Page 31 - Latest Updates on Income tax
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")
Adani open offer for additional stake in NDTV starts Oct 17: JM Financial
Open offer for acquiring up to 1.67 crore equity shares will amount to Rs 492.81 crore, if fully subscribed
 "Adani open offer for additional stake in NDTV starts Oct 17: JM Financial")
Address cause of tax refund failure, then request reissuance: Experts
Failure to verify return, incorrect bank address are key reasons for not receiving timely refund
 "Address cause of tax refund failure, then request reissuance: Experts")
Dellhi: I-T Dept conducts survey on Centre for Policy Research
Income Tax sources said that the search is being carried out based on 'credible information' about tax evasion
 "Dellhi: I-T Dept conducts survey on Centre for Policy Research")
Low rate regime: Why corporation tax is a hit but not personal tax?
While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response
Experts raise several red flags around section 194R of the Income Tax Act
The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges
Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts
This applies even to transactions with close relatives; penalty can be up to 100% of amount received
 "Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts")
Sometimes, tax is payable on deemed income from unoccupied house
A house owner can claim only up to two properties as self-occupied
Direct tax collection grows 40% driven by personal income tax from Apr-Jul
Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore
 "Direct tax collection grows 40% driven by personal income tax from Apr-Jul")
Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr
BEML will soon list its land holding company on the exchanges after receiving the corporate ministry's approval
 "Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr")
Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt
Social security scheme should reach the poor and underprivileged, says official
 "Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt")
Tax payers can no longer be a part of the Atal Pension Yojana: FinMin
A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money
 "Tax payers can no longer be a part of the Atal Pension Yojana: FinMin")
What is belated ITR filing?
Most of us must have filed the tax return for all our earnings. The last date for filing tax return was July 31. But what if you have missed it? Find out your options now