Topic: Income Tax Act
What is Angel Tax?
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...
Income Tax Slab Revamp
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...
Supreme Court on IT relief of Sikkimese women
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...
Small Savings Schemes: West Bengal becomes the highest contributor
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... CBDT exempts Sovereign Wealth Fund: Key Facts, Benefits, Types, Sources of Sovereign Wealth Fund
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...
Deadline to payments under Vivad se Vishwas scheme extended
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,...
Ordinance passed for 100% Tax Exemption on donations to PM Cares Fund
On March 31, 2020, the Government of India passed an ordinance to allow 100% exemption on donations made on PM Cares Funds. The ordinance has also extended the...
GoI sets up PM-CARES Funds to fight against COVID-19
On March 28, 2020, Prime Minister Modi announced PM-CARES Fund. The fund is being raised to deal with the distress or emergency as that of COVID-19 pandemic. Highlights...
Finance Minister on COVID-19: Tax Filings extended, ATM, bank charges waived off, Business Rules Eased and much more
On March 24, 2020, the Finance Minister Nirmala Sitaraman announced several key measures in the view of Corona Virus Pandemic. The minister also announced that the Economic Task...
