New Delhi: In a move aimed at improving the ease of doing business for newly incorporated corporates, the tax department tied up with ministry of corporate affairs (MCA) to issue permanent account number (PAN) and tax deduction account number (TAN) in a day. Companies submit a common application …
Tag: Central Board of Direct Taxes (CBDT)
SMEs to pay 25% tax even if Rs 50 cr limit crossed in FY17: CBDT
The IT department said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the income tax […
Industry, investor bodies unite to seek removal of draconian angel tax
Angel investor networks and startup industry bodies have come together to form a unified startup coalition, seeking the removal of the “angel tax” through recommendations to the Department of Industrial Policy and Promotion (DIPP). There is a growing concern after the income tax depar…
Less tax for small traders on digital transactions: Arun Jaitley
Small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means, Finance Minister Arun Jaitley said on December 19. He said in the budget for 2016-17 that small traders and businessmen with turnover of up to Rs 2 crore w…