Creative Bharat
The Lok Sabha Select Committee has recommended two key amendments regarding tax deductions on income from house property. One of the key amendments proposed by the Committee is to allow a standard deduction of 30% from the gross annual value (GAV) of a house property after deducting municipal taxes. The second significant amendment they recommended […]
New Delhi, July 22 (IANS) The new income tax bill will make filing taxes easier for common citizens and small businesses, said BJP MP Baijayant Jay Panda, who chaired the Parliamentary Select Committee responsible for reviewing the legislation. New Delhi, The new income tax bill will make filing taxes easier for common citizens and small […]
Indian promoters and several family offices using limited liability partnerships (LLPs) to own shares of companies, other securities, and invest in private equity and venture capital funds are in for a nasty surprise lurking in the new income tax (I-T) Bill. Such LLPs, which have emerged as a convenient investment vehicle over last decade, will […]
The Income Tax Appellate Tribunal (ITAT) Monday dismissed an appeal filed by Congress challenging a tax demand of ₹199.15 crore for assessment year 2018-19. The tribunal rejected the party’s claim for tax exemption under Section 13A due to late return filing and violations of cash donation limits, establishing strict compliance requirements for political parties seeking […]
Hyundai Motor India Ltd on Tuesday said it has received a demand of Rs 517.34 crore from tax authorities, along with penalty, for alleged short payment of GST compensation cess on its certain SUV models. The company has received an order from Commissioner (Appeals), CGST Dept, Tamil Nadu, confirming GST compensation cess demand of Rs […]
New Delhi: The Parliamentary Select Committee appointed to review the new Income Tax Bill 2025 has proposed to change the definition of “beneficial owner” to allow carry forward losses as individuals who derive benefits directly or indirectly from shares during the tax year. The 31-member Select Committee, chaired by BJP leader Baijayant Panda, has made […]
A Parliamentary panel, which examined the new Income Tax Bill, on Monday suggested that the Finance Ministry should allow individual taxpayers to claim TDS refunds by filing I-T returns after the due date without penalty, and exempt anonymous donations made to religious-cum-charitable trusts from taxation. BJP Member Baijayant Panda, who headed the Select Committee of […]
Panaji: The state cabinet on Monday granted approval to amend the Goa Tax on Infrastructure Act, 2009, to collect infrastructure tax/service charge in two instalments — 50% at the time of issue of technical clearance/development permission and 50% at the time of issuing the completion certificate/order. The Goa Tax on Infrastructure Act, 2009, mandates the […]
The Income Tax Department has given relief to those income tax payers who got an income tax demand notice due to short deduction of TDS and short collection of TCS from those deductors and collectors, who have an in-operative PAN. An PAN will be termed in-operative, if it is not linked with Aadhaar. The income […]
The Income Tax Bill, 2025 aims to replace the Income Tax Act, 1961. (AI image) New Income Tax Bill 2025: A Parliamentary committee reviewing the new Income Tax Bill has recommended that the Ministry of Finance should permit individual taxpayers to file returns and claim TDS refunds beyond the deadline without penalties. The committee also […]
