Page 53 - Latest Updates on Income tax
Share info of assets, accounts of defaulters with banks: CBDT to I-T dept
CBDT asks I-T dept to share assets, accounts info of defaulters with banks
 "Share info of assets, accounts of defaulters with banks: CBDT to I-T dept")
Hike in I-T exemption level, tax on income over Rs 10 cr in Budget: Survey
The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries
 "Hike in I-T exemption level, tax on income over Rs 10 cr in Budget: Survey")
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply
Standard deduction has also been raised from Rs 40,000 to Rs 50,000, besides a host of tax benefits to home buyers
 "No tax liability if your income is up to Rs 9.5 lakh, but conditions apply")
Pay high income tax? Govt may call you to have tea with the PM or FM
The idea is to encourage taxpayers to willingly pay more
 "Pay high income tax? Govt may call you to have tea with the PM or FM")
Income tax returns to exemptions: Expert answers your taxation questions
For taxpayers having taxable income not exceeding Rs 5 lakh, it is Rs 1,000
E-filing of tax returns saw 19% growth in AY19, says Finance Ministry
The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19
 "E-filing of tax returns saw 19% growth in AY19, says Finance Ministry")
In a first, income tax e-filers fall by more than 660,000 in FY19
Registered filers were just 2.7 crore at the end of March 2013 which almost doubled to 5.2 crore in March 2016 and to 6.2 crore in March 2017
Income-tax dept likely to propose using calendar as financial year
The dept has to submit its recommendations for the July Budget by May 15
 "Income-tax dept likely to propose using calendar as financial year")
CBDT identifies 20.4 million non-filers, asks I-T dept to take action
The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers
 "CBDT identifies 20.4 million non-filers, asks I-T dept to take action")
Tax dept may pitch for lower I-T target when next govt presents Budget
CBDT feels 30% growth in income-tax not feasible
 "Tax dept may pitch for lower I-T target when next govt presents Budget")
Income from renting out property cannot be claimed as business income
To classify income from letting out property as business income, the taxpayer needs to exploit the property commercially by providing furniture, facility management, amenities and security
 "Income from renting out property cannot be claimed as business income")
I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13
The identified taxpayers have been asked to provide income details along with profit and loss for AY2012-13 within 30 days
I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi
 "I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr")
Income Tax return forms for AY 2019-20 out; last date of filing July 31
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal
 "Income Tax return forms for AY 2019-20 out; last date of filing July 31")
Linking PAN with bank mandatory for refunds from March: I-T to taxpayers
Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers
 "Linking PAN with bank mandatory for refunds from March: I-T to taxpayers")
Suspicious income tax refund claims to face I-T department's scrutiny
The number of suspicious refund claims selected for scrutiny stood at 20,874 in 2018-19, 11,059 in 2017-18 and 9,856 in 2016-17
 "Suspicious income tax refund claims to face I-T department's scrutiny")
Dorabji Tata Trust challenges I-T dept's decision to withdraw tax exemption
The Trust is learnt to have contested the findings of the assessing officer, saying the 87-year old Trust deed provides for the compensation to its trustee
'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept
Bank accounts of TravelKhana seized and Rs 33 lakh withdrawn as tax liability on funds raised from angel investors
 "'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept")
1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT
Income tax filers' data maintained by the tax department showed that the number of crorepatis was only marginally higher than nearly 140,000 returns by crorepatis filed in the AY 2017-18
 "1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT")
Cabinet approves abolition of ombudsman for direct, indirect taxes
Taxpayers now prefer alternate methods of grievance redressal
 "Cabinet approves abolition of ombudsman for direct, indirect taxes")