Income Tax Benefits for Senior citizens, Benefits for Senior Citizens under Income Tax Act. Detail of benefits for Senior Citizens under Income Tax Act for the financial year 2018-19. In budget 2018 the finance minister announced some special tax benefits for Senior Citizens. Income Tax Benefits for Senior citizens Definition of Senior Citizen- A person becomes […]
History of Income Tax in India, Genesis of Direct Tax & IT’s Reforms in India. Law is Dynamic in Nature: This means that law evolves over time in order to meet the specific needs of the society in which it is operative. During the Rajaswa Gyan Sangam held in September 2017, Prime Minister Narendra Modi had […]
Rebate under Section 87A reduced to Rs 2500 for AY 2018-19. Budget 2017 – Rebate reduced to Rs 2500 under Section 87A. Rationalization of rebate allowable under Section 87A. This amendment will take effect from 1st April, 2018. Union budget 2017 is presented by Arun Jaitley on 01-02-2017. As per New Finance bill 2017 Rebate under Section 87A reduced […]
Customers can now refuse to pay Service Charge at Restaurants. Payment of service charge in restaurant is voluntary. Latest news! The Consumer Affairs Ministry has recently announced that now a customer can refuse to pay Service Charge at a Restaurant if we are not happy with their services. Now check more details for “Customers can […]
Circular No. 6 of 2016: Issue of taxability of surplus on sale of shares and securities. The CBDT has accepted that inspite of its circular no. 4 of 2007 dated 15th June 2007 and instruction no. 1827 dated 31st August 1989 on the matter of characterization of income from sale of shares and securities, there remains difficulty […]
Roadmap to Minimize Litigation and Strengthen Litigation Management. Recently Income Tax Department Uploaded Most Important Reports on ” Minimize Litigation and Strengthen Litigation Management“. Name of Both Reports is… The Committee to Study the Appellate Orders to Examine the Filing of Appeals by the Income Tax Department before Various Forums – 2014 Comprehensive Roadmap to Minimize Litigation and […]
Taxation of Charitable Trust – Application, Exemption, Returns, Auditing, Deduction, Accounts. Complete Details for Charitable Trust Taxation in India. In this article we are providing complete details for Tax Matters of Charitable Trust like – Introduction of Charitable Trust, Application of Charitable Trust under section 12A, Charitable Purpose 2(15), Tax Exemption for Charitable Trust, Exemption not available u/s11, Returns of Charitable Trust […]
CBDT Takes Steps to discourage Cash transactions in India. Budget 2017 takes Steps to discourage Cash transactions & curb Black Money. Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. बैंक-पोस्ट ऑफिस से कर सकेंगे 2 लाख से ज्यादा का […]
CBDT issues PAN & TAN within 1 day to improve Ease of Doing Business. In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day. CBDT issues PAN & […]
CBDT’s Operation Clean Money Reins in the Black Economy. The Income Tax Department (ITD) launched “Operation Clean Money” (OCM) on 31st January 2017 to leverage technology for e-verification of cash deposits made during the demonetization period i.e. 9th November to 30th December 2016. It is a unique operation being conducted by the Income-tax Department (ITD) through […]