Latest news with #Income-taxAct
New Indian Express
5 hours ago
- Business
- New Indian Express
Income tax tribunal upholds Rs 199 crore tax demand against Congress
In a setback to Indian National Congress (INC), the Income Tax Appellate Tribunal (ITAT), Delhi Bench, which upheld a tax assessment of over Rs 199 crore for Assessment Year 2018-19. The Tribunal confirmed the disallowance of tax exemption under Section 13A of the Income-tax Act, 1961, citing the party's failure to file its income tax return by the due date and the receipt of cash donations exceeding the prescribed limit. The case originated when the Deputy Commissioner of Income Tax, Central Circle-19, assessed the INC's income at Rs 199 crore, despite the party declaring "Nil" income. This assessment was subsequently upheld by the Commissioner of Income Tax (Appeals). A key contention was the timing of the INC's tax return. For Assessment Year 2018-19, the due date for filing income tax returns for political parties was initially September 30, 2018, later extended to December 31, 2018. However, the Indian National Congress filed its return on February 2, 2019, which the tax authorities deemed to be beyond the prescribed due date under Section 139(4B) of the Act. Section 13A's second proviso specifically mandates that a political party must furnish its return of income by the due date under Section 139(4B) to avail tax exemption. The second major point of contention was the receipt of cash donations. The Assessing Officer found that the INC had received Rs 14.49 lakh in cash from various persons, with each donation exceeding Rs 2,000. Section 13A(d) of the Act strictly prohibits political parties from receiving donations exceeding Rs 2,000 in cash, mandating transactions through account payee cheque, bank draft, electronic clearing system, or electoral bond. The tax department argued that the party's own balance sheet recorded these as "donations". The INC argued that its return, filed on February 2, 2019, was within the extended time limit available under Section 139(4) of the Act, and that a belated return should not lead to the disallowance of exemption under Section 13A. The party also attempted to differentiate between "voluntary contributions" and "donations," stating that the cash receipts were voluntary contributions and not donations, an argument rejected by the tax authorities. However, the ITAT's order sided with the revenue department, reinforcing the strict compliance required by political parties to claim tax exemptions under Section 13A. The tribunal's decision underlines the importance of adhering to both timely filing requirements and the prescribed modes for receiving donations to qualify for tax exemptions. The appeal of the Indian National Congress was dismissed, confirming the disallowance of the claimed Rs 199.15 crore exemption.
India Today
16 hours ago
- Business
- India Today
NOIDA is now tax-free. Check who benefits and how
NOIDA has just earned itself a new label, i.e, 'tax-free'. But what does this really mean for the city, its businesses, and its people? The news has already stirred up interest among builders, shopkeepers, and investors Central Board of Direct Taxes (CBDT) recently notified that the New Okhla Industrial Development Authority (NOIDA) will enjoy tax-free status under Section 10(46A) of the Income-tax Act, beginning from the assessment year 2024–25. CA (Dr) Suresh Surana points out, however, that there's more to this than meets the its press note dated 17 July 2025, the CBDT clarified, 'This notification shall be effective from the assessment year 2024-2025, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976 (U.P. Act No.6 of 1976) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.' Surana pointed out, 'It is important to note that this exemption is limited solely to income tax and may not extend to other statutory levies.'He further explains that this special relief comes with conditions: 'The so-called 'tax-free' status should not be misconstrued as a blanket exemption from all forms of taxation. It is a specific fiscal relief aimed at supporting NOIDA's public infrastructure and developmental responsibilities by relieving it from the burden of income tax, provided it continues to fulfil the statutory conditions outlined in the notification.'SO, WHAT'S TAX-FREE, AND WHAT'S NOT?In simple terms, only NOIDA's income tax burden is waived. Surana clarifies, 'This exemption is limited solely to income tax and may not extend to other statutory levies.'So, while NOIDA will continue to collect fees and charges, it no longer needs to pay income tax on the money it earns from rents, fees, or grants, as long as it sticks to its main job of urban planning and development for the public BUSINESSES COULD GAINThough the tax break applies directly only to the authority, businesses in NOIDA could feel a welcome ripple effect. With more money left in its kitty, the authority is expected to boost spending on roads, water supply, public transport, industrial zones, and other civic works.'Businesses operating in NOIDA may experience indirect financial benefits,' Surana says. He explains, 'While the exemption itself applies to NOIDA and not directly to private enterprises, it can lead to cost efficiencies and improved infrastructure for businesses functioning within its jurisdiction.'Better roads and quicker approvals mean smoother operations, fewer hold-ups and less red tape. Over time, Surana says, 'This may enhance its capacity to reinvest in civic infrastructure, industrial development, public utilities, and urban planning. Over time, this could translate into better services, quicker project approvals, and improved amenities for commercial establishments operating in the area.'NO EXPIRY DATE, BUT THERE'S A CATCHadvertisementMany wonder how long this tax-free status will last. There is no deadline, but there's a clear condition. The exemption will continue as long as NOIDA sticks to its original role of public development under the Uttar Pradesh Industrial Area Development Act, Surana sums up, 'The tax-free status applies from AY 2024–25 onwards and continues indefinitely, without a preset end date provided NOIDA remains legally constituted under its enabling Act and carries out the specified public-interest functions.'WHY THIS MATTERS FOR NOIDA'S FUTUREAt a time when cities are competing hard to attract businesses and investors, this tax relief could give NOIDA a fresh edge. If managed well, the extra funds could mean smoother roads, quicker building clearances, and better facilities, making life easier for companies and residents the new tag doesn't mean a free pass for everyone, the hope is that NOIDA's 'tax-free' badge, used wisely, will help the city grow faster, smarter, cleaner and more business-friendly in the years ahead.- Ends
India.com
17 hours ago
- General
- India.com
Nagaland Dear Godavari 1 PM Lottery Result Today 22-07-2025 (OUT) Live: Tuesday Lucky Draw DECLARED At 1 PM- 1 Crore First Prize, Complete Winners List
Nagaland Sambad Lottery Today Result 22-07-2025 Tuesday Live: The latest Nagaland State Lottery 1 pm, 6 pm, and 8 pm is shared here on daily basis. Get the Latest Nagaland state lottery winning numbers and Stay connected for Draw Result Timely on Zee News English. In India, 13 states have a lottery that is legal. The Result of 1 PM of Nagaland State's "DEAR GODAVARI MORNING", Nagaland"DEAR COMET EVENING" Lottery Sambad Result 6 PM and Nagaland"DEAR GOOSE NIGHT" Lottery Sambad result 8 PM will be out today. These Legal States are Nagaland, West Bengal, Madhya Pradesh, Punjab, Mizoram, Kerala, Maharashtra, Goa, Manipur, Sikkim, Arunachal Pradesh, Meghalaya, and Assam. First Prize In All three lotteries of the day is Bumper 1 Crore Rupees. Nagaland Sambad Lottery Result 2025: Prize Winner Tax Rule According to Section 194B of the Income-tax Act, 1961, if the prize money exceeds ₹10,000, it will be subject to TDS deduction. Residents will have 30% TDS deducted, while non-residents will face a 30% deduction plus applicable surcharges and a 4% education cess. The final prize amount will be credited after these deductions. Nagaland Lottery Sambad Result Tuesday 22.07.2025 Timings Lottery Sambad draw comes 3 imes every day. This year's Lottery Sambad Timing is Changed, Nowadays Lottery Sambad Timing is 1 pm, 6 pm, and 8 pm. Nagaland Lottery 22-07-2025 Tuesday Prize Money Details - 1st Prize: Rs 1 Crore - 2nd Prize: Rs. 9,000 - 3rd Prize: Rs. 450 - 4th Prize: Rs. 250 - 5th Prize: Rs. 120 - Consolation Prize: Rs. 1,000 Nagaland Dear Lottery Tuesday Result July 22-07-2025 Nagaland DEAR GODAVARI MORNING 1 PM Result: Nagaland DEAR COMET EVENING 6 PM Result: Nagaland DEAR GOOSE NIGHT 8 PM Result: (NOTE: Lottery can be addictive and should be played responsibly. The data provided on this page is for informational purposes only and should not be construed as advice or encouragement. Zee News does not promote lottery in anyway.)
United News of India
21 hours ago
- Business
- United News of India
IREDA reaffirms its commitment to India's Clean Energy Mission
Mumbai, July 21 (UNI) Indian Renewable Energy Development Agency Ltd (IREDA), India's leading Non-Banking Financial Company (NBFC) under the Ministry of New & Renewable Energy (MNRE), reaffirms its commitment towards India's clean energy mission with strong financial performance and robust growth strategy, according to a statement issued here today. IREDA reported a 49 percent year-on-year growth in operating profit and a 30 percent rise in total income from operations in first quarter (Q1) of FY 2025–26. The strong performance underscored the strength of its core business. IREDA's outstanding loan book surged to Rs 79,941 crore, a 26 percent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs. The company maintained its impeccable AAA (Stable) domestic credit ratings and successfully raised Rs ₹5,903 crore during the quarter, including a JPY 26 billion ECB from SBI Tokyo, ensuring access to cost-effective capital. Further, while net worth rose by 36 percent, to Rs ₹12,402 crore reflecting continued investor confidence and leadership in the renewable energy financing space. Commenting on the continued growth metrics, Pradip Kumar Das, Chairman & Managing Director, said: 'Operational excellence and responsible financing remain at the heart of our business strategy. We are committed to creating long-term stakeholder value through strong corporate governance, financial discipline, and robust support to India's renewable energy goals.' In a major policy boost, the Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified IREDA bonds as 'long-term specified assets' under Section 54EC of the Income-tax Act, 1961, effective July nine. This enables investors to claim capital gains tax exemption while supporting India's green transition. The move is also expected to reduce IREDA's cost of capital and encourage wider investor participation. Over the past financial year, IREDA has steadily reduced its NPAs over time by strengthening credit appraisal systems and recovery mechanisms and as a part of its forward strategy, the organisation continues to diversify its lending portfolio and align with national and global sustainability goals. IREDA also achieved recognition for governance and financial excellence, including the 'CMA Icon 2025' award to the CMD and a top five national ranking for wealth creation between November 2023-–24 by a leading business daily. India's recent milestone of achieving 50 percent non-fossil fuel-based power capacity, five years ahead of its 2030 target underscores the growing opportunities in the renewable energy sector. IREDA has been instrumental in this progress and continues to reaffirm its leadership in driving the country's clean energy transition towards the 500 GW target. UNI AAA SS
Mint
a day ago
- Business
- Mint
PAN-Aadhaar linking: CBDT modifies norms to address grievances
The Central Board of Direct Taxes (CBDT) has issued a fresh circular modifying earlier guidelines on the consequences of Permanent Account Number (PAN) becoming inoperative under Rule 114AAA of the Income-tax Rules, 1962. The move provides relief to tax deductors and collectors facing notices for short deduction or collection of TDS/TCS. As per Circular No. 3 of 2023, PANs that were not linked with Aadhaar became inoperative from July 1, 2023, attracting higher TDS/TCS rates under Sections 206AA and 206CC of the Income-tax Act, 1961. Relief was later provided through Circular No. 6 of 2024 for transactions till March 31, 2024, where PANs were made operative on or before May 31, 2024. However, taxpayers continued to report grievances regarding notices for defaults related to lower TDS/TCS deductions where the PAN of the deductee or collectee was inoperative at the time of transaction. To address these concerns, the CBDT has now specified that deductors/collectors will not be held liable for higher TDS/TCS rates under Sections 206AA/206CC in the following situations: For payments or credits made between April 1, 2024 and July 31, 2025, where the PAN is made operative (through Aadhaar linkage) on or before September 30, 2025. For payments or credits made on or after August 1, 2025, where the PAN is made operative within two months from the end of the month in which the transaction occurred. In such cases, normal TDS/TCS deduction and collection rules as per other provisions of Chapter XVII-B and XVII-BB of the Income-tax Act will continue to apply. The move aims to reduce undue hardship to compliant deductors/collectors and streamline TDS/TCS administration amidst ongoing PAN-Aadhaar linkage enforcement.
