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Income Tax Act

Changes in income tax rules to be effective from September 1

Changes in income tax rules to be effective from September 1

Fri, Aug 30, 2019

Know about the changes in income tax rules to be effective from September 1.

ELSS vs NPS vs PPF - Retirement planning with Income Tax savings | Which one is a better investment?

ELSS vs NPS vs PPF - Retirement planning with Income Tax savings | Which one is a better investment?

Wed, May 15, 2019

PPF vs NPS vs ELSS arises among investors, who plan for their retirement-related investments and both options provide income tax exemption to an individual.

How to save Income Tax: 5 investment options beyond Sec 80C you should explore

How to save Income Tax: 5 investment options beyond Sec 80C you should explore

Fri, Apr 26, 2019

Under Section 80C, an individual is granted claims over deduction up to Rs 1.5 lakh.

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ELSS can give you better returns than other tax saving options: Fund managers

ELSS can give you better returns than other tax saving options: Fund managers

Tue, Dec 12, 2017

ELSS have the shortest lock-in period of three years, compared to other instruments with minimum five years for bank FDs, 15 years for PPFs and for the life of the policy for insurance products.

India sets up panel to draft new Income Tax Act

India sets up panel to draft new Income Tax Act

Thu, Nov 23, 2017

A task force for redrafting the Indian Income Tax Act, 1961, to bring it in tune with the current economic needs and realities, was set up by the government on Wednesday, an official statement said.

PAN not needed for cash sale of agri produce up to Rs 2 lakh per day

PAN not needed for cash sale of agri produce up to Rs 2 lakh per day

Fri, Nov 03, 2017

The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultural produce by the cultivators/ agriculturists.

Things you should know about "Gift Tax" before receiving, giving this festive season

Things you should know about "Gift Tax" before receiving, giving this festive season

Mon, Sep 18, 2017

As per the Income Tax Act, 1961 if the value of gifts received is more than Rs 50,000 a year, then such amount is taxed as income in the hands of the receiver.

Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do

Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do

Wed, Jul 19, 2017

As per the Section 194J of Income Tax Act, employers need to deduct tax deduct at source (TDS) from payments made to professionals.

Income Tax: File ITR before July 31 or face penalties

Income Tax: File ITR before July 31 or face penalties

Fri, Jul 14, 2017

Finance Arun Jaitley had introduced a late filing fee under new provision of Section 234F under Income Tax Act. As per the rule, taxpayer will have to pay penalty of up to Rs 10,000 for late filing of ITR.

Income Tax: Here's how you can check if TDS was paid on your services

Income Tax: Here's how you can check if TDS was paid on your services

Wed, Jul 05, 2017

A self-employed person needs to understand the tax treatment. From a tax perspective, self-employed individual's income is Profit & Gains of Business & Profession.

SC likely to pronounce verdict on linking Aadhaar with PAN for IT returns today

SC likely to pronounce verdict on linking Aadhaar with PAN for IT returns today

Fri, Jun 09, 2017

The Supreme Court (SC) is likely to pronounce its verdict on the petitions challenging constitutional validity of newly-inserted section in the Income Tax Act that makes linking of Aadhaar number with PAN mandatory for filing Income Tax (IT) returns on Friday.

Rs 59,000 crore stressed assets to turn standard in few years: PFC

Rs 59,000 crore stressed assets to turn standard in few years: PFC

Wed, Jun 07, 2017

Under revised RBI norms, the PFC reclassified Rs 23,309 crore and Rs 35,995 crore worth of loans as NPAs and restructured assets, respectively.

100% penalty if Rs 2 lakh or more transacted in cash, warns IT Department

100% penalty if Rs 2 lakh or more transacted in cash, warns IT Department

Fri, Jun 02, 2017

Income Tax Department, in an advertisement, has warned people for not transacting in cash for Rs 2 lakh or more.

Income Tax: Half of your income could be tax exempt if you are a professional

Income Tax: Half of your income could be tax exempt if you are a professional

Wed, May 17, 2017

Presumptive Taxation involves the use of indirect methods to compute tax liability, where the taxable income is calculated based on assumptions instead of actuals.

CBI unearths 393 shell companies used to divert Rs 2,900 crore

CBI unearths 393 shell companies used to divert Rs 2,900 crore

Sun, May 07, 2017

According to sources, CBI has uncovered 393 shell companies which were used to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money.

CBDT seeks suggestion on draft notification of STT chargeability rules

CBDT seeks suggestion on draft notification of STT chargeability rules

Mon, Apr 03, 2017

Under the Section 10 (38), the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after 1st October, 2004.

Income Tax Department to launch simplified e-filing of ITR form from April 1

Income Tax Department to launch simplified e-filing of ITR form from April 1

Wed, Mar 29, 2017

Income Tax Department will introduce simplified e-filing of Income Tax return form on April 1 this year which will do away with some columns while filing the the IT returns.

Donating to your preferred charity may save you income tax; here's how

Donating to your preferred charity may save you income tax; here's how

Tue, Mar 28, 2017

Section 80G, 80GGA and 80GGC cover provisions which make your donations eligible for tax deductions.

Save income tax: PPF vs NSC

Save income tax: PPF vs NSC

Wed, Mar 22, 2017

The NSC is a one-shot investment where you can invest as less as Rs.100 to as much as Rs.1.5 lakh at a time.

Cash transaction limit proposed to be cut to Rs 2 lakh from Rs 3 lakh

Cash transaction limit proposed to be cut to Rs 2 lakh from Rs 3 lakh

Wed, Mar 22, 2017

In yet another move to curb black money in India, the government on Tuesday proposed a fresh ceiling of Rs 2 lakh on cash transactions, which is lower than the Rs 3 lakh proposed in Budget 2017-18.

Tax saving: Mutual Funds should be your next investment option

Tax saving: Mutual Funds should be your next investment option

Mon, Mar 20, 2017

The tax saving mutual funds come with the added bonus that investments made in them are eligible for tax benefits under section 80C.

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Sat, Mar 11, 2017

The tribunal also said that Cairn India should have withheld tax on capital gains made by its parent company.

Here are 5 key things to know about funds transfer to National Pension Scheme

Here are 5 key things to know about funds transfer to National Pension Scheme

Wed, Mar 08, 2017

If you wish to transfer your savings from recognised Provident Fund (PF) and Superannuation Fund accounts to National Pension Scheme (NPS) here are five key things that you should know about funds transfer to NPS.

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