« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Govt may have to write off Rs 85,000cr tax arrears... E-filing creates ‘Web’, corporate sector files 4 lakh... » I-T sops on income from asset firms likely January, 05th 2007 The government may exempt investments in asset reconstruction companies (ARC) from income tax in the forthcoming Budget to boost the bad assets recovery business.    At present, the Income Tax Act does not recognise the pass-through nature of the trusts set up by such companies for acquisition, management and resolution of non-performing assets in accordance with the Sarfaesi Act and RBI guidelines.    The banking industry feels that ARCs play an important role in adding value to the impaired assets of banks by helping fast recovery of the non-performing assets (NPAs).    It is not possible every time for the ARCs to take debt or equity route to raise funds to purchase the impaired assets. Issuing of security receipts thus becomes a logical option.    Therefore the ministry may think of giving it the same status as mutual funds which are exempt from tax under Section 10 (23) (D) of the Income Tax Act, said a source.    Under the Section, while computing the total income of any person, income from any mutual fund registered under the Securities and Exchange Board of India Act (Sebi Act), 1992, is not included.    This income tax benefit on the individual incomes attract investment in this sector. So, investors in securities of ARCs should also be exempted to make it an attractive investment option, the source said.    The ministry is also likely to consider giving tax deductions to banks on the investments made to set up ARCs, under Section 36 of the Income Tax Act.    A number of deductions under Section 36 are allowed while computing income from profits and gains of business.    For example, scheduled banks are given tax incentives for an amount not exceeding 5 per cent of the total income and an amount not exceeding 10 per cent of the aggregate average advance made by the rural branches of such bank computed in the prescribed manner.