Page 26 - Income Tax

CBI arrests Chennai Income Tax officer, CA in Rs 2,25,000 bribery case

The CBI has arrested an Income Tax officer and a chartered accountant in Chennai for their alleged involvement in a Rs 2.25 lakh bribery case, officials said Saturday. The bureau's action came after an FIR was registered against CPWD's superintendent engineer Sanjay Chinchghare, assistant valuation officer D.Manjunathan and chartered accountant Satgurudas and Suresh, the assessee and property owner, they said. Chinchghare was also posted as district valuation officer in Chennai Income Tax Valuation Cell. A case was registered by the CBI against the accused on allegations that Suresh had declared a high-value property transaction in his Income Tax return which was referred to the Income Tax Valuation Cell by National Faceless Assessment Centre, New Delhi, the officials said. Manunathan allegedly inspected the property and underlined the difference in the property value, they said. "The competent authority in finalising the valuation was a superintending engineer (Planning) Chinchgh

Top headlines: I-T dept goes after tax arrears of over Rs 7.7 trn, PMAY-G

Business Standard brings you the top headlines at this hour

Income Tax searches on premises of Exel Group of companies in Hyderabad

The Income Tax department on Wednesday conducted searches on premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district for alleged irregularities in income tax payment

Trump's returns show how he used write-offs to pay little or no tax

The returns, which include his personal and business filings from 2015 to 2020, are the first complete look into Trump's tax records for the years he was running for office and in the White House

Should Indian states also levy an income tax?

An RBI report recently highlighted the grim fiscal condition of ten states. And of them, five seem to be in dire condition. What ails these states? What can be done to revive their economy?

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax

New York risks losing wealthiest residents over high taxes: Official

An analysis by New York City's Independent Budget Office released this week showed that the number of city taxpayers who earned between $1 million and $5 million declined 11% in 2020

Budget 2023: How technology may help achieve the impossible trinity

Experts have requested FM Sitharaman for a cut in income tax rates, increase in expenditure, and fiscal consolidation

TMS Ep323: Budget impact on taxes, Cyber attacks, Markets, Share buyback

How will Budget 2023 affect your taxes and investments? How can you protect your bank account from cyberattacks? Will 2023 belong to the Bulls or the Bears? What is a share buyback? All answers here

How will Budget 2023 affect your taxes and investments?

The next Budget will be the last full-year Budget ahead of the General Elections. How are your taxes likely to be affected amid calls from the industry to extend tax benefits to the common man?

Those selling products at market rate can't claim charitable status: ITAT

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit

Income Tax dept reduces time for taxmen to decide on refund adjustment

The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation. The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said. "If the assessee either does not agree or partially agrees for adjustment, the matter shall be referred by CPC immediately to the assessing officer, who shall, within 21 days from the date of such reference, shall provide feedback to CPC as to whether the adjustment should be made or not," it added AMRG & Associates Senior Partner Rajat Mohan said in many cases involving the adjustment of refunds, the Centralised Processing Centre (CPC) noticed that wrong categorisation of demand or lack of feedback from the AO (Assessing Officer) on the assessee's response led to incorrect adjustment of refunds, resulting in needless complaints and litigations. Another concern was .

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Cut in tax, schemes to generate jobs among demands in pre-Budget meet

Cut income tax for individuals, bring programmes to generate employment, increase spending to boost the economy and incentives for certain industries were the common pleas made in the pre-Budget meetings that Finance Minister Nirmala Sitharaman held with stakeholders. Sitharaman held eight rounds of discussions starting with India Inc on November 21 and ending with a round of consultation with economists on Monday. The Budget 2023-24 would be tabled in Parliament on February 1. The representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included a mechanism for green certification to help MSMEs, an urban employment guarantee programme to boost employment generation, and rationalisation of income tax, the finance ministry said. Schemes for improving domestic supply chains, reduction of taxes on electric vehicles, the introduction of EV policy, measures to promote India as a hub for green hydrogen, a portable social benefit for children,

Going truly federal: Why states should be allowed to levy an income tax

We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it

Chhattisgarh CM accuses ED, IT dept of illegal action, intimidation

Chhattisgarh Chief Minister Bhupesh Baghel on Sunday termed the actions of the Enforcement Directorate (ED) and Income Tax department as illegal and politically motivated, and accused officials of assaulting and intimidating people. The chief minister attacked the probe agencies in a series of tweets in Hindi on his personal Twitter handle. The ED had recently arrested four persons, including IAS officer Sameer Vishnoi, in connection with a money laundering case linked to the alleged extortion of mining transporters. "The Central agencies are the strength of citizens in the country and if people are afraid of these forces, then surely this negative power weakens the nation," Baghel tweeted. He further said that illegal acts of the ED and Income Tax officials during interrogation are coming to light and they are unacceptable. Complaints are being received about forceful rounding-up of people from homes, making them perform acrobatics, pressurising them to confess by assaulting them

Your tax-saving investments must match your financial planning targets

Ensure that such investments are in sync with your asset allocation and are not done hastily

About Rs 400 cr tax deposited by filing 500,000 updated ITRs so far

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about Rs 400 crore additional tax coming in, a senior government official said on Thursday. The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21). "So far about 5 lakh updated ITRs have been filed and about Rs 400 crore taxes have been paid," he said. The official said compliance has improved substantially and even corporates are filing updated income tax returns. "Data showed that one company has filed an updated return and the amount of tax paid is Rs 1 crore. This shows that there is volunta

TMS Ep309: Tax Rationalisation, OTT Content, Equity Market, Population

Why is India Inc batting for the small guy? What makes India's top OTT stories click? Is Indian stock market losing steam? What's the future of world population and India's share in it? Answers here