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Income Tax law News

05 Dec 2018

Panel to redraft I-T Act to focus on removing ambiguities

The task force was set up by the finance ministry in November last. Arbind Modi was made the convenor of the panel and he retired on September 30.

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.

13 Jan 2017

Check out new design of PAN card with effect from January 1

Are you aware that income tax department has prescribed certain changes in the existing design of the PAN Card?

02 Dec 2016

Demonetisation: All you should know about the exact position of govt on gold jewellery

There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance

28 Nov 2016

Demonetisation: I-T dept will not ask for source of bank deposits

The tax department will not ask for the source of funds deposited in banks from November 10 -- post demonetisation of high value notes, if the entire income is declared and 50 percent taxes paid on it, Revenue Secretary Hasmukh Adhia said Monday.

28 Nov 2016

New black money scheme proposed; pay 50% tax on unaccounted deposits or 85% if caught

Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 percent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 percent await those who don't disclose but are caught.

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