income tax rebate

The UAE Ministry of Finance has introduced a significant tax incentive. Businesses can now claim up to 50% tax credit on research and development spending. This move aims to reduce the tax burden for innovative companies. It will strengthen the UAE's position as a global hub for technology and advanced industries.

Dehradun zoo officials have drafted a proposal whereby people who adopt an animal at the zoo and provide for its upkeep will not only have their name displayed outside the animal's enclosure but also get income-tax rebate.

LUCKNOW: The Income Tax department would introduce schemes for the benefit of tax-payers.

The budget proposal to increase the income tax rebate limit from Rs 5 lakh to Rs 7 lakh is a relief for the middle class, and people choosing the old tax regime will also get some benefit from the changes in tax slab. The announcement by the finance minister to increase the maximum level for senior citizens’ deposit scheme from Rs 15 lakh to Rs 30 lakh will benefit senior citizens.

Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday after Finance Minister Nirmala Sitharaman raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade in Budget 2023-24.

Ahead of the assembly polls, the Centre has notified 21 districts of Bihar, including capital Patna, as “backward” areas for conferring income-tax rebate of 15 per cent on setting up of new manufacturing plants and buildings.

Minus education fees and health expenses, money sent abroad for any other purpose will now attract a steep 20% tax collected at source (TCS). The upfront payment can be recouped when you file your income tax returns. So, whether you send expense money to your child abroad, or buy a house overseas or opt for a foreign tour package or invest in global stocks and bonds, you will need to factor in the 20% TCS — a rule that could potentially impact your cash flows.

Cancellation of shares pursuant to an order by the National Company Law Tribunal (NCLT) is no longer a rarity. In certain instances, the tribunal calls for a share reduction in insolvency matters.On cancellation, the shares become null and void and have no value.

The government may change the long-term capital gains (LTCG) structure in the upcoming budget. This would bring parity between different asset classes - both in terms of tax rates and the duration of holding. Currently, the holding period to qualify as a long-term asset for units of an equity-linked mutual fund is 12 months, while it is 36 months for units of a debt-oriented mutual fund. There is also a difference in rates - the former attracts LTCG tax at 10%, while the rate is 20 with indexation for units of debt-oriented mutual funds. According to tax experts, the openended issues related to grandfathering of listed shares for the purpose of computing LTCG should also be resolved. The finance act 2018 had introduced a tax of 10 without indexation on LTCG arising on sale of listed shares on and after April 1, 2018. However, if the listed shares were acquired prior to February 1, 2018, appreciation in the value of shares from the date of purchase up to January 31, 2018 was grandfathered. However, ambiguity exists regards this step-up provision resulting in hardship for taxpayers. Mahendra Sanghvi, Chartered Accountant and past President of the Chamber of Tax Consultants, CTC

VADODARA: The Gujarat High Court has ordered that the amount received by a trainee employee of a leading company as backwages, after he was reinstated following a court order, should be given income-tax rebate.

VADODARA: The Gujarat High Court has ordered that the amount received by a trainee employee of a leading company as backwages, after he was reinstated following a court order, should be given income-tax rebate.

A special judge in Visakhapatnam convicted an officer of IDBI Bank Ltd. and 10 private persons in a bank fraud case. The court also slapped a fine of 49 lakh on them. Surendranath Datti, the then assistant general manager of the Cum Centre, sanctioned and disbursed loans to ineligible borrowers by accepting fake income tax returns, ignoring adverse cibil reports, and violating the laid down procedures and norms of IDBI Bank. Thus, the accused persons caused a total loss to the bank of over 43 crore.

The income tax (I-T) department issued show-cause notices to about 3,500 taxpayers in the last week of March concerning donations made to bogus political parties in the financial year 2018-19.

The recently passed finance bill provides exemption from capital gains tax on the sale of shares by an aircraft leasing company to non-residents

Finance minister Nirmala Sitharaman has given the beleaguered tax-paying middle class a shot in the arm while seeking to make the new income tax regime more attractive. She has proposed incentives for citizens to adopt or switch to the new tax regime—which she said would eventually become the default mode—without claiming any exemptions against investments.

People adopting animals at Dehradun Zoo will now be able to claim tax rebate on the donation amount, zoo authorities have said.

The next time you are filing tax returns, you may not have to spend time assessing which form is applicable for you as the Central Board of Direct Taxes (CBDT) has released a draft common IT return (ITR) form on Tuesday.