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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
The new tax code offers a little extra in terms of your take-home salary by tweaking tax brackets and increasing tax deductions. But you will have to rework your investing habits a bit in the financial year 2012-13 (when the Direct Tax Code gets functional) and change the way you invest in order to get the maximum benefit that the government plans to offer.
The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the Special Leave Petition filed by Fixed Income Money Market and Derivatives Association of India (FIMMDA). Forex Derivatives Consumers Forum is a registered association of exporters from across the country, a majority of them from Tamil Nadu’s Tirpur district.
The Supreme Court has directed the Income Tax department to freshly decide the issue on whether telecom operators Bharti Airtel and Vodafone would have to deduct TDS while paying BSNL for sharing network of the state-owned firm. A bench comprising Chief Justice S H Kapadia and Justice K S Radhakrishnan directed the IT department to adjudicate freshly over the issue with the help of technical experts within four months.
Once the Direct Taxes Code (DTC) 2010 get approved by both houses of the Indian parliament, and receives the President’s assent, it would be enacted as law. Significantly, while it was earlier envisaged that as per the original proposal the DTC would be effective from 1 April 2011, the start date of DTC 2010 has now been deferred by a year to 1 April 2012.
DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your marginal tax rate is 30 per cent, you will pay a short-term capital gains tax at 15 per cent. As far as long-term capital gains tax goes, it has been kept out of the tax net, subject to the payment of securities transaction tax (STT).
The government has proposed to exempt income of charitable and not-for-profit organisations up to R1 lakh from tax and levy a tax of 15 per cent on all income above that ceiling. The Direct Taxes Code (DTC) Bill introduced in Parliament on Monday said the provisions would not apply to specified organisations. Charitable activity does not include the carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service for a fee except where the gross receipts during the financial year from such activity exceed Rs. 10 lakhs.
The government on Monday proposed to raise minimum alternate tax (MAT) to 20 per cent on book profits but diluted the earlier proposal to impose it on gross assets that had drawn protests from firms. MAT was introduced in fiscal 1998 to address the inequity. Many companies, despite making book profits as per their profit and loss account, were hardly paying any tax because income computed as per provisions of the Income-Tax Act, was either nil, or insignificant.
Non-Resident Indians can hope to cast votes in their home country as the Rajya Sabha today passed a bill to provide them voting rights. “We are not doing them any charity,” law minister M Veerappa Moily said, while replying to a brief debate on a bill that seeks to amend the Representation of Peoples Act.
“The mutual fund or the life insurer or the person responsible for making payment of the distributed income on its behalf, shall be liable to pay tax to the credit of the government within a period of fourteen days from the date of distribution or payment of such income, whichever is earlier,” said the DTC Bill.
Provisions of the proposed direct taxes code will strengthen India’s tax demands on cross-border acquisitions involving Indian companies. Section (5) of the code stipulates that tax is payable in India whenever a foreign company’s shares are transferred, if at least 50% of its assets are situated in India.
