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Income Tax Act

Direct Tax Code set to replace existing Income Tax Act of 1961, Task Force to submit report today

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government in November, 2017.

Aug 19, 2019, 13:30 PM IST

Experts' hope high from direct tax code

The Modi government in its previous term had set up an Expert Committee in 2017 to draft a new Direct Tax Code (DTC) to replace the decades-old Income Tax Act, 1961.

Aug 19, 2019, 12:28 PM IST

Task force to review direct tax laws gets 3-month extension

The task force was assigned to draft direct tax laws in line with norms prevalent in other countries.

Mar 01, 2019, 13:56 PM IST

Panel to overhaul, simplify Direct Tax laws to submit report by February 28

The ministry had in November last year set up a 6 member task force tob rewrite the over 50 year old Income Tax laws.

Nov 27, 2018, 11:01 AM IST

Benefits of ELSS and how it fares as tax saving instruments

Mutual fund houses offer ELSS which qualifies as tax saving instrument under section 80C of Income Tax Act.

Feb 16, 2018, 14:06 PM IST

Submit these documents to avoid paying excess TDS

Generally, an employer deducts tax from your salary and pay it to the government known as Tax Deducted at Source (TDS).

Jan 25, 2018, 10:43 AM IST

Know how to avail tax deduction under Section 80G

Under Section 80G, tax exemptions can be claimed by everyone, irrespective of the taxpayer being an individual, company, or a partnership firm.

Jan 11, 2018, 11:15 AM IST

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

This is the high time when the investors look for better ways of tax saving in the market.

Dec 14, 2017, 12:25 PM IST

I-T dept conducts surveys at Bitcoin exchanges country-wide

Bitcoin, a virtual currency, is not regulated in the country and its circulation has been a cause of concern among central bankers the world over for quite a while now.

Dec 13, 2017, 12:36 PM IST

Flat income tax system undesirable: Industry, trade officials

The new law is to replace the existing Income Tax Act, 1961.

Nov 30, 2017, 14:36 PM IST

Aadhaar for PAN, ITR: Supreme Court questions maintainability of plea

The Supreme Court on Thursday questioned the maintainability of a petition challenging the provision mandating linking of Aadhaar with PAN number and for filing income tax returns.

Nov 17, 2017, 20:59 PM IST

NRIs, PIOs don't need to link bank a/c, PAN with Aadhaar: UIDAI

The Aadhaar-issuing body said several representations had been received about problems faced by Non Resident Indians (NRIs), Person of Indian Origin (PIOs) and Overseas Citizens of India (OCI) where Aadhaar was being demanded with regard to various services and benefits.

Nov 17, 2017, 19:53 PM IST

Sluggish TDS growth: CBDT asks I-T dept to take urgent steps

CBDT Chairman Sushil Chandra has issued a stern directive to all the field offices of the Income Tax Department in this context and has sought an action taken report in less than a month's time.

Sep 14, 2017, 17:44 PM IST

Aadhaar deadline to avail social benefits extended to Dec 31: Centre to SC

Earlier the government informed the apex court that the centre will extend deadline to furnish Aadhaar to avail benefits of various social welfare schemes till December end.

Aug 30, 2017, 11:15 AM IST

I-T dept warns against cash dealings above Rs 2 lakh

In a public message, the department said "accepting Rs 2 lakh or more in aggregate from a single person in a day for one or more transactions relating to one event or occasion is prohibited".

Aug 28, 2017, 23:52 PM IST

What is the eligibility criteria to apply for Aadhaar – Here's all you should know

Under the section 139AA in Income Tax Act, the Budget presented earlier this year has made it mandatory to quote your Aadhaar number and Aadhaar enrolment ID (if you have applied for Aadhaar and haven't received it yet) while filing ITR or applying for PAN.

Aug 10, 2017, 15:12 PM IST

Black money hoarders to come under scanner as Switzerland, India mull exchange of banking info

Nonetheless, they are interested in taking advantage of improved governance conditions and greater legal certainty in the financial services sector, particularly in the reinsurance sector.

Aug 06, 2017, 17:15 PM IST

Aadhar linking with PAN: SC to set up 9-judge Constitution Bench to decide whether privacy is fundamental right

With critics terming the linking of Aadhar with PAN - under Section 139 AA of the Income Tax Act - an attempt to dilute civilian liberties, the Supreme Court on Tuesday decided to set up a nine-judge Constitution bench to decide whether privacy is a fundamental right.

Jul 18, 2017, 13:24 PM IST

Last Date to link Aadhaar Card with your PAN card today – All you should know

Taxpayers without Aadhaar number or its enrolment ID will not be able to e-file their Income Tax returns from July 1.

Jun 30, 2017, 11:31 AM IST

Aadhaar-PAN linking must from July 1, govt notifies rules

The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1.

Jun 28, 2017, 10:26 AM IST