News | Tax

Income tax to roll out instant PAN feature online soon

The ET has reported that the Income Tax (IT) Department will soon start issuing permanent account numbers (PAN) online using details from the Aadhaar...

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IT department rolls out e-assessment; 58322 taxpayers selected for 1st phase

The government launched the faceless e-assessment scheme that eliminates physical interaction between an assessing officer and the taxpayer while...

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Higher Road Tax Makes Cars Costlier

Nine states have increased road taxes, raising the cost of on-road cost passenger vehicles. Vehicle prices have increased by Rs5,000-57,000 depending...

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Prosecution norms less draconian for late filing of Income Tax returns TDS

The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing Tax Deducted...

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Faceless Tax Assessment Pilot Soon

Taxpayers in select cities can soon be assessed by a tax officer from anywhere in the country, as the government takes steps towards “faceless...

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IT Department Launches 'Lite' e-filing Facility for Taxpayers

A 'lite' e-filing facility was launched by the Income Tax department on Thursday to facilitate easy and quick filing of returns by taxpayers. On July...

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Interest on June advance tax to be paid by super-rich: Higher surcharge effective from 1st April

The super-rich will have to pay interest on the advance tax installment that was due on 15th June, in line with their increased liability on the back...

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Budget extended tax for gifts received by NRIs from resident Indians

Currently gifts given by Indian residents to non-resident Indians - apart from the specified list of relatives - would be claimed as non-taxable

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Tax Reform is on Its Way

With the budget set to be announced in a few days the Indian government has set the ball rolling for reforms that could reset taxpayer - income tax...

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Non-individual entities with high value transactions must apply for PAN by May 31

Non-individual entities who do not have a PAN and have conducted financial transactions worth more than Rs2.5 lakh in FY18-19, will have to apply for...

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