Page 35 - Income Tax

FinMin notifies rules for calculating taxable interest in PF account

The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum. In her Budget for 2021-22, Sitharaman had capped the tax-free interest earned on provident fund contribution by employees and employers together to a maximum of Rs 2.5 lakh in a year in an attempt to dissuade high earners from parking their surplus in what is supposed to be the common man's retirement fund. The Central Board of Direct Taxes (CBDT) on Wednesday notified rules for calculating taxable interest in provident fund. It said for the sake of calculation, separate accounts within the provident fund account shall be maintained beginning 2021-22 for taxable and non-taxable contributions made by a person. Nangia & Co LLP Partner Shailesh Kumar said the notification issued by CBDT has finally put to end the ambiguity which arose with the introduction of taxation of interest on provident funds with contribution above the specified

FM urges young tax officers to give ideas to amplify tech use in I-T dept

Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.

Pensioners' body urges government to exempt pension from income tax

The body in its first all-India conference held at Shirdi (Maharashtra) on July 23, 2018 has resolved that pension should be exempted from income tax.

Income-Tax notices give FPIs the jitters; experts suspect tech glitches

Experts called the development unprecedented and attributed it to a possible glitch in the new I-T portal

Top taxpayers may get flexibility to exit faceless assessment scheme

Recast of scheme is being discussed to bring in more flexibility into the system

NRIs should apply to I-T dept for relief from double taxation: Experts

If they have lost non-resident status because of enforced stay in India, this can bring them some reprieve

FinMin summons Infosys chief Salil Parekh over bugs in income tax portal

Taxpayers have since faced numerous problems accessing and using the portal since the day of its launch

CBDT issues Rs 49,696-cr refunds to 2.2 mn taxpayers from Apr 1-Aug 16

Income tax refunds of Rs 14,608 crore issued in 21,50,668 cases and corporate tax refunds of Rs 35,088 crore issued in 1,24,732 cases, the CBDT informed.

A look into the reasons for the strong personal income tax collection in Q1

In a quarter affected by the second wave, India saw record personal income tax collection at nearly twice that collected in Q1FY21, and 26% more than Q1FY20

Top headlines: Restructuring of I-T dept, highest-ever monthly exports

Business Standard brings you the top headlines of the day

I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error

The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic.

I-T dept issues 3 email IDs for grievances under faceless assessment scheme

The Income Tax (I-T) department on Saturday notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme.

Retrospective tax was indefensible; burying it shows pragmatism

Institutional arrogance in taxation has cost India dearly in terms of its image as a business-friendly, rule-driven country

Defer income-tax filing if you have to pay a penalty, say analysts

Do so once the glitches on the new tax portal have been ironed out

Don't forget mandatory disclosures while filing your income-tax returns

Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Income Tax refunds worth Rs 43,991 crore issued till July 26

The Income Tax Department on Friday said it has issued refunds worth over Rs 43,991 crore till July 26 in the current fiscal. It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore. "CBDT issues refunds of over Rs 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021. Income tax refunds of Rs 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs 30,651 crore have been issued in 1,12,567 cases," the I-T department tweeted.

Issues with new income tax portal to be resolved soon, says FM

Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.

I-T Dept denies making editorial decisions during search at Dainik Bhaskar

The Income Tax Department has clarified that no such act was carried out by its officials during the raid.

Centre mulls Ordinance for past tax assessment as litigation mounts

Many assessees have challenged reassessment notices under old law