Page 7 - Latest Updates on Income tax
Recognised startups spared Section 68 scrutiny, others under watch: CBDT
The clarification comes amid income-tax notices issued to startups for foreign funding routed via Singapore
 "Recognised startups spared Section 68 scrutiny, others under watch: CBDT")
Centre appoints four senior IRS officers as members of CBDT board
The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in India
 "Centre appoints four senior IRS officers as members of CBDT board")
No I-T on new flat received exchange for old under Section 56(2)(x)
The judgment is likely to benefit prospective homeowners who are planning to exchange their old homes for upgraded accommodations in newly developed residential projects
 "No I-T on new flat received exchange for old under Section 56(2)(x)")
Courts must flag cash deals of ₹2 lakh or more to tax dept, says SC
Experts say that the judgment means anyone who has accepted such a cash payment will now think twice before filing a case in court
 "Courts must flag cash deals of ₹2 lakh or more to tax dept, says SC")
Old vs new tax regime: Key factors to help you choose before filing
After successfully filling out the income-tax return, the next step is to verify it. If a return is filed but not verified within permitted time, it shall be deemed as invalid return
 "Old vs new tax regime: Key factors to help you choose before filing")
India's richest report only a fraction of their wealth, says a new study
They are not just underreporting income; they are reshaping what the income tax system perceives, says study
 "India's richest report only a fraction of their wealth, says a new study")
Fake invoices: I-T dept reopening hundreds of old assessment cases
Businesses that may have claimed fake purchases in taxman's crosshairs
 "Fake invoices: I-T dept reopening hundreds of old assessment cases")
Finance ministry notifies form ITR-B to report undisclosed income
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income
 "Finance ministry notifies form ITR-B to report undisclosed income")
Bhushan Steel buy case: Tata Steel gets tax notice, challenges in HC
Tata Steel said that the income tax return of Bhushan Steel for FY 2018-19 was accepted by the income tax department in June 2020 without any demand pertaining to the waiver of loan
 "Bhushan Steel buy case: Tata Steel gets tax notice, challenges in HC")
New rules from April 1: Zero tax on income up to Rs 12L, see all changes
Salaried individuals with an income of up to Rs 12.75 lakh will have no tax liability after accounting for a Rs 75,000 standard deduction
 "New rules from April 1: Zero tax on income up to Rs 12L, see all changes")
New financial year set to bring key tax, pension, and MSME reforms
The new income tax slabs under the new tax regime have been modified to increase the basic exemption limit from ₹3 lakh to ₹4 lakh
 "New financial year set to bring key tax, pension, and MSME reforms")
Missed advance tax deadline? Salaried person can still avoid interest
Failing to pay advance tax or adjust TDS in time may attract interest under Section 234C for delays and 234B if 90% of the total tax remains unpaid by March 31
 "Missed advance tax deadline? Salaried person can still avoid interest")
Taxmen to assess only undisclosed income in search cases: Finance Bill
The amendment, which was approved by the Lok Sabha on Tuesday, will be made effective retrospectively from September 1, 2024
Old and new tax regimes: How to choose the best option for saving money
Each regime has its own tax slabs, deductions, and exemptions
Financial transactions within family: Maintain record to avoid IT notice
Banks are required to report cash deposits exceeding ~10 lakh in savings accounts or ~50 lakh in current accounts, which may trigger scrutiny
Should you continue investing in PPF, SSY, NPS under the new regime?
Salaried taxpayers having non-business income will have the option to choose between the new and old tax regimes every year
 "Should you continue investing in PPF, SSY, NPS under the new regime?")
Income Tax Bill 2025: Centre seeks public input on bill, launches eportal
The new income tax bill seeks to modernise the tax system by simplifying it and ensuring greater transparency
 "Income Tax Bill 2025: Centre seeks public input on bill, launches eportal")
FAQs on revised guidelines for compounding of offences under I-Tax act
Following the issuance of the guidelines, queries were received from stakeholders seeking clarifications on various provisions
Govt likely to bring back single tax return system for search cases
Single return may cover six years plus part-year when investigation is done
 "Govt likely to bring back single tax return system for search cases")
March 15 is deadline for last advance tax installment: Know if you must pay
Individuals with a total liability of more than Rs 10,000 for the year must pay advance tax