Page 27 - Latest Updates on Income tax
I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe
The Income Tax Department has conducted searches against two major luxury watch sellers in Delhi as part of a tax evasion probe, officials said Tuesday.
 "I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe")
CBDT extends last date for filing TDS for non-salaried individuals
Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter
 "CBDT extends last date for filing TDS for non-salaried individuals")
Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report
Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore
 "Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report")
Back to the 1950s: State to lead investment and higher taxes to fund it
The reason for higher taxation is the inability of the private sector to invest on the scale required to satisfy the minimum thresholds of political and social needs. We are back to the 1950s
Gifts received from non-relatives of above Rs 50,000 a year are taxable
Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable
 "Gifts received from non-relatives of above Rs 50,000 a year are taxable")
Union Budget 2023: Individual taxpayers can expect some relief
Experts caution that fiscal support alone may create artificial demand and jack up prices
Dominant Jeremy Hunt refuses to rule out new U-turn on Truss taxes
Hunt declined to rule out delaying by a year the prime minister's plan to cut the basic rate of income tax, a move that would amount to another U-turn on a key plank of Truss's "mini-budget."
 "Dominant Jeremy Hunt refuses to rule out new U-turn on Truss taxes")
ITAT rejects equalisation levy over jurisdictional grounds, setback for I-T
Assessee was subjected to disallowance of Rs.8.89 cr for not charging EQ on the AdWords charges paid to Google Singapore
 "ITAT rejects equalisation levy over jurisdictional grounds, setback for I-T")
No cheat-code for online gaming industry as ministry, I-T turn up the heat
The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.
 "No cheat-code for online gaming industry as ministry, I-T turn up the heat")
Apply for re-computation of income under Rule 132 to avoid tax penalty
Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31
 "Apply for re-computation of income under Rule 132 to avoid tax penalty")
FM asks taxmen to focus on faster processing of ITRs, grievance redressal
Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up
 "FM asks taxmen to focus on faster processing of ITRs, grievance redressal")
Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief
CBDT Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22
 "Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief")
Check ITR for discrepancies before responding to notice from tax dept
Respond on time, with expert help if required, to prevent further punitive measures
 "Check ITR for discrepancies before responding to notice from tax dept")
Tax collections to continue rising trend in coming months, say experts
Gross direct tax collection grew 30% to Rs 8.36 lakh crore in April to mid-Sept period of current fiscal on increased corporate tax and personal income tax mop up due to increased economic activity
Overseas firms see compliance burden increasing to get tax treaty benefits
Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically
 "Overseas firms see compliance burden increasing to get tax treaty benefits")
Even foreign nationals have right to personal liberty: Huawei chief to HC
Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore
 "Even foreign nationals have right to personal liberty: Huawei chief to HC")
Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion
Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17
Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT
Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget
 "Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT")
Section 54 benefits available on house built on contiguous plots: Experts
If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit
 "Section 54 benefits available on house built on contiguous plots: Experts")
No restrictions on RRPR Holding for warrant conversion, says I-T dept
In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax
 "No restrictions on RRPR Holding for warrant conversion, says I-T dept")