News | Tax

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...


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...


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...


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...


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


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...


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...


Income Limit for TDS Exemption on Bank Interest Increased to Rs5 lakh for Senior Citizens

Senior citizens with taxable income up to Rs5 lakh and income from deposits can submit Form 15H in banks and post offices to claim TDS exemption on...


CA Appeal to PMO to Rein in Tax Department

Chartered accountants across the country have requested the Prime Minister’s office and the Finance Ministry to rein in tax officials who have...


Tax Filing of ELSS Investments Becomes Easier with CAMS’s One View Statement

Now you can view all your CAMS-serviced Equity-linked savings scheme (ELSS) investments in a standalone list


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