Page 58 - Latest Updates on Income tax
Income tax notices to religious, charitable trusts
The notice also advises the management of such institutions not to deal with Rs 1,000 and Rs 500 notes
 "Income tax notices to religious, charitable trusts")
I-T Dept to keep record of deposits over Rs 2 lakh
Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent
 "I-T Dept to keep record of deposits over Rs 2 lakh")
India has 47,000 <i>crorepatis</i>, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh
Among those who filed I-T returns for 2014-15, more people in the Rs 5.5 lakh to Rs 9.5 lakh bracket than those in the Rs 3.5 lakh to Rs 5.5 lakh bracket
 "India has 47,000 <i>crorepatis</i>, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh")
SMS alert service on TDS deductions for salaried class launched
CBDT will soon offer this facility on a monthly basis
 "SMS alert service on TDS deductions for salaried class launched")
I-T department collects Rs 6,750 cr
Expects disclosures worth Rs 25,000-30,000 cr by Sept 30
 "I-T department collects Rs 6,750 cr")
I-T raid on half-a-dozen jewellers at Zaveri Bazaar
In an effort to curb black money from the system, govt has discovered an innovative way to force jewellers declare their additional gold stocks
 "I-T raid on half-a-dozen jewellers at Zaveri Bazaar")
Black money: 300 pc rise in raids, seizures
I-T department seized over Rs 330 crore of alleged tainted cash, jewellery and other movable and immovable assets
 "Black money: 300 pc rise in raids, seizures")
IT dept to 'name & shame' chronic crorepati defaulters
It was decided to name all category of taxpayers who have a default of Rs 1 crore and above by March, 31 i.e end of 2016-17 financial year
 "IT dept to 'name & shame' chronic crorepati defaulters")
Income tax collection from Mumbai rises 9% to Rs 67,185 crore
Mumbai region officials are confident of meeting the target of Rs 2.79 lakh crore by the end of the year
 "Income tax collection from Mumbai rises 9% to Rs 67,185 crore")
Deduction benefit under section 35AC only till March 31
Section 35AC of the Income Tax Ac, provides for a deduction in computing the business income of an assessee
Only 1.4 million individuals fell in 30% tax bracket in 2012-13
They accounted for 75% of the total personal income tax collection
 "Only 1.4 million individuals fell in 30% tax bracket in 2012-13")
Online tax refunds reduce hardships of I-T assesses: Modi
Tax refunds of Rs 14,332 crore have been issued this year till August 5
 "Online tax refunds reduce hardships of I-T assesses: Modi")
1.36 crore non-filers identified under NMS: Govt
Total number of taxpayers of income tax in the country for the financial year 2015-16 is 5,24,38,971
 "1.36 crore non-filers identified under NMS: Govt")
E-returns jump 10% in assessment year 2016-17
According to the finance ministry, 226.98 lakh e-returns have been filed in 2016-17, compared to 206.55 lakh in 2015-16
Rs 1.23 lakh crore of income tax refund pending
Minister of State for Finance said Rs 97,825 crore are pending due to proceedings for scrutiny assessment
 "Rs 1.23 lakh crore of income tax refund pending")
Why you must file I-T returns on time
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries
Tough to use tax rulings to your advantage
HC or tribunal verdicts aren't the final word in disputes, but you can use them to persuade the assessing officer
 "Tough to use tax rulings to your advantage")
Didn't quote PAN with high-value transactions? Read this
Remember, the onus is on you to prove that income has been declared and tax has been paid
Did you get income-tax notice? Explain high-value transactions with ease
Remember you need to have all the documents to prove that tax has been paid on income that has been used to make investments or purchase of property
 "Did you get income-tax notice? Explain high-value transactions with ease")
I-T dept floats draft rules on taxing income
The Finance Act, 2016 has changed the definition of distributed income on which tax will be imposed
 "I-T dept floats draft rules on taxing income")