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Income Tax Act News

17 Dec 2024

Does A PAN Card Ever Expire? Find Out What Happens After Cardholder's Death

PAN Card Expiry Date: The Permanent Account Number (PAN) card has become a vital document for numerous financial transactions and serves as a key proof of identity. According to Section 139A of the Income Tax Act, 1961, an individual is permitted to possess only one PAN card.

26 Oct 2024

Govt Should Prioritise Review Of Income Tax Act: SBI Research

The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.

07 Oct 2024

Do You Want To Give Inputs On Income Tax Act? Govt Invites Suggestions

Check out the direct link which is accessible to the stakeholders/experts/public in the E-filing portal.

25 Jul 2024

New Simplified Income Tax Law To Be Put Out For Stakeholder Consultation Soon

The Revenue Secretary further stated that the efforts of the government will continue to provide a hassle-free, simple, and collaborative approach towards the implementation of taxes.

03 Apr 2024

'Taxpayer Pays More To Govt Than Spend On Self': Post On Income Tax Goes Viral

The viral post on X stirs a debate among users. Read on to find out the whole story.

30 Mar 2024

Using HRA To Save Income Tax? Why It Isn't A Good Idea Anymore

The Income Tax Department is actively identifying individuals involved in fraudulent tax deductions.

24 Jan 2024

Senior Citizen 5-Year FDs Of SBI, HDFC, ICICI, PNB vs SCSS Compared

Currently, SCSS offers a guaranteed interest rate of 8.2 percent, effective from January 1, 2024.

25 Dec 2023

Tax Season Is Here: Check Effective Ways To Save Money On Your Income

Opportunities to save taxes and lower their overall tax liability are always welcomed by income taxpayers.

08 Jun 2023

Can You Claim For HRA Exemption If Rent Is Paid To Your Parents?

Employees receive HRA to cover the cost of rental accommodations. HRA exemption can be claimed under Section 10 (13A). HRA is completely taxable.

26 May 2023

What You Need to Know About NRI Gift Tax in India

Certain gifts are exempted from taxation. Even non-monetary gifts can be taxed. Gifts are taxed under various income brackets for tax payers.

26 May 2023

What You Need to Know About NRI Gift Tax in India

Certain gifts are exempted from taxation. Even non-monetary gifts can be taxed. Gifts are taxed under various income brackets for tax payers.

26 Nov 2022

Industry body asks govt for preferential tax treatment for Gold ETF, Funds,etc

Amfi asks the government for preferential tax treatment for Gold ETFs and Fund of Funds ahead of the Union Budget. At present, Gold ETFs and Fund of Funds are currently subject to capital gains tax which is in line with other gold investment avenues. Currently, equity-linked savings schemes qualify for tax benefits under Section 80 CCC of the Income Tax Act for an investment limit of up to Rs 1.5 lakh in a fiscal year.

07 Mar 2022

PAN Card Holders Alert! Do THIS or pay a fine of Rs 10,000 for non-compliance

According to Section 139AA of the Income Tax Act, any individual who had a PAN on July 1, 2017 and was eligible for Aadhaar must link their PAN to their Aadhaar. When the Aadhaar linking process is completed, your inactive PAN cards will become operational. A penalty of Rs 10,000 can be imposed under Section 272B of the Income Tax Act if the PAN is not quoted or provided as required by the Income Tax Act.

PAN -Aadhar linking

29 Jun 2021

Here’s how to see if your PAN and Aadhaar Card are linked online

Section 139AA of the Income Tax Act states that each and every person with PAN as on July 1, 2017 and is eligible to obtain Aadhaar, must link PAN with Aadhaar. If both the documents are not linked, then PAN will become inoperative.

Shri Ram Janmabhoomi Teerth Kshetra trust

08 May 2020

Ram Janambhoomi Teertha Kshetra put under section 80G of Icome Tax Act

The Shri Ram Janambhoomi Teerth Kshetra Trust has been created for the construction of the Ram temple in Ayodhya. The 15-member trust was constituted by the Modi government, after the Supreme Court's verdict on November 9 settled the Ram Janmabhoomi-Babri Masjid case.

Direct tax code

19 Aug 2019

Task force on DTC to replace existing IT Act to submit its report today

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government in November, 2017.

Direct tax code

19 Aug 2019

Experts' hope high from direct tax code

The Modi government in its previous term had set up an Expert Committee in 2017 to draft a new Direct Tax Code (DTC) to replace the decades-old Income Tax Act, 1961.

Direct Tax laws

01 Mar 2019

Task force to review direct tax laws gets 3-month extension

The task force was assigned to draft direct tax laws in line with norms prevalent in other countries.

Direct Tax laws

27 Nov 2018

Panel to overhaul, simplify Direct Tax laws to submit report by February 28

The ministry had in November last year set up a 6 member task force tob rewrite the over 50 year old Income Tax laws.

16 Feb 2018

Benefits of ELSS and how it fares as tax saving instruments

Mutual fund houses offer ELSS which qualifies as tax saving instrument under section 80C of Income Tax Act.

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