Page 29 - Latest Updates on Income tax
Games people play: Skill or chance? Tax rates will differ, say experts
Any income arising from a game of any sort, which does not involve any skill, is taxed at the rate of 30 per cent
 "Games people play: Skill or chance? Tax rates will differ, say experts")
Explained: What is Form 26AS and why is it important for filing ITR
A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details
 "Explained: What is Form 26AS and why is it important for filing ITR")
Top headlines: 5 years of GST and what lies ahead for the tax reform
In the last five years, since its launch in July 2017, the GST journey has been difficult for both economic and political reasons. Read more on five years of GST in our top headlines
 "Top headlines: 5 years of GST and what lies ahead for the tax reform")
Income tax rules: Here are the changes in rules from July 1, 2022
While the late fees for linking PAN-Aadhaar will shoot up, doctors and influencers will have to pay 10% TDS on the benefits they receive from sales promotions
 "Income tax rules: Here are the changes in rules from July 1, 2022")
Missed declaring rental to employer? Claim HRA exemption while filing ITR
Keep rent receipts that serve as proof handy should taxmen come calling
 "Missed declaring rental to employer? Claim HRA exemption while filing ITR")
3 I-T employees siphoned off crores via fictitious TDS refunds; CBI probes
The probe agency filed the FIR based on a complaint from Joint Commissioner of Income Tax, Muzaffarnagar against three group C officials of the Income Tax department
 "3 I-T employees siphoned off crores via fictitious TDS refunds; CBI probes")
No more freebies! Influencers, music bands, doctors liable to 10% TDS
Ensure value of goods doesn't exceed Rs 20,000 to avoid TDS
Transactions to paper trail: CBDT clears the air on TDS levy on cryptos
From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year
 "Transactions to paper trail: CBDT clears the air on TDS levy on cryptos")
Claim deduction either under Section 80 TTA or 80 TTB, but not both
Exemption under Section 10(15)(i) can be availed in conjunction with 80 TTA or 80 TTB
 "Claim deduction either under Section 80 TTA or 80 TTB, but not both")
Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23
The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns
Centre moots ruling authority to fix direct tax liability, settle disputes
Revenue dept to take up measures to boost tax-to-GDP ratio to 15-20%
 "Centre moots ruling authority to fix direct tax liability, settle disputes")
Seal a tax deal
Minimum global corporate tax rate solves many problems
 "Seal a tax deal")
India-France DTAA sparks tax row with Saint Gobain, HC orders higher outgo
Court says firm can pay "under protest", subject to final order; dispute could trigger similar rows in tax matters with MNCs, experts warn
 "India-France DTAA sparks tax row with Saint Gobain, HC orders higher outgo")
Top headlines: Physics Wallah becomes unicorn; I-T portal develops snag
The Income Tax Department's new-look tax return filing portal, developed by Infosys, again developed snags on Tuesday - a day that marked the first anniversary of its unveiling.
 "Top headlines: Physics Wallah becomes unicorn; I-T portal develops snag")
Govt leans heavily on nominal revenue growth to beat fiscal blues
If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore
 "Govt leans heavily on nominal revenue growth to beat fiscal blues")
Expect income tax harassment to increase over the next few months
Govt's free food package, brought into effect since Covid outbreak in 2020, and RBI's lesser-than-expected dividend for FY22 might make the govt push the taxman to further augment revenues
 "Expect income tax harassment to increase over the next few months")
Use Section 89 (1) to reduce tax burden arising from arrears: Experts
To avail of this relief, you must file Form 10E before submitting income-tax return
 "Use Section 89 (1) to reduce tax burden arising from arrears: Experts")
I-T recovers Rs 10 crore cash, seals 12 lockers of Asian Granito Ltd
In a mega search operation on Asian Granito India Ltd, the Income Tax Department has recovered Rs 10 crore cash and has sealed 12 bank lockers. The search is likely to continue for the next few days.
 "I-T recovers Rs 10 crore cash, seals 12 lockers of Asian Granito Ltd")
Limit Section 54 benefit to curb money laundering
Section 54 tax exemption should not be available if the taxpayer already owns two or more properties on the date of sale of property
Top Headlines: Wheat export push, CBDT's ITR guidelines, and more
Here are the top Business Standard headlines on Friday
 "Top Headlines: Wheat export push, CBDT's ITR guidelines, and more")