Investment declaration refers to the formal disclosure made by an individual or organisation regarding their investment portfolio, holdings, or financial assets
The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices
Last week, the PFRDA chairman had said that the body has recommended employer contributions to the National Pension Scheme up to 12 per cent to be exempted from the income tax
A gift deed comes into play when finalised and a will for transfer one the death of property owner
The ruling was given on a writ petition filed by an assessee challenging the reopening notice on capital gains issued by the income tax authorities
Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order. For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing. Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961, it said. The notice was issued by the Tax Department on September 29, 2023, it said. Incorporated in 1956 with an initial capital of Rs 5 crore, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as of March 31, 2023.
New angel tax norms partially address startup concerns
The government has asked trusts to share the identities of relatives of trustees, settlors, and substantial contributors, along with information about electronic and other modes of payments
No reason for tax authorities to disbelieve why cash balance was needed, says tribunal
Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS
A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes
India needs legislation on cryptos
The Finance Bill proposes that if a charitable organisation donates to another charity then only 85 per cent of the donation will be considered as application of income for the donor organisation
The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.
Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench
This condition is not satisfied merely by the trip starting and ending in India
Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover
Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31
If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit
The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns