Donald Trump threatens to pull tax exemption for schools, colleges
In his push to get schools and colleges to reopen this fall, President Donald Trump is again taking aim at their finances, this time threatening their tax-exempt status.
CBDT notifies amendment on tax exemption for Sovereign Wealth Funds for investment in infra
The Central Board of Direct Taxes notified the am...
Govt exempts properties in Delhi's unauthorised colonies from income tax
The government had last year legalised unauthorised colonies in the ...
No pension fund has made investments in bonds rated below AA: Supratim Bandyopadhyay, PFRDA
Most pension fund managers follow their own investment guidelines which are stricter than what PFRDA has laid down, says PFRDA Chairman, Supratim Bandyopadhyay.
Can I claim HRA tax exemption for rent paid to spouse while filing ITR?
You can certainly claim the rent paid to your wife as an expense for the part of the premises used for your business or profession but generally, it is more onerous to prove a commercial relationship between husband and wife.
Employees allowed to claim I-T exemption on conveyance allowance under new tax regime: CBDT
CBDT has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee.
Blanket exemption of late fee unfair to those who filed returns within due date: CBIC
The Central Board of Indirect Taxes and Customs (CBIC), in a series of tweets, said it had been explicitly clarified to stakeholders that the waiver of late fee was conditional upon filing the return of the said tax period by the due date.
Exempt panel members from quarantine: MPs
“The biggest problem before our MPs in travelling for committee meetings are the quarantine rules. These are different for states. We have written to Rajya Sabha chairman asking MPs travelling to Delhi may be exempted to enable them to attend,” said Anand Sharma, deputy leader of Congress in Rajya Sabha.
Exporters likely to be exempted from ‘Tax at Source’
The budget proposal said that a seller of goods has to deduct TCS at the rate of 0.1% before making payments in excess of Rs 50 lakh. In cases where the buyer doesn’t have PAN or Aadhaar — which is the case with exports — the rate will be 1%.
View: Tax exemption for infra investments by SWFs and PFs — a compelling case
India sorely needs long-term, patient investment from SWFs and PFs. Many such funds have heeded the govt's call and invested in India, but more is required. Because infra investment returns are slow and low, and also because of the tax impact on returns, such funds have appraised govt of the need for tax exemption on their investment-linked income.
Sebi provides exemptions for delisting of Ronson Traders
The equity shares of the applicant are listed on Calcutta Stock Exchange Limited (CSE), Sebi noted.
Exempted PF trusts disburse over Rs 481 crore under PM Garib Kalyan Yojana
Under the scheme, notified on March 28, members can avail non- refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to the member’s credit in the EPF account, whichever is less, to tide ove the financial crisis emerging out of COVID-19.
Nirmala Sitharaman launches facility for instant, free PAN using Aadhaar
The facility is a paper-less, free of cost and on a real-time basis. As per the income tax department, the turn-around-time of alloting an e-PAN is 10 minutes on a real-time basis.
AAR order on Tiger Global to spur taxmen to assess location of 'head and brain' of an entity:Experts
The AAR, in its ruling, said the investment was routed through the Mauritius entity only to benefit from the India-Mauritius tax treaty while the 'head and brain' of the company was in the US.
BOCI writes to IRDAI for extension of vehicle insurance validity
BOCI operators run 17 lakh buses and account for 30 crore passenger trips. Its members also operate 1.1 million cars which are used for intercity travel.
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