Page 38 - Latest Updates on Income tax
Decoding 15th FC's estimate of mismatch in two sets of salary income data
The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced
 "Decoding 15th FC's estimate of mismatch in two sets of salary income data")
AAR in new avatar: Old wine or efficient machinery for disposal of cases?
Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers
 "AAR in new avatar: Old wine or efficient machinery for disposal of cases?")
PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021
Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation, notes analysts at Jefferies
 "PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
For direct taxes, Budget 2021 has largely maintained status quo
To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday
 "For direct taxes, Budget 2021 has largely maintained status quo")
Budget 2021 offers tax sops for aircraft leasing in GIFT City
Tax holiday on capital gains, tax exemption for aircraft lease rentals paid to foreign lessors
 "Budget 2021 offers tax sops for aircraft leasing in GIFT City")
Personal I-T revenue now equals all other direct taxes: That's a problem
Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed
Budget 2021: Sanitaryware industry seeks tax rationalisation to push demand
The GST for sanitaryware is at 18 per cent, and a reduction of the rate will help increase demand, he added
 "Budget 2021: Sanitaryware industry seeks tax rationalisation to push demand")
LIVE: Rs 1.81-trn I-T refunds issued to 17.4 mn taxpayers so far in FY21
Personal income tax refunds of Rs 62,231 crore have been issued to over 17.1 million taxpayers. Stay tuned for Latest LIVE news
 "LIVE: Rs 1.81-trn I-T refunds issued to 17.4 mn taxpayers so far in FY21")
Companies call for demand creation and income tax relief in Budget
Only 28 per cent in Ficci survey are for fiscal consolidation
 "Companies call for demand creation and income tax relief in Budget")
Income tax refunds worth Rs 1.76 trillion issued between Apr 1-Jan 18
The Income Tax department on Wednesday said it has issued over Rs 1.76 trillion worth refunds to over 1.65 crore taxpayers so far this fiscal.
 "Income tax refunds worth Rs 1.76 trillion issued between Apr 1-Jan 18")
Raising exemption limit at the cost of tax reform a 'dangerous' proposal
Spurring demand or increasing investments -- what is the bigger challenge for the FM in this Budget? Tune in to learn why it would be prudent for the govt to allocate more for capital expenditure
 "Raising exemption limit at the cost of tax reform a 'dangerous' proposal")
Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax
Family members of the last Nizam of Hyderabad have written to Finance Minister urging her to resolve the Nizam Jewellery Trust income and wealth tax issue which has been pending for the last 26 years
 "Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax")
Govt to set up national, regional centres for faceless penalty proceedings
As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty
 "Govt to set up national, regional centres for faceless penalty proceedings")
Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings
Banking on Budget: Hope and reforms amid pandemic and fiscal deficit
The government has taken laudable steps to support and propel the economy in these difficult times, but a lot more still needs to be done, writes Vikas Vasal
Realtors' body CREDAI seeks tax sops in Budget to boost housing demand
CREDAI suggested government to increase tax exemptions in upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans
 "Realtors' body CREDAI seeks tax sops in Budget to boost housing demand")
Budget should reduce income tax rates, invest in infrastructure: CEOs to FM
The Budget will be presented in the backdrop of a revival of the economy and expectations of good corporate earnings in the December quarter
 "Budget should reduce income tax rates, invest in infrastructure: CEOs to FM")
Income tax returns cross 58 million hours before deadline, shows data
In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past
 "Income tax returns cross 58 million hours before deadline, shows data")
Special units created in I-T dept for probe into undisclosed foreign assets
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad
 "Special units created in I-T dept for probe into undisclosed foreign assets")