Page 9 - Latest Updates on Income tax
Are non-financial firms' financial investments here to stay, or at risk?
There are two ways of looking at this problem - first, has the composition of reported income changed? And second, has the composition of assets changed?
 "Are non-financial firms' financial investments here to stay, or at risk?")
74% top corporate taxpayers favour real-time compliance monitoring: Report
Deloitte's Income Tax Digitalisation in India survey found a strong push for the use of real-time data, e-wallets, APIs, and emerging technologies like AI and blockchain in the I-T department
 "74% top corporate taxpayers favour real-time compliance monitoring: Report")
ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine
The deadline to submit revised or belated ITRs is December 31
 "ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine")
Income tax raids common since 2014: CM Hemant Soren questions Centre
He went on to say that he had spoken several times about the state of constitutional agencies and how they were functioning in the country
 "Income tax raids common since 2014: CM Hemant Soren questions Centre")
TDS applicable on salaries of nuns, priests in govt-aided schools: SC
A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable
 "TDS applicable on salaries of nuns, priests in govt-aided schools: SC")
CBDT allows tax officials to waive or reduce interest due from taxpayers
Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay
 "CBDT allows tax officials to waive or reduce interest due from taxpayers")
Income tax dept receives 6,500 suggestions on review of income tax act
Public inputs and suggestions were invited in four categories simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions
 "Income tax dept receives 6,500 suggestions on review of income tax act")
Irish tax perks under I-T lens: What it means for aircraft leasing?
The I-T department's scrutiny stems from notices issued to the offshore firms, asserting that their primary motivation for operating from Ireland is to evade taxation on operating lease rentals
 "Irish tax perks under I-T lens: What it means for aircraft leasing?")
Govt extends ITR filing deadline for corporates by 15 days till November 15
By extending the deadline, taxpayers and professionals alike can prioritise accuracy and compliance
 "Govt extends ITR filing deadline for corporates by 15 days till November 15")
Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double
Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department
Tax dept simplifies compounding offence process with lower penalties
New guidelines will help businesses, individuals in rectifying mistakes in taxation
 "Tax dept simplifies compounding offence process with lower penalties")
Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion
Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago
 "Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion")
Donald Trump vows to eliminate income taxes on Americans living abroad
No-taxes-on-Americans-abroad pledge is the latest in a series of Trump plans to cut personal tax bills, he's also floated exempting tipped wages, overtime pay and Social Security benefits from taxes
 "Donald Trump vows to eliminate income taxes on Americans living abroad")
CBDT forms an internal committee for full review of Income-Tax Act
Public feedback invited to help make the Act concise and easy to understand
 "CBDT forms an internal committee for full review of Income-Tax Act")
Tax dept invites public inputs for I-T Act review to simplify provisions
The Finance Minister in the 2024-25 Budget presented in July had proposed that the I-T law review will be completed in six months
SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021
Over 9,000 pleas were filed in different high courts challenging the re-assessment notices and several judgements were passed in favour of the taxpayers leading the revenue department to move to SC
 "SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021")
FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons
The minister has also asked the department to prepare a list of "expert" tax law advocates so that they can represent the I-T Department or the revenue side effectively at judicial forums
 "FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons")
Govt extends income tax audit report deadline to Oct 7: Check details
The move comes in response to challenges taxpayers faced with electronic submission
 "Govt extends income tax audit report deadline to Oct 7: Check details")
Income tax audit report deadline extended to Oct 7: What you need to know
This extension provides taxpayers, including individuals and companies, additional time to meet their compliance obligations
 "Income tax audit report deadline extended to Oct 7: What you need to know")
Mechanism to control GST fraud in ITC claims expected in November
In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore
 "Mechanism to control GST fraud in ITC claims expected in November")
