Page 54 - Latest Updates on Income tax
I-T dept raids 74 places in Tamil Nadu in connection with tax evasion
The department had last month conducted large-scale raids on a number of popular eateries of the state including Saravana Bhawan outlets
 "I-T dept raids 74 places in Tamil Nadu in connection with tax evasion")
I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms
High-value refunds of corporates, public sector undertakings likely to be issued in April
 "I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms")
How you can sell multiple long-term assets and also claim tax deductions
Even if you sell long-term assets in different financial years and invest in one residence, Section 54F benefit will still apply
 "How you can sell multiple long-term assets and also claim tax deductions")
Direct tax collection rises 13.6% to Rs 7.43 trn in Apr-Dec, refunds up 17%
Refunds worth Rs 1.3 trillion paid during the period, 17% higher than previous year, reveals CBDT data
Tax collection numbers 'matter of serious concern': CBDT chief
CBDT Chairman Sushil Chandra has shot off a letter to the I-T dept officials, asking them to pull up their socks as only three months are left for the current financial year to close on March 31
 "Tax collection numbers 'matter of serious concern': CBDT chief")
I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu
The residences and offices of the directors of these food-joint chains are being raided by a team of over 100 I-T sleuths
 "I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu")
Richie Rich or Peter the Pauper? This calculator tells you where you stand
This Business Standard tool, created on the basis of tax data, allows you to figure out how many people in India make more money than you, and how many make less
 "Richie Rich or Peter the Pauper? This calculator tells you where you stand")
Resident, NRI taxpayers allowed manual filing for nil TDS certificate
Resident applicants can file manual application in Form 13 till December 31, 2018, says Income Tax department.
 "Resident, NRI taxpayers allowed manual filing for nil TDS certificate")
ITR filing up 50%; will meet Rs 11.5-trn direct tax target: CBDT chairman
He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information
Regular salary vs consultancy: Here's how the tax treatment differs
Financial and tax compliance plays a significant role in deciding which option is more suitable for you. These have been discussed in this article.
 "Regular salary vs consultancy: Here's how the tax treatment differs")
The number of salaried taxpayers increased 37% in last 3 years: CBDT
During the same period, it said, there has also been a growth of 19 per cent in the number of non-salaried individual taxpayers from 19.5 million to 23.3 million
 "The number of salaried taxpayers increased 37% in last 3 years: CBDT")
Despite monetary cap of Rs 2 mn, taxmen can still file appeal in all cases
Despite the raised monetary limit for filing tax appeals in place, taxmen, according to a report, still have the option to pursue any case
Deduct TDS when buying property from NRI or else face penalties, fines
With the income tax department deciding to focus on property transactions involving NRIs, non-compliance can result in penalties and fines
 "Deduct TDS when buying property from NRI or else face penalties, fines")
Letter to BS: Fine on late filing of Income Tax returns is illogical, harsh
The provision is unmindful of the difficulties faced by senior citizens and the differently-abled
CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn
I-T dept can now concentrate on fewer but larger cases
 "CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn")
Woman techie highest tax payer in AP, Telangana with Rs 300 million salary
CBDT has said that nearly 13 million income tax filers are likely to be added during the current financial year
 "Woman techie highest tax payer in AP, Telangana with Rs 300 million salary")
Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations
The move will result in 41 per cent reduction in overall tax cases, Finance Minister Piyush Goyal said
 "Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations")
Readers' Corner: Taxation
Rental income from a house property is liable to tax in the hands of the owner of the property
 "Readers' Corner: Taxation")
I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection
The I-T department filed for prosecutions under Section 276 C2 of the Income Tax Act in the cases where the tax demand was not paid
 "I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection")
Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how
Income Tax Informants Reward Scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties
 "Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how")