Page 5 - Income Tax Collection

SC upholds 90,000 tax reassessment notices issued under old regime

The tax department had issued these notices under section 148 of the income tax act, alleging under-reporting and misreporting of income for years prior to the last three assessment years

I-T Act review: Govt to invite suggestions from industry next month

The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October, as part of an exercise to simplify the direct tax law, sources said. In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income Tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation. Following the Budget announcement, the Central Board of Direct Taxes (CBDT) had set up an internal committee for a comprehensive review of the six- decade old direct tax law and make it concise, lucid, easy to read and understand. "In the meeting with industry associations, the revenue department suggested that the functionality be developed by the first week of October to give suggestions for reworking the income tax law," a source said. Another source said that the exercise is not to write a new tax law or a tax

Vivaad Se Vishwas 2024: Assess strength of your case before settling

"The scheme, which will be effective from October 1, 2024, aims to resolve pending income tax disputes under the Finance Act, 2024," says Mumbai-based chartered accountant Suresh Surana

Tech flaws in I-T system target honest taxpayers, miss real evaders

The DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments

Lesser settlement amounts for those who file tax declaration by Dec 31

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter. Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes. The scheme shall come into force with effect from October 1, 2024. Further, the Rules and Forms for enabling the Scheme have also been notified. The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter, the Central Board of Direct Taxes (CBDT) said in a statement. Four separate Forms have been notified - Form-1: Form for filing declaration and

Explained: Are details of income-tax return filings confidential?

Experts cited that disclosing an individual's income tax returns constitutes a violation of their fundamental right to privacy as recognized by the Indian Constitution

Market regulator Sebi search-and-seizure operations jump 2x in FY24

Locations outside metros also see action in FY24

No need for tax clearance certificate for most travelling abroad: CBDT

Only specific cases are required Income-tax Clearance Certificate, clarifies the Central Board of Direct Taxes

Net direct tax collection rises 22.5% to Rs 6.93 trillion till Aug 11

Of the total direct tax mop-up, personal income tax (PIT) continues to outpace corporation income tax (CIT)

New income-tax regime: Small savings schemes likely to take a hit

Especially, PPF may see a sharp decline in inflows

Record 72.8 million ITRs filed till Jul 31 deadline, says I-T department

About 5.9 million were first-time filers, reflecting widening of the tax base

Filing belated ITR, balancing investment risk: Top personal finance stories

This week we write about how you can file tax returns after deadline and why investors must temper their market expectations

Last-minute tax filing: Follow this checklist to avoid errors, oversights

Here's a guide to help you complete your ITR on time

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

People are opting, and seeing value in new tax regime: CBDT Chairman

In a conversation, the chief of the direct tax apex body said that extension of the 15 per cent concessional rate depend on how the companies utilising the benefit

End of angel tax to new I-T slabs: Budget 2024 is political but prudent

This Budget will further energise the aspirations of our neo-middle class. Unprecedented opportunities will be unleashed for our younger generation, says PM Modi

Cut in LPG prices to revision of tax slabs: Expectations from Budget 2024

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy

In tax records, the marked rise of companies reporting zero income

Fewer than 1,000 firms have reported income of more than Rs 500 crore

Cipla receives additional Rs 773.44 crore tax demand from income tax office

Cipla's share price declined by 0.56 per cent, ending the day's trade at Rs 1,507.50 apiece on the BSE

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura