Search For "income tax act"
SC seeks Centre's, EC's response on plea seeking full-disclosure of funds
Updated : 3 months, 3 weeks ago IST
The Supreme Court on Monday sought the response of the Central government and the Election Commission of India (ECI) on a public interest litigation (PIL) plea that sought directions mandating all political parties in India to disclose details of any amount of political funding received b
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Delhi HC to examine constitutionality of tax provision on interest from la
Updated : 4 months, 2 weeks ago IST
A Division Bench of Justice V Kameswar Rao and Justice Vinod Kumar, while hearing a plea filed by Suresh Kumar, a farmer based in Gurugram, Haryana, directed that the matter be listed for hearing on November 24, to decide the question of vires (constitutionality) of the impugned provision
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CBDT extends deadline for filing tax audit reports for AY 2025-26 to Octob
Updated : 5 months, 1 week ago IST
The CBDT clarified that the Income-tax e-filing portal is operating smoothly, with no technical issues.
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New Income Tax Act written in simple language to reduce legal complexities
Updated : 6 months, 3 weeks ago IST
The new Income Tax Act has been formulated using simple language to eliminate complicated legal challenges and make tax provisions more accessible to common taxpayers, according to RN Parbat, Member (Legislation) at the Central Board of Direct Taxes (CBDT).
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New Income Tax Bill provides flexibility for refunds if return filed late,
Updated : 7 months ago IST
The new Income Tax bill, which was passed by Lok Sabha on Monday, provides flexibility for allowing refund claims in cases where the return is not filed in due time and reduces the time period for filing TDS correction statements to two years from six years as provided in the Income Tax A
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47 chapters brought down to 23; 819 provisions reduced to 536 in Income-ta
Updated : 7 months, 1 week ago IST
Lok Jan Shakti Party (Ram Vilas) MP in Lok Sabha and member of the Select Committee on the Income-Tax Bill, 2025, Arun Bharti, welcomed the Bill and said 47 chapters have been brought down to 23, while 819 provisions have been reduced to 536.
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New Income Tax Bill to promote MSMEs; enable youth to start new businesses
Updated : 7 months, 1 week ago IST
"The impact of simplifying the Income Tax Act will be on youth who want to start new businesses, small businesses, MSMEs, or states where inequalities have arisen due to some reason, so that there can be equality in that. There are multiple things, some small changes to revolutionary chan
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ITAT upholds Rs 199 crore tax demand on Congress, denies exemption
Updated : 7 months, 1 week ago IST
In a blow to Indian National Congress, Income Tax Appellate Tribunal (ITAT), Delhi Bench, has upheld a tax demand of Rs 199.15 crore for the assessment year 2018-19, rejecting the party's claim for exemption under Section 13A of the Income Tax Act.
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Tax Benefit On Stamp Duty & Registration Charges Of Property
Updated : 8 months, 3 weeks ago IST
New Delhi [India], June 27: Buying a home costs more than the agreement value. Each state levies stamp duty (about 5 - 7% of market value) and registration fees (around 1%) to record the sale. Those cheques sting--but Section 80C of the Income Tax Act lets you claw back part of the outlay. U
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Life Insurance Tax Benefits in India
Updated : 9 months, 2 weeks ago IST
New Delhi [India], June 5: Life insurance is not just a tool for financial protection but also an effective way to save on taxes. In India, the Income Tax Act provides various benefits for policyholders, making life insurance a popular choice among taxpayers. This article delves into the lif
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DPIIT approves 187 startups for tax relief under revised section 80-IAC fr
Updated : 10 months ago IST
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income tax exemption under the revamped Section 80-IAC of the Income Tax Act.
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Life Insurance Tax Benefits
Updated : 11 months, 3 weeks ago IST
New Delhi [India], March 24: Life insurance plans offer more than just financial security for your loved ones, they also provide important tax benefits. There are different tax deductions and exemptions offered by the Indian government under the Income Tax Act, 1961. By understanding these
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