Page 56 - Latest Updates on Income tax
Confused about income tax return filing? Find answers to all your questions
From Aadhaar-PAN linking to efiling income tax for AY 2017-18, here is everything you need to know
 "Confused about income tax return filing? Find answers to all your questions")
Auditors' to disclose property related transactions above Rs 20,000 to I-T
The move will increase transparency in financial dealings and help check tax evasion
 "Auditors' to disclose property related transactions above Rs 20,000 to I-T")
Income tax mop-up begins on strong footing, up 26.2% till date
I-T dept allows corporates, individuals to reel tax payout on 15th of last month of every quarter
 "Income tax mop-up begins on strong footing, up 26.2% till date")
I-T dept shames defaulters: Lists names of 5 cos owing Rs 10 cr in taxes
The total taxes due by these five defaulters is Rs 10.27 crore, the notice said
 "I-T dept shames defaulters: Lists names of 5 cos owing Rs 10 cr in taxes")
Income tax base expands by 9.1 mn people after note ban: FM Jaitley
Jaitley said demonetisation had led to an increase in the number of assessees and tax revenues
I-T recovers Rs 10 crore cash, 10 kg gold from UP bureaucrat premises
The tax sleuths also raided at least four premises of a OSD of Noida Authority
 "I-T recovers Rs 10 crore cash, 10 kg gold from UP bureaucrat premises")
Op Clean Money-II: I-T to issue notices to 60,000 people
60,000 persons, including 1,300 high risk persons, have been identified for investigation
 "Op Clean Money-II: I-T to issue notices to 60,000 people")
Details: ITR form simplified further; e-filing to start from April
Currently, the ITR 1/Sahaj has 18 columns for claiming deductions under Section 80 of Income Tax Act
 "Details: ITR form simplified further; e-filing to start from April")
I-T dept makes public list of defaulters owing Rs 448 crore
The department has carried out this exercise earlier too and had named at least 67 such entities
 "I-T dept makes public list of defaulters owing Rs 448 crore")
Data crunching: Are we a nation of tax avoiders?
Exemptions ensure India's tax-GDP ratio stays low
Pay income tax, apply for PAN using mobile apps on your smartphone
This move will help bring more people under the tax net by making it easier for people to get PAN
 "Pay income tax, apply for PAN using mobile apps on your smartphone")
Online I-T grievance redressal facility e-nivaran launched at 60 offices
Facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Kendras
 "Online I-T grievance redressal facility e-nivaran launched at 60 offices")
I-T Dept to scrutinise tax relief claims by sick companies
Relief under SICA to not automatically apply as SICA was repealed with effect from December 1, 2016
 "I-T Dept to scrutinise tax relief claims by sick companies")
Income tax refunds up 42% at Rs 1.42 lakh crore
As many as 4.01 crore ITRs were e-filed till February 10, 2017
 "Income tax refunds up 42% at Rs 1.42 lakh crore")
Taxman not to ask questions on deposits up to Rs 2.5 lakh: CBDT
Only those accounts will be probed that do not match the tax returns
 "Taxman not to ask questions on deposits up to Rs 2.5 lakh: CBDT")
Personal I-T base must be up before corporate tax cut: Hasmukh Adhia
1% cut in corporate income tax rate will cost Rs 18,000-19,000 crore in revenues, Adhia said
 "Personal I-T base must be up before corporate tax cut: Hasmukh Adhia")
Taxmen can reopen up to 10-yr old cases in big transactions
Currently, I-T officers can go back up to 6 years to scrutinise the books of accounts of assesses
 "Taxmen can reopen up to 10-yr old cases in big transactions")
I-T data analysed: 1 taxpayer owes 11% of India's individual income tax
There were 64 taxpayers with a tax liability of over Rs 500 crore in 2014-15
 "I-T data analysed: 1 taxpayer owes 11% of India's individual income tax")
Brace for a call from I-T if you deposited over Rs 10 lakh after 8 Nov
The taxmen want to find out the source of the money
 "Brace for a call from I-T if you deposited over Rs 10 lakh after 8 Nov")
Digital trail: I-T may soon track electronic transactions like RTGS, NEFT
FinMin's pilot project is aimed at tracking benami transactions
 "Digital trail: I-T may soon track electronic transactions like RTGS, NEFT")