Income Tax Act

What is Angel Tax?

Created: February 3, 2023

The Section 56 (2) (vii b) in the Income Tax Act is referred to as Angel tax. These taxes are imposed on startups. Say a startup SSS sells one lakh shares to a person X. Selling price of one share ..

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Income Tax Slab Revamp

Created: February 2, 2023

During the Union Budget presentation, Finance Minister Smt Nirmala Sitaraman announced that people earning up to Rs 7 lakhs need not pay taxes. Tax surcharges of the taxpayers in the highest tax bracket were reduced from 37% to 25%. The ..

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Supreme Court on IT relief of Sikkimese women

Created: January 14, 2023

The Supreme Court of India has recently ruled that the exclusion of Sikkimese women who marry non-Sikkimese men after April 1, 2008 from exemptions under the Income Tax Act is unconstitutional and amounts to gender discrimination. The court, in its ..

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Small Savings Schemes: West Bengal becomes the highest contributor

Created: April 5, 2021

The National Savings Institute operating under the Ministry of Finance recently announced that West Bengal is the top contributor to the Small Savings Scheme in the country. The state contributes 15% of the total corpus. It has so far collected ..

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CBDT exempts Sovereign Wealth Fund: Key Facts, Benefits, Types, Sources of Sovereign Wealth Fund

Created: November 4, 2020

The Central Board of Direct Taxes recently exempted the interest, dividend and long term capital gains made by the Sovereign Fund MIC Redwood 1 RSC Limited of Abu Dhabi, UAE (United Arab Emirates). Highlights The exemption has been provided under ..

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Deadline to payments under Vivad se Vishwas scheme extended

Created: October 28, 2020

On October 27, 2020, the Government of India extended the deadline for making payment under the Vivad se Vishwas scheme. The deadline has been extended to March 31, 2021. The deadline is being extended for the third time under this ..

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