Page 40 - Latest Updates on Income tax
FinMin, Infosys to meet on Tuesday, discuss glitches in new I-T portal
Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed
 "FinMin, Infosys to meet on Tuesday, discuss glitches in new I-T portal")
Some bright spots
There are still a number of risks to durable economic recovery
 "Some bright spots")
Income-tax portal 2.0 likely to allow payments by UPI, credit cards
More pvt lenders set to be given authorisation for providing services
 "Income-tax portal 2.0 likely to allow payments by UPI, credit cards")
Dangers of a wrong diagnosis
Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree
 "Dangers of a wrong diagnosis")
Tax portal glitches: FinMin to hold a meeting with Infosys on June 22
After the much publicised e-filing portal went live on June 7, many IT filers faced technical hiccups
 "Tax portal glitches: FinMin to hold a meeting with Infosys on June 22")
Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19
Trend in contrast to moderation in GST collections last month
 "Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19")
New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept
The Income Tax Department on Saturday said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility
 "New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept")
The time has come for a states income tax
What better way is there to empower states than for them to have their own income tax and have a greater degree of financial independence?
Govt extends timelines for income tax compliance amid Covid-19 crisis
The I-T department also extended the ITR filing deadline for companies by a month till November 30
 "Govt extends timelines for income tax compliance amid Covid-19 crisis")
Skill vs chance: Taxman the referee in online gaming, say experts
Rate at which winnings are taxed depends on level of skill applied and whether there is 'luck' involved
 "Skill vs chance: Taxman the referee in online gaming, say experts")
IT refunds worth Rs 15,438 crore issued in one month of current fiscal
Corporate tax refunds of Rs 10,392 crore have been issued to 21,487 taxpayers.
Govt extends income tax, GST compliance timelines amid Covid-19 crisis
Late fees for filing summary return or GSTR 3B waived; Interest rate halved to 9% for 15-day delay in the case of GST assesses with turnover of over Rs 5 crore
 "Govt extends income tax, GST compliance timelines amid Covid-19 crisis")
Avail of tax relief on terminal compensation: Here's how to file Form 10E
You must have completed 3 years of continuous service and have another 3 years of employment left
 "Avail of tax relief on terminal compensation: Here's how to file Form 10E")
Crackdown on tax evaders: I-T notices to holders of foreign assets
Seek action under black money and benami laws for non-disclosure
 "Crackdown on tax evaders: I-T notices to holders of foreign assets")
Can't use ITR-1 if TDS paid on high cash withdrawal, say experts
Taxpayers now need to provide quarterly break-up of dividend income earned
 "Can't use ITR-1 if TDS paid on high cash withdrawal, say experts")
Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21
6% fall in corporation tax due to Covid-related issues
IT refunds of over Rs 2.62 trillion issued in FY21, an increase of 43%
The total refunds issued in 2019-20 were worth Rs 1.83 trillion
PAN, Aadhaar linking deadline ends today, here's how to do it step-by-step
An individual will be levied Rs 1,000 as a fine if the Aadhaar and PAN are not linked after March 31, 2021
 "PAN, Aadhaar linking deadline ends today, here's how to do it step-by-step")
Respond to Income Tax notice, or face recurring penalties: Experts
Provide documentary evidence, else officer could make assessment based on his judgement
 "Respond to Income Tax notice, or face recurring penalties: Experts")
Budget proposals will ease taxpayers' burden from April 1, say experts
But changes like taxation of EPF contributions above Rs 2.5 lakh will pinch the wallet
 "Budget proposals will ease taxpayers' burden from April 1, say experts")