Page 30 - Latest Updates on Income tax
CII suggests slashing income tax rates in upcoming budget o revive demand
The CII has suggested a cut in personal income tax rates to revive demand -- a move which would benefit 5.83 crore taxpayers who have filed returns for assessment year 2022-23
 "CII suggests slashing income tax rates in upcoming budget o revive demand")
Cut I-T, review capital gains tax in Budget 2023-24: CII to govt
FM Nirmala Sitharaman's pre-Budget consultations from today
 "Cut I-T, review capital gains tax in Budget 2023-24: CII to govt")
Income Tax dept conducts searches at Metropolis Healthcare in Mumbai
It had last week reported a consolidated profit after tax of Rs 40.5 crore for the second quarter that ended September 30
 "Income Tax dept conducts searches at Metropolis Healthcare in Mumbai")
Laid off? Seek advice before claiming tax exemption on severance pay
You can claim only if the payout is voluntary and you have documentary proof to this effect
 "Laid off? Seek advice before claiming tax exemption on severance pay")
Centre may introduce changes to capital gains tax rules, says report
A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review
 "Centre may introduce changes to capital gains tax rules, says report")
15 new judicial and technical members appointed for NCLT benches
The tribunal has a total sanctioned strength of 63 members and 28 benches
 "15 new judicial and technical members appointed for NCLT benches")
Trip that includes a foreign leg is not eligible for LTC, say experts
This condition is not satisfied merely by the trip starting and ending in India
 "Trip that includes a foreign leg is not eligible for LTC, say experts")
Tax authorities want IT professionals to declare income from 'moonlighting'
The concerns from tax authorities have come at a time when there is an ongoing debate on how far 'moonlighting' by employees can be allowed.
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")