Panel to redraft I-T Act to focus on removing ambiguities, unlikely to suggest rate changes
The task force was set up by the finance ministry in November last. Arbind Modi was made the convenor of the panel and he retired on September 30.
Dec 05, 2018, 13:29 PM IST
Govt sets up panel to review income tax laws
Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted.
Nov 22, 2017, 17:54 PM IST
Check out new design of PAN card with effect from January 1
Are you aware that income tax department has prescribed certain changes in the existing design of the PAN Card?
Jan 13, 2017, 15:03 PM IST
Demonetisation: All you should know about the exact position of govt on gold jewellery
There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance
Dec 02, 2016, 10:01 AM IST
Demonetisation: I-T dept will not ask for source of bank deposits
The tax department will not ask for the source of funds deposited in banks from November 10 -- post demonetisation of high value notes, if the entire income is declared and 50 percent taxes paid on it, Revenue Secretary Hasmukh Adhia said Monday.
Nov 28, 2016, 18:52 PM IST
New black money scheme proposed; pay 50% tax on unaccounted deposits or 85% if caught
Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 percent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 percent await those who don't disclose but are caught.
Nov 28, 2016, 16:14 PM IST