Page 51 - Latest Updates on Income tax
Tax panel: Set up advisory cell to help semi-skilled entrepreneurs
The ITAT member said small businesses with innovative ideas, who are agents of economic change in India, need special treatment
 "Tax panel: Set up advisory cell to help semi-skilled entrepreneurs")
In UP, income tax for CM and ministers is paid by the treasury, since 1981
The law was passed by VP Singh in 1981 because the ministers were poor and could not afford to pay taxes with their meagre salaries
 "In UP, income tax for CM and ministers is paid by the treasury, since 1981")
Pay penalty of Rs 10,000 for late Income-Tax filing after December 31
Timely filing of return is strongly recommended as the tax authorities have the power to initiate prosecution proceedings
Over 5.65 cr income tax returns for FY20 filed as Aug 31 deadline ends
Total number of income tax returns (ITRs) filed for AY 2018-19 was 5.42 crore
 "Over 5.65 cr income tax returns for FY20 filed as Aug 31 deadline ends")
Changes in I-T rules kick in today; to help govt track taxpayers' income
The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1
Changes in I-T rules kick in today; to help govt track taxpayers' income
The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1
Task force recommends four far-reaching changes in Income Tax law
Suggests rejig in tax slabs, with some relief for those earning up to Rs 55 lakh a year; Corporation tax rate may come to 25% for all; DDT may go, procedures for dispute settlement may be streamlined
 "Task force recommends four far-reaching changes in Income Tax law")
Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
Suggests rejig of 20% and 30% slabs of personal income tax
Govt sacks 22 'corrupt' tax officials in third crackdown since June
CBIC compulsorily retired 22 superintendent rank officers under Fundamental Rule 56(J) on corruption and other charges, official sources said
 "Govt sacks 22 'corrupt' tax officials in third crackdown since June")
Oberoi Realty, Capacite Infra stocks fall on Income Tax search buzz
The stock has fallen 5.84 per cent since Tuesday
 "Oberoi Realty, Capacite Infra stocks fall on Income Tax search buzz")
Direct Tax Code 2.0: Task force for big relief to individual taxpayers
Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief
 "Direct Tax Code 2.0: Task force for big relief to individual taxpayers")
Tax dispute limits doubled for appeals in high courts, Supreme Court
The limits for filing appeals in the Income Tax Appellate Tribunal (ITAT) have been more than doubled
 "Tax dispute limits doubled for appeals in high courts, Supreme Court")
J&K loses special status: Google tax may be levied in new Union Territory
The equalisation levy was introduced in June 2016, but not through an amendment in the Income Tax Act despite being a form of direct tax
 "J&K loses special status: Google tax may be levied in new Union Territory")
Revenue department to brief PMO on Rs 1.67-trillion tax shortfall
Despite a cut in the income tax collection target in the full Budget compared to the interim Budget projections, the target is far from realistic
 "Revenue department to brief PMO on Rs 1.67-trillion tax shortfall")
Budget likely to charge up electric vehicle push with tax incentives
The govt is also examining extension of tax holiday for units operating or planning to set up operations in special economic zones
 "Budget likely to charge up electric vehicle push with tax incentives")
From price hikes to tax sops: How Union Budget 2019 will impact you
While fuel and gold are set to get more expensive, the Budget proposes tax sops on affordable housing and electric vehicle loans
 "From price hikes to tax sops: How Union Budget 2019 will impact you")
I-T dept 'elephant' running amok to meet revenue shortfall: Rahul Gandhi
Gandhi also shared media reports alleging that 'tax terrorism' was hurting India's growth
 "I-T dept 'elephant' running amok to meet revenue shortfall: Rahul Gandhi")
Surcharge hike may stop overseas fund managers from shifting to India
Several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain
 "Surcharge hike may stop overseas fund managers from shifting to India")
Dividend income, partnership firms two ways to reduce income tax liability
Most tax experts and chartered accountants say their high-net-worth clients are rattled
 "Dividend income, partnership firms two ways to reduce income tax liability")
ITR 2019-20: A simple step-by-step guide to filing your income-tax return
Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019
 "ITR 2019-20: A simple step-by-step guide to filing your income-tax return")