Page 48 - Latest Updates on Income tax
Budget 2020: Govt may consider tax sops, easier norms to boost investments
Revenue projections may be realistic this time
 "Budget 2020: Govt may consider tax sops, easier norms to boost investments")
Budget 2020: Time for govt to reintroduce wealth tax, says Abhijit Banerjee
India had passed the Wealth Tax Act, 1957 which was levied on an individual, a Hindu Undivided Family and a Corporate entity on its valuation, which was repealed in April 2016
 "Budget 2020: Time for govt to reintroduce wealth tax, says Abhijit Banerjee")
Budget 2020: Toyota seeks scrappage policy, income tax relief on vehicles
The auto industry is willing to share its portion towards realising such scrappage policy, which will eventually have a more sustainable impact on the environment, he added.
 "Budget 2020: Toyota seeks scrappage policy, income tax relief on vehicles")
GST arrest provisions: Need for an urgent review
What GST urgently deserves is a re-orientation, for which a leaf out of the 'nudge theory' in behavioural economics may definitely help
 "GST arrest provisions: Need for an urgent review")
Budget 2020: Govt unlikely to offer relief in income tax, here's why
Expectations were that Sitharaman, who had in September last year cut corporate tax rates to their lowest to boost economic growth, would announce similar sops for individual taxpayers
 "Budget 2020: Govt unlikely to offer relief in income tax, here's why")
Tweak slabs, put more money in tax payers' hands to boost consumption
Altering personal tax rates with this goal in mind will help boost consumption
 "Tweak slabs, put more money in tax payers' hands to boost consumption")
Budget wishlist: Insurance industry expecting more tax incentives
Life Insurance Council has sought a separate deduction in personal taxes or an increase in the present limit for the premium paid for individual life policies
 "Budget wishlist: Insurance industry expecting more tax incentives")
'Tax evasion social injustice': CJI calls for speedy resolution of disputes
The Chief Justice said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases
 "'Tax evasion social injustice': CJI calls for speedy resolution of disputes")
BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget
According to party, meeting fiscal deficit not the real economic issue for the government
 "BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget")
FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report
"This year, there will be a realistic assessment of the nominal GDP," said a source.
 "FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report")
Moral hazard
Instead of immunity, India needs simpler tax laws
 "Moral hazard")
Can Budget find ways to tackle tax disputes? India Inc is waiting
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business
 "Can Budget find ways to tackle tax disputes? India Inc is waiting")
Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works
Dept plans to include more complicated cases in second phase of scheme
 "Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works")
Amid revenue shortage, govt begins audit of GST returns for FY 2017-18
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three
 "Amid revenue shortage, govt begins audit of GST returns for FY 2017-18")
Dealing with GST fraud
Balance between ease of doing business and compliance is tricky
 "Dealing with GST fraud")
Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr
If travelling abroad, keep a copy of bank statement which has details of payments made for buying tickets and hotel expenses
 "Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr")
Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme
These taxpayers have declared tax dues of around Rs 79,968 crore and after availing the various reliefs and amnesty as per the rules of the scheme, they would pay around Rs 35,094 crore, sources said
 "Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme")
Budget 2020: I-T Act may allow seizure of trustees' personal assets
The new provision is likely to come in Budget next month
 "Budget 2020: I-T Act may allow seizure of trustees' personal assets")
ITR-1 form not for those paying Rs 100K in power bill, owning house jointly
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21
Revenue Secy asks tax officials to put special efforts to check evasion
Direct tax collection target for the current fiscal has been pegged at Rs 13.35 lakh crore despite corporate tax relief of 1.45 lakh crore