Page 38 - Latest Updates on Income tax
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")
Top taxpayers may get flexibility to exit faceless assessment scheme
Recast of scheme is being discussed to bring in more flexibility into the system
 "Top taxpayers may get flexibility to exit faceless assessment scheme")
NRIs should apply to I-T dept for relief from double taxation: Experts
If they have lost non-resident status because of enforced stay in India, this can bring them some reprieve
 "NRIs should apply to I-T dept for relief from double taxation: Experts")
FinMin summons Infosys chief Salil Parekh over bugs in income tax portal
Taxpayers have since faced numerous problems accessing and using the portal since the day of its launch
 "FinMin summons Infosys chief Salil Parekh over bugs in income tax portal")
CBDT issues Rs 49,696-cr refunds to 2.2 mn taxpayers from Apr 1-Aug 16
Income tax refunds of Rs 14,608 crore issued in 21,50,668 cases and corporate tax refunds of Rs 35,088 crore issued in 1,24,732 cases, the CBDT informed.
 "CBDT issues Rs 49,696-cr refunds to 2.2 mn taxpayers from Apr 1-Aug 16")
A look into the reasons for the strong personal income tax collection in Q1
In a quarter affected by the second wave, India saw record personal income tax collection at nearly twice that collected in Q1FY21, and 26% more than Q1FY20
 "A look into the reasons for the strong personal income tax collection in Q1")
Top headlines: Restructuring of I-T dept, highest-ever monthly exports
Business Standard brings you the top headlines of the day
 "Top headlines: Restructuring of I-T dept, highest-ever monthly exports")
I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error
The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic.
 "I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error")
I-T dept issues 3 email IDs for grievances under faceless assessment scheme
The Income Tax (I-T) department on Saturday notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme.
Retrospective tax was indefensible; burying it shows pragmatism
Institutional arrogance in taxation has cost India dearly in terms of its image as a business-friendly, rule-driven country
 "Retrospective tax was indefensible; burying it shows pragmatism")
Defer income-tax filing if you have to pay a penalty, say analysts
Do so once the glitches on the new tax portal have been ironed out
 "Defer income-tax filing if you have to pay a penalty, say analysts")
New vs old tax regime: Compute liability before making the switch
Non-investors in tax-saving instruments may opt for the new regime
 "New vs old tax regime: Compute liability before making the switch")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")