I T Act

The CBDT, which frames policy for the Income Tax Department, issued a circular on September 26 stating exceptions to the new system.

No misgivings for start-ups now, legacy issues to be resolved amicably: CBDT Chairman

Nirmala Sitharaman, in her Budget speech, said start-ups in India are taking firm roots and their continued growth needs to be encouraged.

FIR against Google over search result on Narendra Modi

Superintendent of Police (City) Kamal Kishore today said the FIR was registered under various sections of the IT Act on a complaint of lawyer Nand Kishore.

Income Tax Department tightens the noose on Benami Act violators

The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.

Budget 2017: Delay in filing I-T returns to attract max penalty of Rs 10,000

Taxpayers who do not file their Income Tax Returns (ITRs) on time will have to shell out a penalty of upto Rs 10,000, but from the 2018-19 Assessment Year (AY).

Easwar panel submits 2nd report on I-T laws to Jaitley

To simplify the provisions of the Income-tax Act, 1961, a Committee under the chairmanship of Justice Easwar was constituted on October 27, 2015.

LS adjourns for the day amid incessant Opposition protests

Marking another week of virtual washout of proceedings barring the passage of the Bill to amend the I-T Act without discussion, Speaker Sumitra Mahajan adjourned the proceedings for the day little past 1230 hours.

I-T Act may exempt foreign firms without PE from MAT

I-T Act will be amended with retrospective effect to exempt overseas companies which do not have a permanent establishment in India from paying MAT.

Retrospective change in I-T act must go, say experts

Legal experts say that while Vodafone conciliation could pave way for alternate dispute mechanism, the retrospective amendment in Income Tax Act introduced by Pranab Mukherjee in 2012-13 to deal with cases like Vodafone Plc must be done away with.

Cabinet to decide Vodafone tax issue on June 4

The Cabinet will be discussing the Vodafone taxation issue on June 4. A partial interest waiver too is on the cabinet note's agenda.

I-T dept wants defaulters to clear tax dues by March 31

The Revenue Department today warned that the 73,388 self-assessment tax defaulters, who owe Rs 3,859 crore to the exchequer, would face penal action if they failed to clear their dues by March 31.

Vodafone in talks with FinMin for settling tax case

Vodafone's non-executive chairman Analjit Singh met the finance minister today over setting the tax dispute.

Nasscom welcomes decision to do away with TDS

Welcoming the government's decision to do away with multi-level TDS on software, industry body Nasscom said the move will benefit the IT sector and improve finances.

Voda seeks Rs 7,900-cr tax waiver, settle row: Sources

CNBC-TV18‘s Aakansha Sethi reports, quoting sources, on Vodafone's plea for a waiver of the Rs 7,900-crore penalty and settle the dispute with the government.

India an attractive investment destination: Anand Sharma

Indian commerce minister Anand Sharma has defended the government's decision to make retrospective amendments to the I-T Act. Sharma says that the retrospective amendment was not targetted at Vodafone, reports CNBC's Caroline Shauber.

Vodafone nightmare for taxman; Govt to amend I-T Act

Even as investors cheer the landmark Vodafone Supreme Court ruling, the tax authorities are worried about the hole in the tax net which could cost them upwards of Rs 25,000 crore in the months to come.