Page 25 - Income Tax

I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe

The Income Tax Department has conducted searches against two major luxury watch sellers in Delhi as part of a tax evasion probe, officials said Tuesday. The sleuths launched the raids on Monday on the premises of Kapoor Watch Company and Johnson Company and their promoters on Monday, they said. Phone calls and email sent by PTI to the two companies did not elicit a response. The officials said the tax department looked at the account books, sales bills and other documents as part of the searches conducted to probe alleged tax evasion and charges of reported cash sale of watches that are worth a few lakhs. The two companies have showrooms in prominent Delhi markets and deal in several high-end watches, including that of foreign brands.

CBDT extends last date for filing TDS for non-salaried individuals

Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter

Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report

Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore

Back to the 1950s: State to lead investment and higher taxes to fund it

The reason for higher taxation is the inability of the private sector to invest on the scale required to satisfy the minimum thresholds of political and social needs. We are back to the 1950s

Gifts received from non-relatives of above Rs 50,000 a year are taxable

Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable

Union Budget 2023: Individual taxpayers can expect some relief

Experts caution that fiscal support alone may create artificial demand and jack up prices

Dominant Jeremy Hunt refuses to rule out new U-turn on Truss taxes

Hunt declined to rule out delaying by a year the prime minister's plan to cut the basic rate of income tax, a move that would amount to another U-turn on a key plank of Truss's "mini-budget."

ITAT rejects equalisation levy over jurisdictional grounds, setback for I-T

Assessee was subjected to disallowance of Rs.8.89 cr for not charging EQ on the AdWords charges paid to Google Singapore

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

FM asks taxmen to focus on faster processing of ITRs, grievance redressal

Finance Minister Nirmala Sitharaman on Tuesday asked income tax officers to focus on quick processing of ITRs, speedy refund issuance and grievance redressal. Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up. "That has brought in equity because taxation will have to be on those who can pay more and on the shoulders tax more and not on small items of daily use," Sitharaman said. With the faceless assessment coming in and technology usage, the fear of tax authorities has reduced, she said, adding taxpayers now feel taxes are being collected in a non-discretionary way without any subjectivity. She outlined three 'R's for the income tax department to follow -- quicker processing of return, speedier refund and redressal of grievance. "What is well within you and never going to change and never needs anything more are these three 'R's," she said, asking tax officers to quickly assess and process ..

Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief

The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22. "The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal," Gupta said. At the Finance Minister's Award ceremony for CBDT officers, Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day. July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal. Gupta said I-T refunds worth Rs 1.41 lakh crore have been issued so far this fiscal, which is an increase of 83 per cent over the same period

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Tax collections to continue rising trend in coming months, say experts

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

Even foreign nationals have right to personal liberty: Huawei chief to HC

Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore

Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

Section 54 benefits available on house built on contiguous plots: Experts

If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit

No restrictions on RRPR Holding for warrant conversion, says I-T dept

In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax