Page 46 - Latest Updates on Income tax
You may have to file ITR even though your income might not be taxable
Even if your income is below the exemption limit, you will still have to furnish ITR
 "You may have to file ITR even though your income might not be taxable")
Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least
Gujarat the most tax-compliant state in terms of proportion of return filers to PAN holders
 "Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least")
Govt appoints 3 new members of Central Board of Indirect Taxes and Customs
The appointments committee of the cabinet has approved the appointment Jain, Johri, and Sharma as CBIC members
CBDT provides relief to senior citizens on self-assessment tax
They can pay a part of their taxes by July 31 so that their remaining tax liability is no more than Rs one lakh. No interest will be charged if they pay the remainder by November 30
 "CBDT provides relief to senior citizens on self-assessment tax")
Govt extends deadline for filing income tax returns for FY19 till Sept 30
This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 financial year
From NHAI negligence to 'PE' clarified again, here're the key court orders
The Supreme Court dismissed the appeal of the tax authorities observing the two-men unit in Mumbai was only auxiliary office doing no core business
 "From NHAI negligence to 'PE' clarified again, here're the key court orders")
Govt's endeavour has been to further simplify direct tax laws: Sitharaman
PC Mody, Chairman, CBDT, reiterated the commitment towards further improving the compliance experience for taxpayers
 "Govt's endeavour has been to further simplify direct tax laws: Sitharaman")
Economic activity reviving; GST collections good sign: CBDT chief Mody
He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.
 "Economic activity reviving; GST collections good sign: CBDT chief Mody")
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
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