News | Tax

New Form 26AS will help file returns accurately, handhold taxpayers

From this assessment year, taxpayers will see an improved Form 26AS carrying some additional details on taxpayers' financial transactions as...

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Employees Can Claim Exemption under New Tax Regime for Conveyance, Travel Expenses

Individuals will be able to claim income tax exemption for conveyance, travel and other allowances given by employers under the new regime that...

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Companies grapple with tax liability even when salaries, payments deferred

Under current taxation laws, if a company defers an employee’s salary or a vendor’s payment, say by six months, tax is applicable on such...

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CBDT is revising I-T return forms to allow assesses to avail benefit of timeline extensions

The government will notify income tax return forms by the month end for taxpayers for filing returns for FY 2019-20, such that they can avail...

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Survey Shows 81% employers feel new income-tax regime not to benefit staff

A survey of HR and finance professionals across companies has found that a vast majority (81 per cent) of them don't consider the new optional income...

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Faceless tax assessment system prone to errors, says Madras HC

The Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are...

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FM: FinMin to wait for one more year to take call on LTCG tax

There has been a collective sigh of disappointment by experts after the recent budget who opined that investors were irked at the absence of any...

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Soon You May Get e-PAN Instantly Using Aadhaar

The government this month will roll out a facility to issue online PAN cards instantly on furnishing of Aadhaar details, Revenue Secretary Ajay...

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IT department confirms that it is mandatory to link PAN-Aadhaar by Dec 31

The Income Tax Department has now announced in a public message that it is mandatory to link your PAN with Aadhaar by the end of this year so as to...

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Rejig in income tax slabs likely to help govt save Rs55,000 cr: Income Tax Task Force Report

According to a news report in The Economic Times (ET), a rejig in income tax slabs and a change in capital gains tax as per the recommendations of...

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