Income Tax Law

Comprehensive approach

India needs legislation on cryptos

How a new tax law has stumped Tata Trusts and top corporate donors

The Finance Bill proposes that if a charitable organisation donates to another charity then only 85 per cent of the donation will be considered as application of income for the donor organisation

Income tax exemption might be extended to Rs 5 lakh in budget, say sources

The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.

Supreme Court to set up separate special Bench to hear tax matters

Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench

Trip that includes a foreign leg is not eligible for LTC, say experts

This condition is not satisfied merely by the trip starting and ending in India

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

Section 54 benefits available on house built on contiguous plots: Experts

If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22

This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities

SC approves deduction of interest paid via debentures for tax calculation

In its order last week favouring MM Aqua Technologies, it held that explanation 3C to section 43B(d) of Income Tax Act is 'clarificatory' and does not add a new condition retrospectively

Tips on handling tax matters and digital assets of a deceased person

Legal heirs must file tax returns for income earned in the year the dead passed away

A quick and simple guide on tax compliance ahead of the March 31 deadline

Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN

Over 47.3 million ITRs filed till December 30 for fiscal 2019-20

The government has extended the deadline for filing ITR till January 10 for individuals

Over 42.3 million ITRs for fiscal 2019-20 filed till December 27

Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday. "More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted. This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3 and over 31.09 lakh filing ITR-2. The deadline to file Income Tax Returns (ITRs) by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. The due date was extended from July 31and October 31, 2020, respectively in view of the COVID-19 pandemic. At the close of the deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year

LTC cash voucher scheme: If you spend less, tax benefit will be lower

Under cash scheme, now extended to private-sector employees, 3x the LTC fare has to be spent

Four key reasons why the AAR is losing its relevance in direct taxes

Set up in 1993 to provide clarity to MNCs about taxability of certain transactions, and later to domestic companies for deals above Rs 100 cr, it has become dysfunctional due to vacancies at the top

Govt looks to extend faceless assessment scheme to 8 more I-T proceedings

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, is introduced in the Lok Sabha on Friday

Decoding India's stand on digital tax

Traditional international tax law principles fail to account for the developments in technology that allow businesses to cater to market jurisdictions remotely

I-T tribunal stays tax demand against Tata Education and Development Trust

The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.