Income Tax

CBDT issues clarification in respect of residency under section 6 of the Income-tax Act

CBDT issues clarification in respect of residency under section 6 of the Income-tax Act

Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to residency of a person. The status of an individual as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent, inter-alia, on the period for which the person is in India during a …

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Donations to “Shri Ram Janmabhoomi Teerth Kshetra” eligible for exemption from income tax (Read Notification)

Donations to "Shri Ram Janmabhoomi Teerth Kshetra" eligible for exemption from income tax (Read Notification)

Government has notified Shri Ram Janmbhoomi Teerth Kshetra Trust as a place of public worship and historical significance for the purpose of making donations under income tax act for the financial year 2020-21. In a notification issued on friday, the Central Board of Direct Taxes (CBDT) allowed tax exemption to …

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Tax officers suggest 40% tax on super-rich, COVID-19 cess to boost revenue

Tax officers suggest 40% tax on super-rich, COVID-19 cess to boost revenue

A group of  tax officers has suggested a super-rich tax and a higher levy on foreign companies to keep the cash running as part of short term measures to help the government fight the COVID-19 pandemic.   The recommendations are part of a policy paper titled “Fiscal Options & Response to …

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