Page 4 - Income Tax Act

NCLAT's resolution professional ruling: Several bankruptcy cases face delay

National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy

Lockdown period not to be counted for determining residency of NRIs: CBDT

There were apprehensions that this extended stay could lead to these individuals becoming Indian residents as per Section 6 of the Income Tax Act

Old income tax regime or new? Work out the math before you make your choice

Compute your income-tax liability twice, under the old system and the new. Factor in likely events like job loss of pay cuts

Six changes in tax rules that come into effect today

Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today

Deregulate large-scale philanthropy

The purpose and performance of these companies do not demonstrate that any one class, on a secular basis, is superior or inferior in these respects.

Make an evidence-based choice between the old and new income tax regimes

Those who can cross certain thresholds of deduction will be better off sticking to the old regime

Taxing targets

Unreasonable I-T demands affect investment climate

Investors making a beeline for foreign properties must be mindful of rules

Since there will be tax incidence in the foreign country, an investor has to seek credits in India

If you give money for a good cause, I-T Act offers you tax benefits

Section 80G deduction can be availed of by a person who makes an eligible donation, but conditions apply

FinMin expects at least 80% of taxpayers to move to new tax regime

The government introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplified tax regime

Budget 2020: Will taxpayer's charter help bridge trust deficit?

India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers

Not sharing PAN, Aadhaar? Employer may deduct 20% tax from your salary

In an 86-page circular on the matter, CBDT directed mandatory quoting of PAN or Aadhar number by employees under Section 206 AA of the Income Tax Act.

Understand legal nitty-gritty of investing in Indian realty for NRIs

NRIs must ensure that the project they invest in is registered with the state RERA authority and complies with its regulations

Looking at Budget with hope for making offshore funds India-friendly

The objective of introducing this Section was to ensure offshore funds do not pay incremental tax just because those are managed out of India.

Amid revenue shortage, govt begins audit of GST returns for FY 2017-18

The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three

Budget 2020: I-T Act may allow seizure of trustees' personal assets

The new provision is likely to come in Budget next month

Industry players lobby for relaxation of offshore fund taxation rules

According to current norms, the total investment of a person resident in India, whether directly or indirectly, shall not be more than 5 per cent of the fund corpus

Want to avail of home-loan overdraft? Do it only if you have surplus funds

Savings done by depositing extra money into the home loan overdraft facility should outweigh the higher interest cost charged from you

I-T Department conducts searches on business group; 28 premises covered

A total of 28 premises were covered in search action, including 15 under Section 132 and 13 under Section 133A

Two in three cos may shift to new corporation tax rates immediately: Crisil

Half of those shifting may use tax savings for ongoing capex to strengthen balance sheet