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Income-tax Act News

07 Aug 2024

Provisions Of TDS/TCS In Case Of Death Of Deductee Or Collectee Relaxed

On April 23, 2024, CBDT extended date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into upto March 2024) to avoid higher TDS/ TCS as per the income tax act.

13 Jul 2021

I-T officials conduct raids in Bengaluru, reveal Rs 880 cr of concealed income

During the course of the survey operation, evidence of tax evasion has been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961.

India-US CbC report

15 Mar 2019

India, US to sign bilateral agreement for exchange of CbC reports by March-end

This would enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in the respective jurisdictions.

Tax saving instruments

31 Jan 2018

Here's why ELSS is best tax-saving instrument under section 80C

Looking into the data of the last five years, ELSS returned over 19 percent.

22 Nov 2017

Govt sets up panel to review income tax laws

Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted.

India taxpayers

24 Jun 2015

No taxman can terrorise assesses of scrutiny: CBDT chief

Seeking to allay concerns of taxpayers, CBDT has asked them not to get terrorised by threats of their cases being wilfully chosen for "scrutiny" by the taxman as the procedure is fully electronic and devoid of any human intervention.

Indian Budget 2014

08 Jul 2014

FinMin may double tax exemption limit under 80C to Rs 2 lakh

Seeking to boost household savings, the Finance Ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh.

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