Page 30 - Latest Updates on Income tax
CBDT to taxmen: Complete 30% faceless assessments by end-June
Faceless assessment units identify issues, seek information, and analyse material to conduct assessment
 "CBDT to taxmen: Complete 30% faceless assessments by end-June")
How are Indian crypto industry & investors coping with the new tax regime?
The new financial year brought with it a slew of changes in the tax regime. Income arising from the transfer of virtual digital asset will invite a 30% tax. How will it impact Indian crypto industry?
 "How are Indian crypto industry & investors coping with the new tax regime?")
Income in US on I-T radar in FY23, non-disclosure to invite action
The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets
 "Income in US on I-T radar in FY23, non-disclosure to invite action")
What is going to change for income tax payers from today?
A set of changes related to income tax are coming into effect from the first day of the new financial year. One of the highlights is the 30% tax on cryptocurrency gains. What are the other changes?
 "What is going to change for income tax payers from today?")
TMS Ep141: Income tax changes, PLI challenges, markets, Bear Trap
What is going to change for income tax payers from today? What are the challenges facing PLI scheme? Will rising interest rates and muted earnings dampen FY23? What is a Bear Trap? All answers here
 "TMS Ep141: Income tax changes, PLI challenges, markets, Bear Trap")
Young Indian case: Apex IT Tribunal upholds case against Gandhis
The Income Tax Tribunal on Thursday upheld the case against the Gandhi family in connection with commercial immovable properties worth more than Rs 800 crore
 "Young Indian case: Apex IT Tribunal upholds case against Gandhis")
30% tax on cryptocurrency income to come into effect from Friday
The revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year
 "30% tax on cryptocurrency income to come into effect from Friday")
Wealth-income mismatch: The curious case of India's missing millionaires
While India had 764,000 dollar-millionaires in 2019 by one account, just 316,000 filed tax returns declaring income of over $75,000. Large-scale I-T evasion may still be taking place, notes T N Ninan
Pay penalty for failing to keep books of accounts, say analysts
Experts say it has now become a standard practice to pay a fine instead of maintaining books of accounts and other documents.
 "Pay penalty for failing to keep books of accounts, say analysts")
I-T searches at Hero MotoCorp CMD Pawan Munjal's premises for 'tax evasion'
About 25 locations in Delhi, Gurugram and other parts of northern India.
 "I-T searches at Hero MotoCorp CMD Pawan Munjal's premises for 'tax evasion'")
Not filed ITR yet? Face penalty or even jail term, say analysts
Breaching March 31 cut-off date will have assessee receive show-cause notice for undisclosed income
 "Not filed ITR yet? Face penalty or even jail term, say analysts")
How to respond to a notice for reassessment of income u/s 148A of I-T Act
Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings
 "How to respond to a notice for reassessment of income u/s 148A of I-T Act")
CBDT claims Huawei manipulated account books to reduce taxable income
The CBDT statement made multiple charges against the company including that it 'made inflated payments against receipt of technical services from its related parties outside India'
 "CBDT claims Huawei manipulated account books to reduce taxable income")
Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept
"CBDT issues refunds of over Rs 1,83,579 crore to more than 2.09 crore taxpayers from 1st Apr, 2021 to 28th Feb, 2022," the I-T department tweeted
 "Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept")
I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22
This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities
Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT
More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued
I-T searches on China's Huawei over tax evasion, firm says co-operating
The Income Tax department on Wednesday carried out raids at multiple premises linked to Chinese tech conglomerate Huawei across the country in connection with alleged tax evasion.
 "I-T searches on China's Huawei over tax evasion, firm says co-operating")
Top headlines: IDBI Bank privatisation on track; I-T searches on Huawei
Here are the top headlines on Wednesday
 "Top headlines: IDBI Bank privatisation on track; I-T searches on Huawei")
Now I-T department mulls action against Channi's nephew: Report
Honey was arrested during the intervening night of February 3 and 4 by the ED
 "Now I-T department mulls action against Channi's nephew: Report")
Revenue Secretary Tarun Bajaj on revenue estimates, capital gains etc
Business Standard's Arup Roychoudhury and Asit Ranjan Mishra spoke to Revenue Secretary Tarun Bajaj to know about revenue estimates and recent taxes levied on cryptocurrencies. Let's listen in
 "Revenue Secretary Tarun Bajaj on revenue estimates, capital gains etc")