« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Report for tax cuts on G-sec investments... New CA syllabus announced... » FinMin no to raising bond limits of NHAI September, 02nd 2006 The finance ministry is not considering further increasing the bond limit of Rural Electrification Corporation and National Highways Authority of India. This move will impact investors who wanted to save on payment of capital gains tax by investing in these bonds. Bonds of REC and NHAI, to be issued during financial year 2006-07, had been notified by government on June 29 for Rs 4,500 crore and Rs 1,500 crore respectively. Both the bonds have been fully subscribed. There is no proposal at the moment to increase the limit of the bonds. Investors who are keen to invest their capital gains should park such gains in the capital gains bank account, A K Sinha, spokesperson for the Central Board of Direct Taxes said. Section 54EC of Income-tax Act, 1961, provides tax exemption on capital gains arising from the transfer of a long-term capital asset, if such capital gains are invested in certain bonds within a period of six months after the date of such transfer. The government had notified REC and NHAI bonds for the purpose in the budget this year. Asked when the CBDT would notify the final guidelines to establish whether an entity or individual investing in the stock market was an investor or a trader, Sinha said, The department is in the process of formulating the policy. It is likely to finalise its position in the next one or two months. Commenting on the income tax returns received, Sinha said 1.26 crore returns had been received during April 1-July 31 compared with 0.77 crore in the corresponding period last year. Of the total returns, 4 lakh returns had been filed through post offices. Asked if the Mauritius Double Taxation Avoidance Agreement was being reviewed, he said, Mauritius has agreed for discussion which includes everything including a review. He however declined to discuss the specifics of the case. On the issue of duplicate Permanent Account Numbers, he said the department had detected 13 lakh duplicate PANs which would be removed within the intended deadline of December 31.