Page 39 - Latest Updates on Income tax
Don't forget mandatory disclosures while filing your income-tax returns
Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties
 "Don't forget mandatory disclosures while filing your income-tax returns")
Sitharaman as FM: Some positive surprises, a few works in progress
Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan
Income Tax refunds worth Rs 43,991 crore issued till July 26
It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore.
 "Income Tax refunds worth Rs 43,991 crore issued till July 26")
Issues with new income tax portal to be resolved soon, says FM
Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.
 "Issues with new income tax portal to be resolved soon, says FM")
I-T Dept denies making editorial decisions during search at Dainik Bhaskar
The Income Tax Department has clarified that no such act was carried out by its officials during the raid.
 "I-T Dept denies making editorial decisions during search at Dainik Bhaskar")
Centre mulls Ordinance for past tax assessment as litigation mounts
Many assessees have challenged reassessment notices under old law
Haven't been issued Form 16? Here is how you can still file your tax return
The last date for issuing Form 16 extended till July 31
Fuel price surge: What India can learn from Biden and Sunak's tax policies
When the times change, policy has to adapt. Why then is New Delhi so determined to not raise rates on under-taxed forms of income and wealth, questions T N Ninan
Infosys says income tax portal functioning 'single largest priority'
Infosys said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment.
 "Infosys says income tax portal functioning 'single largest priority'")
Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr
Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore
 "Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr")
Over 400 top-level posts lie vacant in the Income Tax department
Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year
 "Over 400 top-level posts lie vacant in the Income Tax department")
40,000 ITRs being filed daily on new portal, CBDT says as it fixes glitches
The corrective measures are being taken based on feedback from taxpayers, tax professionals and representatives of ICAI to provide taxpayers with a smooth e-filing experience, it said
 "40,000 ITRs being filed daily on new portal, CBDT says as it fixes glitches")
I-T dept issues Rs 37,050 cr refunds to 1.7 mn taxpayers from Apr 1-Jul 5
Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore
Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur
Earlier today, senior Congress leader Shashi Tharoor had slammed the Centre over the reported glitches in the new Income Tax portal
 "Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur")
Govt has created a 'mess': Shashi Tharoor on new income tax portal
Senior Congress leader Shashi Tharoor on alleged that even after spending Rs 4,200 crore on IT portal, the government had "failed" to make it user-friendly and created a "mess" instead
 "Govt has created a 'mess': Shashi Tharoor on new income tax portal")
30 years of economic reforms: Here's a look at the broad contours of change
The pace of changes in the first 100 days of a minority govt remains unparalleled till today
 "30 years of economic reforms: Here's a look at the broad contours of change")
NITI moots 100% I-T exemption for donations to not-for-profit hospitals
Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India.
 "NITI moots 100% I-T exemption for donations to not-for-profit hospitals")
In relief to taxpayers, govt announces extension of compliance deadlines
PAN-Aadhar linkage deadline is extended by another 3 months till Sept 30; payment without interest under dispute-resolution scheme is extended by 2 months
File past year returns, avoid higher taxes as new tax provisions kick in
Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in
I-T portal glitches: FM asks Infosys to address all issues immediately
Sitharaman further urged Infosys to work on the new income-tax portal to make it more humane and user-friendly
 "I-T portal glitches: FM asks Infosys to address all issues immediately")