Page 10 - Income Tax

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

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

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

Tax dept invites public inputs for I-T Act review to simplify provisions

The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. "The committee invites public inputs and suggestions in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions," the CBDT said. A webpage on the e-filing portal -- https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review -- has been launched and the public can access the page by entering their mobile number and ...

SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021

In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue department after April 1, 2021, under old provisions. The top court on Thursday set aside the verdicts of several high courts that had held that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) of 2021 will not extend the time limit for issuing reassessment notices under the Income Tax Act. TOLA was brought in during the COVID-19 pandemic to extend time limit for income tax compliances. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dealt with two legal questions related to the interplay of three Parliamentary statutes, the Income Tax Act, the TOLA and the Finance Act. The issues, adjudicated upon by the top court, read: "Whether TOLA and notifications issued under it will also apply to reassessment notices issued after April 1, 2021 and whether the ...

FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons

Union Finance Minister Nirmala Sitharaman has asked the Income Tax Department to "analyse" court cases the taxman lost over the last decade in order to draw lessons and ensure litigation disputes are eliminated, official sources said Monday. 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 including in insolvency cases before the National Company Law Tribunal (NCLT), the sources said. The decisions were taken during a meeting of the top brass of the tax department and its administrative authority, the Central Board of Direct Taxes (CBDT), held in Delhi last month. The principal chief commissioners and directors general of the I-T department apart from the CBDT chairman, members and officers were part of the meeting, they said. The sources told PTI that finance minister Sitharaman directed the CBDT to "audit" the cases won or lost by the departme

Govt extends income tax audit report deadline to Oct 7: Check details

The move comes in response to challenges taxpayers faced with electronic submission

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

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

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

No tax rate reductions for old regime, clarifies Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime

Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS

"It's possible that the delay in TDS deposits could have been from TCS's side, but it seems more likely to be a technical error," said a senior partner at a major consultancy firm

Looking into vacancies in income tax appellate tribunals: Supreme Court

The Supreme Court on Friday told a Bengaluru-based bar body that it is looking into issues related to vacancies in income tax appellate tribunals (ITATs). As soon as a bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra assembled to hear the listed cases, a counsel representing the Bangalore Bar Association (BBA) made a mention about vacancies in the ITAT in the city. We are seized of the matter... we will look into the issue of pending vacancies, the CJI said and assured an early hearing. The ITAT is a quasi judicial body to deal with appeals under laws related to direct taxes in the country and appeal against its orders lie in high courts. Initially, ITAT had three branches in Delhi, Kolkata and Mumbai. The number increased to 63 and now the tribunal benches have seats in 30 cities covering the entire country. The ITAT has 126 members, including a president, a senior vice-president, nine vice-presidents, and 115 judicial and accountant ...

Congress seeks ICICI Bank's clarification on Sebi chief's retiral benefits

Congress spokesperson Pawan Khera on Tuesday issued a statement questioning ICICI Bank's explanation over retirement benefits allegedly received by Sebi Chief Madhabi Puri Buch

Panel headed by V K Gupta to simplify decades-old direct tax laws

More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review

New database on registration status of charities for taxation clarity

Cancellations of registration must be uploaded on I-T website by August 31

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961, he said and added that the exercise is being conducted under a central government-mandated comprehensive review of the law. Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working to identify areas of improvement. This is a work in progress...," he

Tax dept issues 10,000 reopening notices to various entities so far

Initial data suggest undisclosed income to the tune of Rs 15,000 cr

Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days

Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days. Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024. About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days. "We have made strides in digitisation...About 4 crore returns were processed within 15 days..," Malhotra said at the 165th Income Tax Day celebration. Malhotra said that in the last decade, the direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore. Also, the tax-to-GDP ratio has increased to 6 per cent from 5.6 per cent over this period.

Who needs an income tax clearance to travel overseas? CBDT clarifies

Only individuals in specific circumstances are required to obtain the document