Page 34 - Latest Updates on Income tax
Chipping away at EPFO's benefits
If the Centre only enforces mobility between the EPFO and NPS, the subscribers will settle the argument by voting with their feet
 "Chipping away at EPFO's benefits")
Taxpayers still need to pay interest despite extension of filing dates
Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh
 "Taxpayers still need to pay interest despite extension of filing dates")
IT dept widens probe against actor Sonu Sood; searches multiple premises
The Income Tax Department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said.
 "IT dept widens probe against actor Sonu Sood; searches multiple premises")
I-T portal continues to face glitches; deadline to Infosys draws to a close
The new income tax e-filing portal, which was unveiled with much fanfare, is not completely glitch-free even as the deadline set by the government for Infosys to fix the problems expired on Wednesday.
 "I-T portal continues to face glitches; deadline to Infosys draws to a close")
Loss-making PSUs more attractive for buyers after income tax tweak
Investor must retain at least 51% stake to take the benefit
 "Loss-making PSUs more attractive for buyers after income tax tweak")
ITR filing extension: No relief to taxpayers on interest liability
ITR filing has increased to 320,000 daily in September 2021
Things to keep in mind while filing your income tax return this year
Ensure you file your returns ahead of time, in case you need to make changes
 "Things to keep in mind while filing your income tax return this year")
Probe attempt to stifle independent journalism: Newslaundry, Newsclick
Online news platform Newslaundry on Saturday said it does business "honestly and with integrity"
 "Probe attempt to stifle independent journalism: Newslaundry, Newsclick")
Strategic divestment to get tax deduction for previous losses
However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment
 "Strategic divestment to get tax deduction for previous losses")
I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses
As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling
 "I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses")
Income tax portal's tech issues being progressively addressed: CBDT
The income tax department on Wednesday said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.
 "Income tax portal's tech issues being progressively addressed: CBDT")
Top headlines: Cairn makes peace with India; Sebi to speed up settlements
Business Standard brings you the top headlines of the day
 "Top headlines: Cairn makes peace with India; Sebi to speed up settlements")
Tax portal 2.0 to integrate with bourses to track trade transactions
Will take stock of discrepancies in assessee disclosures in ITR
 "Tax portal 2.0 to integrate with bourses to track trade transactions")
Taxpayers can file settlement claims till September 30: Check details here
This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1
 "Taxpayers can file settlement claims till September 30: Check details here")
Faceless assessment: Rules for authentication of e-records submission eased
The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC
 "Faceless assessment: Rules for authentication of e-records submission eased")
FinMin notifies rules for calculating taxable interest in PF account
The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum.
 "FinMin notifies rules for calculating taxable interest in PF account")
FM urges young tax officers to give ideas to amplify tech use in I-T dept
Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.
 "FM urges young tax officers to give ideas to amplify tech use in I-T dept")
Pensioners' body urges government to exempt pension from income tax
The body in its first all-India conference held at Shirdi (Maharashtra) on July 23, 2018 has resolved that pension should be exempted from income tax.
 "Pensioners' body urges government to exempt pension from income tax")
Govt set to extend key ITR filing dates amid portal tech glitches
Over 8 mn returns for FY21 have been filed so far, 14% of returns filed for FY20
 "Govt set to extend key ITR filing dates amid portal tech glitches")
Income-Tax notices give FPIs the jitters; experts suspect tech glitches
Experts called the development unprecedented and attributed it to a possible glitch in the new I-T portal
 "Income-Tax notices give FPIs the jitters; experts suspect tech glitches")