Page 35 - Income Tax

Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21

6% fall in corporation tax due to Covid-related issues

IT refunds of over Rs 2.62 trillion issued in FY21, an increase of 43%

The total refunds issued in 2019-20 were worth Rs 1.83 trillion

PAN, Aadhaar linking deadline ends today, here's how to do it step-by-step

An individual will be levied Rs 1,000 as a fine if the Aadhaar and PAN are not linked after March 31, 2021

Respond to Income Tax notice, or face recurring penalties: Experts

Provide documentary evidence, else officer could make assessment based on his judgement

Budget proposals will ease taxpayers' burden from April 1, say experts

But changes like taxation of EPF contributions above Rs 2.5 lakh will pinch the wallet

CBDT may take measures to correct withholding tax anomaly for FPIs

The CBDT is expected to rectify the same either in the Finance Bill or the I-T Act

I-T refunds worth over Rs 2 trillion issued so far to taxpayers this fiscal

Of this, personal income tax refunds of Rs 71,865 crore have been issued to over 1.99 crore taxpayers and corporate tax refunds of over Rs 1.28 lakh crore have been issued in 2.20 lakh cases

Britain to freeze personal tax thresholds until 2026, says Rishi Sunak

Sunak said the freeze was part of an approach to start fixing the public finances as he looks for ways to raise funds following unprecedented measures to support jobs and the economy during Covid

Avoid tax credit mismatch in income-tax return request: Experts

In case of an error, file a revised TDS return under Section 154(1)

Avoid tax credit mismatch in income-tax return request: Experts

In case of an error, file a revised TDS return under Section 154(1)

Pay your family's insurance premiums and PPF contributions to save tax

While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws don't apply

IT dept detects Rs 220 cr black income from TN-based tiles manufacturer

The action was carried out on February 26 and a total of 20 premises in Tamil Nadu, Gujarat and Kolkata were searched and surveyed, it said

Tips on saving tax on the interest you earn on your savings bank account

Interest earned on balances in savings accounts held with banks or post offices is taxable under "Income from other sources". Did you know that you can actually save this tax to an extent?

US: Supreme Court won't halt turnover of Donald Trump's tax records

The court's action is the apparent culmination of a lengthy legal battle that had already reached the high court once before

Equalisation levy: Objective, Budget proposal and impact

The provision of an equalisation levy has rattled the Industry. Many businesses are planning to move court over the changes proposed in the Budget. In an exclusive interview with Business Standard’s Dilasha Seth, former CBDT member Akhilesh Ranjan, who was instrumental in the introduction of equalisation levy in 2016, explain in detail the objective of the levy and why it is needed. Watch the video.

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

AAR in new avatar: Old wine or efficient machinery for disposal of cases?

Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers

PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021

Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation, notes analysts at Jefferies

For direct taxes, Budget 2021 has largely maintained status quo

To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday

Personal I-T revenue now equals all other direct taxes: That's a problem

Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed