisions

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

CBDT notifies revised Form 26AS, to include details of property, share deal

To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act