Search For "income tax act 1961"
Major personal income tax relief: Finance act 2023 amends section 87a, no
Updated : 2 years, 4 months ago IST
Ministry of Finance posted on X, "Benefits in Personal Income Tax! Vide Finance Act, 2023, Section 87A of the Income-tax Act, 1961 has been amended to allow rebate to tax resulting in no tax liability to persons having income up to Rs. 7 lakh. (1/5) #PromisesDelivered"
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Taxpayers aged between 18 to 35 years filed 2,09,06,829 ITRs till Jan 31:
Updated : 3 years, 3 months ago IST
As per Income-tax Act, 1961, tax is calculated and collected based on total income returned in Income tax Returns (ITR).
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CBDT extends due date for filing Form 10A to Nov 25
Updated : 3 years, 6 months ago IST
The official statement from finance ministry said, "In view of the representations received by Central Board of Direct Taxes (CBDT) and with a view to avoid genuine hardship to taxpayers, the CBDT condones the delay in filing of Form 10A up to November 25, 2022 in respect of certain provisio
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CBDT extends due date to file IT return for AY 2022-23 to Nov 7
Updated : 3 years, 7 months ago IST
Under sub-Section (1) of Section 139 of the Income-Tax Act, 1961 (the Act) for the Assessment Year 2022-23, the CBDT had extended the due date to November 7, 2022, for the category of assessees for whom the due date falls on October 31, 2022.
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CBDT issues norms for compounding of offences under I-T Act
Updated : 3 years, 8 months ago IST
New Delhi [India], September 17 (ANI): The Central Board of Direct Taxes (CBDT) has issued revised guidelines with regards to the compounding of offences under the Income Tax Act, 1961, in conformity with the government's policy of facilitating Ease of Doing Business and decriminalisation of
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Two foreign-controlled companies can face penalty of over Rs 1,000 cr for
Updated : 4 years, 4 months ago IST
New Delhi [India], December 31 (ANI): Two foreign-controlled mobile companies can face a penalty of over Rs 1,000 crore for not complying with the regulatory mandate prescribed under the Income-tax Act, 1961 for disclosure of transactions with associated enterprises, said the Central Board o
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Centre relaxes TDS provisions for ST community
Updated : 4 years, 8 months ago IST
New Delhi [India], September 18 (ANI): The Centre has relaxed the provisions of Income-Tax Act, 1961 Act in relation to the payment of interest regarding TDS by Scheduled Bank to a member of Scheduled Tribe (ST) community on Friday.
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Govt extends certain timelines to ease compliances under Income-Tax Act
Updated : 4 years, 8 months ago IST
New Delhi [India], September 17 (ANI): The Central Government has decided to extend timelines for compliances under the Income-tax Act, 1961, informed the Ministry of Finance on Friday.
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CBDT extends due dates for electronic filing of various forms under Income
Updated : 4 years, 9 months ago IST
New Delhi [India], August 3 (ANI): The Central Board of Direct Taxes (CBDT) has extended the due dates for electronic filing of various forms under the Income-tax Act, 1961 considering the difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms
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Centre extends timelines for compliances under Income-tax Act amid COVID-1
Updated : 5 years ago IST
New Delhi [India], May 20 (ANI): The Centre, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as "t
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Govt exempts Section 269ST of IT Act for hospitals, other medical faciliti
Updated : 5 years ago IST
New Delhi [India], May 8 (ANI): Granting further relief in view of the pandemic, provisions of Section 269ST of Income-Tax Act, 1961 have been relaxed by the Central government, allowing hospitals and other medical facilities providing Covid treatment to patients to receive cash payments of
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CBDT issues clarification on residency under Income Tax Act
Updated : 5 years, 2 months ago IST
New Delhi [India], March 4 (ANI): Central Board of Direct Taxes (CBDT) on Wednesday issued a clarification in respect of residency under the Income Tax Act, 1961 vide Circular No.2 of 2021 dated March 3. If any individual is facing double taxation even after taking into account the relief pr
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