The deduction for inter-corporate dividends for companies choosing the 22% tax rate, as authorized by the Income Tax Act of 1961, has been removed in the Income Tax Bill 2025. Under Section 80M of the present income tax law, Indian companies are allowed to deduct dividends received from domestic or foreign companies, as well as … Read more
Defective ITR: If your income tax return is found defective, the Income Tax Department will notify you of the defect through a notice issued under section 139(9) of the Income Tax Act. This notice will be sent to your registered email address or by post. You can access and view the notice by logging into the … Read more
Finance Bill 2024: Union Finance Minister Nirmala Sitharaman on Wednesday said that the government has successfully brought in a simplified tax structure. While replying to the discussion on the Finance Bill in Lok Sabha, FM Sitharaman said that the claim that corporate taxes are lower than the individual taxes claim is not well founded. While replying … Read more
The President of India gave his assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which will extend compliance-related timelines for taxpayers while offering significant relief to foreign investors. The ministry of law and justice issued a notification to the effect. The bill, which now becomes an Act, was … Read more
New Delhi: India has proposed to cap the surcharge levied on the dividend income of foreign portfolio investors (FPIs) that use a trust structure at 15% against 25-37% charged now, offering them significant relief after the row that broke out over the so-called super-rich tax last year. FPIs that operate as trusts now face a … Read more