Page 43 - Latest Updates on Income tax
I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs
The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020
 "I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs")
Tax dept to launch e-campaign on voluntary compliance from next week
The income-tax department will start an e-campaign from July 20 on voluntary compliance for the convenience of taxpayers
 "Tax dept to launch e-campaign on voluntary compliance from next week")
Yum Restaurant India unit V-P's services not taxable, rules Delhi ITAT
The case pertains to the agreement between the Yum Restaurants (Asia), the assessee and its Indian counterpart, where Vinod Mehboobani was deputed to India as the vice president (VP).
I-T dept to crack the whip on tax evaders, resume probe in pending cases
The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.
 "I-T dept to crack the whip on tax evaders, resume probe in pending cases")
ITR filing for AY 2020-21: Know what has changed in the New 26AS form
You will now have to include real estate, share transaction details in your 26AS form while filing returns
I-T raids on premises linked to two Congress leaders in Rajasthan
The raids come at a time when Rajasthan is witnessing an intense power tussle between Chief Minister Ashok Gehlot and his deputy Sachin Pilot.
 "I-T raids on premises linked to two Congress leaders in Rajasthan")
Banks, Post Offices can now check TDS rate on high value withdrawals
Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash
 "Banks, Post Offices can now check TDS rate on high value withdrawals")
Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues
The Meghalaya Cabinet has approved an amnesty scheme for taxpayers to pay their outstanding dues to the state government
Sovereign wealth funds to get tax relief on infrastructure bets: CBDT
CBDT notifies changes that will also apply to pension funds
Income Tax dept amends TDS form, makes it more comprehensive
As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore
Last date for filing Income Tax Returns extended till November 30
Last month, the government had extended the date for linking Aadhaar with PAN to March 31, 2021
 "Last date for filing Income Tax Returns extended till November 30")
Awaiting Form 16 to file ITR? Here's why your wait may be longer this year
Form 16 from the employer is needed to file income-tax returns as it contains details of the salary received by an employee and tax deducted on it
How to claim income tax deduction for investments made in April - July 2020
One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21
 "How to claim income tax deduction for investments made in April - July 2020")
Income Tax department extends five new deadlines for Indian taxpayers
The estimation poses some practical challenges and also makes it difficult to assess tax liability
 "Income Tax department extends five new deadlines for Indian taxpayers")
Govt allows I-T exemption on conveyance allowance under new tax regime
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees
Income tax exemptions to lower tax assessee for certain allowances
The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions
Securities transaction tax mop-up rises 14% despite sharp sell-off
The department collected Rs 2,568 crore against Rs 2,262 crore in the corresponding period a year ago.
 "Securities transaction tax mop-up rises 14% despite sharp sell-off")
New ITR forms call for filing return even if your income isn't taxable
Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions
Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax
Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.
 "Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax")
Tax devolution to states to be 30% lower than Budget estimates: Icra study
The projected figure to be 16.2 per cent lower than even FY20 numbers
 "Tax devolution to states to be 30% lower than Budget estimates: Icra study")