Page 59 - Latest Updates on Income tax
Assets without records add to taxpayers worries
Govt has issued a new set of income tax return (ITR) forms that require people with an annual income of Rs 50 lakh and more to disclose their assets by July 31
 "Assets without records add to taxpayers worries")
How government is targeting big income tax evaders
Tax evaders can come clean by using the IDS by paying 30 per cent tax, 7.5 surcharge, 7.5 per cent penalty, totalling 45 per cent
 "How government is targeting big income tax evaders")
Taxman targets 100,000 high-value transactions
In the first tranche, CBDT to issue letters to those spending Rs 1 crore a year
 "Taxman targets 100,000 high-value transactions")
Parthasarathi Shome: I-T department statistics - II
Taxpayer profiles reveal worrisome characteristics
 "Parthasarathi Shome: I-T department statistics - II")
Implementation of new accounting standards postponed
Breather for companies as norms are deferred by a year
 "Implementation of new accounting standards postponed")
Taxmen to meet UP traders, industry over amnesty scheme
Centre has provided a 4-month amnesty starting June 1 to evaders, giving them a chance to come clean and pay 45% tax
 "Taxmen to meet UP traders, industry over amnesty scheme")
Parthasarathi Shome: I-T Department statistics - I
The department has revived publication of useful statistics
 "Parthasarathi Shome: I-T Department statistics - I")
Income Tax dept says media wrong to report that it is arresting wilful tax defaulters
It was reported yesterday that IT department will block PAN, cancel LPG subsidy and ensure loans are not sanctioned to the wilful tax defaulters
 "Income Tax dept says media wrong to report that it is arresting wilful tax defaulters")
Income tax arrears: Blocking of PAN, new bank loans likely
I-T department talks of arresting errant defaulters, retracts later
Do not lose tax benefits
The tax department can withdraw exemptions claimed earlier if certain conditions aren't met
 "Do not lose tax benefits")
Are you a wilful tax defaulter? IT dept may block your PAN, LPG subsidy
A number of measures have been mooted by the tax department to curb the menace of large-scale tax avoidance and evasion
 "Are you a wilful tax defaulter? IT dept may block your PAN, LPG subsidy")
PM set no target on income tax assessees: Finance ministry
Clarifies that the Prime Minister has asked the Income Tax Department to widen tax base, but no specific target has been set
 "PM set no target on income tax assessees: Finance ministry")
Double taxpayer base to 100 mn, PM tells taxmen
Officers asked to build 'bridge of confidence' with taxpayers
 "Double taxpayer base to 100 mn, PM tells taxmen")
Four month window to disclose black money opens today
Domestic black money holders can come clean by paying tax and penalty of 45% on undisclosed assets
 "Four month window to disclose black money opens today")
IT dept has decided to declare the name of tax defaulters
Earlier exercise was restricted to people with huge defaults upto Rs 20-30 cr but the new measure will bring it to Rs 1 Cr
 "IT dept has decided to declare the name of tax defaulters")
 "I-T dept asks taxman to place info request to tax havens")
CBDT declares Aug 31 deadline for clearing pending ITRs, refunds
It has said that this the final opportunity being provided to the taxpayers to regularise their pending ITRs
I-T refunds worth Rs 1.22 lakh crore issued in FY'16: Govt
In 2015-16, more than 94% of income tax returns were filed online
Income tax department launches tax calculator; e-filing begins this week
The calculator works once a filer correctly feeds his basic details and information, as notified for the current assessment year by the government
 "Income tax department launches tax calculator; e-filing begins this week")