Page 7 - Income Tax Act
FinMin expects at least 80% of taxpayers to move to new tax regime
The government introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplified tax regime
 "FinMin expects at least 80% of taxpayers to move to new tax regime")
Budget 2020: Will taxpayer's charter help bridge trust deficit?
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers
 "Budget 2020: Will taxpayer's charter help bridge trust deficit?")
Not sharing PAN, Aadhaar? Employer may deduct 20% tax from your salary
In an 86-page circular on the matter, CBDT directed mandatory quoting of PAN or Aadhar number by employees under Section 206 AA of the Income Tax Act.
 "Not sharing PAN, Aadhaar? Employer may deduct 20% tax from your salary")
Understand legal nitty-gritty of investing in Indian realty for NRIs
NRIs must ensure that the project they invest in is registered with the state RERA authority and complies with its regulations
 "Understand legal nitty-gritty of investing in Indian realty for NRIs")
Looking at Budget with hope for making offshore funds India-friendly
The objective of introducing this Section was to ensure offshore funds do not pay incremental tax just because those are managed out of India.
 "Looking at Budget with hope for making offshore funds India-friendly")
Amid revenue shortage, govt begins audit of GST returns for FY 2017-18
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three
 "Amid revenue shortage, govt begins audit of GST returns for FY 2017-18")
Budget 2020: I-T Act may allow seizure of trustees' personal assets
The new provision is likely to come in Budget next month
 "Budget 2020: I-T Act may allow seizure of trustees' personal assets")
Industry players lobby for relaxation of offshore fund taxation rules
According to current norms, the total investment of a person resident in India, whether directly or indirectly, shall not be more than 5 per cent of the fund corpus
 "Industry players lobby for relaxation of offshore fund taxation rules")
Want to avail of home-loan overdraft? Do it only if you have surplus funds
Savings done by depositing extra money into the home loan overdraft facility should outweigh the higher interest cost charged from you
 "Want to avail of home-loan overdraft? Do it only if you have surplus funds")
I-T Department conducts searches on business group; 28 premises covered
A total of 28 premises were covered in search action, including 15 under Section 132 and 13 under Section 133A
 "I-T Department conducts searches on business group; 28 premises covered")
Two in three cos may shift to new corporation tax rates immediately: Crisil
Half of those shifting may use tax savings for ongoing capex to strengthen balance sheet
 "Two in three cos may shift to new corporation tax rates immediately: Crisil")
Why not a states income tax?
India's 'normal' tax rate has been between 40 and 55 per cent for almost 800 years
 "Why not a states income tax?")
Handle income tax related issues of startups with utmost care: CBDT
On August 30, the CBDT had notified creation of a five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues
 "Handle income tax related issues of startups with utmost care: CBDT")
Top 10 biz headlines: Auto sales down 23.5%, direct tax code delay & more
From PV sales declining for the 10th straight month to chances that the govt is unlikely to replace the Income Tax Act with the direct tax code, here are the top business headlines for Tuesday
 "Top 10 biz headlines: Auto sales down 23.5%, direct tax code delay & more")
Tata Trusts' run-in with authorities puts spotlight on how trusts are taxed
Though Tata Trusts was granted cancellation and that order was upheld by the Income Tax Appellate Tribunal, whether tax should be levied or not has become a bone of contention
 "Tata Trusts' run-in with authorities puts spotlight on how trusts are taxed")
Changes in I-T rules kick in today; to help govt track taxpayers' income
The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1
 "Changes in I-T rules kick in today; to help govt track taxpayers' income")
Task force recommends four far-reaching changes in Income Tax law
Suggests rejig in tax slabs, with some relief for those earning up to Rs 55 lakh a year; Corporation tax rate may come to 25% for all; DDT may go, procedures for dispute settlement may be streamlined
 "Task force recommends four far-reaching changes in Income Tax law")
Enhanced limits to reduce pending direct tax litigation in one stroke
The CBDT circular has come at an appropriate time. It will provide much needed respite to business entities and taxpayers
 "Enhanced limits to reduce pending direct tax litigation in one stroke")
Committee submits report on replacing I-T Act with Direct Tax Code
The recommendations made by task force headed by CBDT member Akhilesh Ranjan have not been made public.
 "Committee submits report on replacing I-T Act with Direct Tax Code")
Direct Tax Code 2.0: Task force for big relief to individual taxpayers
Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief
 "Direct Tax Code 2.0: Task force for big relief to individual taxpayers")
