Income Tax Act News

New Income Tax Act: According to the government, about 78 per cent of taxpayers have already shifted to the new tax regime. Still, according to sources, the government is not in the mood to make any major changes to the old tax regime. 

Tax-Saving Investments Under Section 80C: It is important to note that the Section 80C of the Income Tax Act, of 1961, is one of the most popular and widely used sections for tax-saving purposes in India. 

PAN Card Expiry Date: The Permanent Account Number (PAN) card has become a vital document for numerous financial transactions and serves as a key proof of identity. According to Section 139A of the Income Tax Act, 1961, an individual is permitted to possess only one PAN card.   

The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.

Check out the direct link which is accessible to the stakeholders/experts/public in the E-filing portal.

The Revenue Secretary further stated that the efforts of the government will continue to provide a hassle-free, simple, and collaborative approach towards the implementation of taxes.

The viral post on X stirs a debate among users. Read on to find out the whole story.

The Income Tax Department is actively identifying individuals involved in fraudulent tax deductions. 

 Currently, SCSS offers a guaranteed interest rate of 8.2 percent, effective from January 1, 2024.

Opportunities to save taxes and lower their overall tax liability are always welcomed by income taxpayers.

Employees receive HRA to cover the cost of rental accommodations. HRA exemption can be claimed under Section 10 (13A). HRA is completely taxable.

Certain gifts are exempted from taxation. Even non-monetary gifts can be taxed. Gifts are taxed under various income brackets for tax payers.

Certain gifts are exempted from taxation. Even non-monetary gifts can be taxed. Gifts are taxed under various income brackets for tax payers.

Amfi asks the government for preferential tax treatment for Gold ETFs and Fund of Funds ahead of the Union Budget. At present, Gold ETFs and Fund of Funds are currently subject to capital gains tax which is in line with other gold investment avenues. Currently, equity-linked savings schemes qualify for tax benefits under Section 80 CCC of the Income Tax Act for an investment limit of up to Rs 1.5 lakh in a fiscal year.

According to Section 139AA of the Income Tax Act, any individual who had a PAN on July 1, 2017 and was eligible for Aadhaar must link their PAN to their Aadhaar. When the Aadhaar linking process is completed, your inactive PAN cards will become operational. A penalty of Rs 10,000 can be imposed under Section 272B of the Income Tax Act if the PAN is not quoted or provided as required by the Income Tax Act.

Section 139AA of the Income Tax Act states that each and every person with PAN as on July 1, 2017 and is eligible to obtain Aadhaar, must link PAN with Aadhaar. If both the documents are not linked, then PAN will become inoperative.

The Shri Ram Janambhoomi Teerth Kshetra Trust has been created for the construction of the Ram temple in Ayodhya. The 15-member trust was constituted by the Modi government, after the Supreme Court's verdict on November 9 settled the Ram Janmabhoomi-Babri Masjid case.

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government in November, 2017.

The Modi government in its previous term had set up an Expert Committee in 2017 to draft a new Direct Tax Code (DTC) to replace the decades-old Income Tax Act, 1961.

The task force was assigned to draft direct tax laws in line with norms prevalent in other countries.