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Income Tax Act

Sebi permits ICEX to exit bourse business after recognition withdrawn

Markets regulator Sebi on Tuesday allowed the Indian Commodity Exchange (ICEX) to exit the exchange space after its recognition was withdrawn over two years ago. The move comes after the exchange fulfilled regulatory requirements. Additionally, the regulator has directed ICEX to comply with its tax obligations under the Income Tax Act, 1961; change its name and not to use the expression "stock exchange" and maintain database of all transactions on its platform for the previous years among others. In an exit order, Sebi said it has reviewed ICEX's valuation report, compliance submissions and undertakings. The bourses declared all known liabilities and assured Sebi it had no undisclosed third-party liabilities. The exchange also undertook full responsibility for any future financial claims that may arise. Accordingly, the Securities and Exchange Board of India (Sebi) has permitted "the exit of the ICEX as a stock exchange and thus the consequent withdrawal of recognition granted to

Sebi permits ICEX to exit bourse business after recognition withdrawn
Updated On : 10 Dec 2024 | 9:05 PM IST

CBDT extends income tax return filing deadline for FY24 to Dec 15

Tax authorities have extended the income tax return filing deadline by another 15 days to December 15 for the financial year 2023-24. The due date for furnishing the return of income under section 139(1) of the Income-tax Act, 1961 in the case of an assessee who is required to furnish a report referred to in section 92E, is November 30. The Central Board of Direct Taxes has now extended the deadline to December 15, 2024 for the assessment year 2024-25, an official order said. The income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E.

CBDT extends income tax return filing deadline for FY24 to Dec 15
Updated On : 30 Nov 2024 | 8:25 PM IST

CBDT allows tax officials to waive or reduce interest due from taxpayers

The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...

CBDT allows tax officials to waive or reduce interest due from taxpayers
Updated On : 05 Nov 2024 | 11:28 PM IST

Income tax dept receives 6,500 suggestions on review of income tax act

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act. Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the Budget announcement of a comprehensive review of the Income Tax Act, 1961. The meeting was attended by Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. In a post on X, the finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act. These committees have actively engaged in numerous meetings 'both in person and via VC' with domain experts to collaboratively explore and recommend improvements to the Act. "During the meeting, the Revenue Secretary also apprised FM Smt. @nsitharaman that 6,500 valuable suggestions have been received through the portal since it was opened on 6 October 2024, ...

Income tax dept receives 6,500 suggestions on review of income tax act
Updated On : 04 Nov 2024 | 9:18 PM IST

Over 3.5 mn I-T audit reports filed on e-filing portal up to Oct 7: FinMin

The finance ministry on Wednesday said more than 34.84 lakh audit reports, including about 34.09 lakh Tax Audit Reports (TARs), have been filed for assessment year 2024-25 on the e-filing portal till October 7. The income tax department had extended the date for filing the audit report from September 30 to October 7. There is an increase in the filing of TARs for the AY 2024-25 by around 4.8 per cent compared to the filings of TARs on the due date for AY 2023-24. "To assist taxpayers, the department conducted extensive outreach programmes through emails, SMSs, webinars, social media campaigns and messages on the Income Tax portal to create and raise awareness among the taxpayers about filing TARs and other audit forms by the due date. Various user awareness videos were uploaded on the Income Tax portal to provide guidance," the ministry said in a release. It further said that these concerted efforts have been helpful to taxpayers and tax professionals in timely compliance in filing

Over 3.5 mn I-T audit reports filed on e-filing portal up to Oct 7: FinMin
Updated On : 09 Oct 2024 | 7:48 PM IST

Time limit for re-assessment under Income Tax Act will be extended: SC

The court also stated that the directions in the Ashish Agarwal case will extend to all 90,000 assessment notices issued under the old regime

Time limit for re-assessment under Income Tax Act will be extended: SC
Updated On : 03 Oct 2024 | 2:44 PM IST

Opt for e-DRS when you are seeking relief from penalty and prosecution

The e-DRS offers a faster and more cost-effective alternative to traditional litigation

Opt for e-DRS when you are seeking relief from penalty and prosecution
Updated On : 10 Sep 2024 | 10:48 PM IST

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961, he said and added that the exercise is being conducted under a central government-mandated comprehensive review of the law. Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working to identify areas of improvement. This is a work in progress...," he

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated
Updated On : 22 Aug 2024 | 11:20 PM IST

Income Tax Day 2024: Date, history, significance, quotes and more

India celebrates the National Income Tax Day, or Aaykar Divas, every year on July 24, marking the historical development of tax administration in the country

Income Tax Day 2024: Date, history, significance, quotes and more
Updated On : 24 Jul 2024 | 10:54 AM IST

Budget 2024: Modi 3.0 govt simplifies taxes, fosters foreign investments

India Budget 2024 tax rules: In order to achieve the vision of simplifying taxes, FM Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961

Budget 2024: Modi 3.0 govt simplifies taxes, fosters foreign investments
Updated On : 23 Jul 2024 | 4:42 PM IST

Union Budget 2024: Here's what startups, investors expect from Modi 3.0

Expectations rise for investments, simplified tax norms, and sectoral support

Union Budget 2024: Here's what startups, investors expect from Modi 3.0
Updated On : 11 Jul 2024 | 11:42 AM IST

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura

GSTN rolls out form for tobacco manufacturers to report inputs, outputs
Updated On : 08 Jun 2024 | 2:45 PM IST

RBI asks NBFCs not to lend more than Rs 20,000 in cash for gold loan

NBFCs are required to maintain a Loan-to-Value (LTV) ratio not exceeding 75 per cent for loans granted against the collateral of gold jewellery

RBI asks NBFCs not to lend more than Rs 20,000 in cash for gold loan
Updated On : 08 May 2024 | 10:05 PM IST

Income tax notices lead to stress among startups, executives and investors

The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources

Income tax notices lead to stress among startups, executives and investors
Updated On : 09 Apr 2024 | 12:44 PM IST

Raj Congress to hold protest against I-T notices, freezing of bank accounts

Rajasthan Congress will hold protests at all district headquarters of the state on Saturday against the fresh notices issued to it by the Income Tax Department and the freezing of the party's bank accounts. General Secretary and spokesperson of Rajasthan Pradesh Congress Committee Swarnim Chaturvedi said the BJP-led central government is continuously attacking democracy and democratic systems in the country. Public demonstrations will be organised by the district Congress committees at all the district headquarters of Rajasthan on Saturday, he said. All senior leaders, office bearers, and workers of the Congress will participate, he added. As part of a well-planned conspiracy of the central government, the bank accounts of the Congress party were frozen and now undemocratic action is being taken against it by the Income Tax Department which has asked it to pay Rs 1,823.08 crore, he said. This is being done so that the Congress is not able to participate with strength in the genera

Raj Congress to hold protest against I-T notices, freezing of bank accounts
Updated On : 30 Mar 2024 | 6:26 AM IST

45-day MSME payment rule: Impact and details of Section 43B(h) explained

Starting from April 1, companies are required to pay their suppliers registered as MSMEs within 15 days, or up to 45 days under an agreement

45-day MSME payment rule: Impact and details of Section 43B(h) explained
Updated On : 26 Mar 2024 | 12:58 PM IST

HC set to pass order on Cong's pleas against tax re-assessment exercise

The Delhi High Court will pronounce its order on Friday on the Congress party challenging the reassessment proceedings against it by the Income Tax Department. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav is scheduled to pass its verdict at 2:15 PM. The high court had reserved its order on March 20 on the pleas filed by the political party against the tax reassessment proceedings initiated against it by the authorities for three successive years, that is, 2014-15, 2015-16 and 2016-17. The party has contested the reassessment proceedings, claiming they were barred by limitation. Senior advocate Abhishek Singhvi, representing the Congress party, had submitted that tax reassessment proceedings are barred by limitation and the I-T department could have gone back to a maximum of six assessment years. The I-T department, however, asserted there was no violation of any statutory provision by the tax authority and that as per the material recovered, the "escaped" incom

HC set to pass order on Cong's pleas against tax re-assessment exercise
Updated On : 22 Mar 2024 | 2:24 PM IST

Income tax allowances, deductions allowed for individuals in old tax regime

From house rent to donation to a political party, individuals can claim tax saving through several options

Income tax allowances, deductions allowed for individuals in old tax regime
Updated On : 15 Mar 2024 | 11:51 AM IST

SC rules companies need not deduct tax for discounted SIM cards sales

This means that telecom companies need not deduct TDS for selling pre-paid SIM cards to their distributors at a rate below the market price

SC rules companies need not deduct tax for discounted SIM cards sales
Updated On : 28 Feb 2024 | 7:50 PM IST

MSME apparel makers may face losses up to Rs 7,000 crore in Q4: CMAI

Says retailers dropping order because of amendment to I-T Act on payment to MSMEs

MSME apparel makers may face losses up to Rs 7,000 crore in Q4: CMAI
Updated On : 18 Feb 2024 | 10:52 PM IST