Page 33 - Latest Updates on Income tax
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")
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")