Page 36 - Income Tax

Budget 2021: Sanitaryware industry seeks tax rationalisation to push demand

The GST for sanitaryware is at 18 per cent, and a reduction of the rate will help increase demand, he added

LIVE: Rs 1.81-trn I-T refunds issued to 17.4 mn taxpayers so far in FY21

Personal income tax refunds of Rs 62,231 crore have been issued to over 17.1 million taxpayers. Stay tuned for Latest LIVE news

Union Budget made easy: Five key things you need to know

Do you get intimidated by Budget terminology? Business Standard's Bindisha Sarang explains a glossary of terms used by the Finance Minister in her speech on February 1. Watch this short video on five key things you should about the Union Budget.

Companies call for demand creation and income tax relief in Budget

Only 28 per cent in Ficci survey are for fiscal consolidation

Income tax refunds worth Rs 1.76 trillion issued between Apr 1-Jan 18

The Income Tax department on Wednesday said it has issued over Rs 1.76 trillion worth refunds to over 1.65 crore taxpayers so far this fiscal.

Raising exemption limit at the cost of tax reform a 'dangerous' proposal

Spurring demand or increasing investments -- what is the bigger challenge for the FM in this Budget? Tune in to learn why it would be prudent for the govt to allocate more for capital expenditure

Beyond Budget Headlines: Raising tax exemption limit a 'dangerous' proposal

The Budget is going paperless. The move was expected, as printing documents during Covid pandemic is problematic. So, how should people access the documents? In the sixth episode of ‘Beyond Budget Headlines with AKB’, Business Standard’s special video series in the run-up to Budget 2021, we also discuss the speculation and consequences of raising the tax exemption limit and the possibilities of implementing a Covid cess or surcharge. The move of raising exemption limit could see income tax rates increasing for those earning above Rs 5 lakh, says our in-house policy expert A K Bhattacharya, as he terms it a 'dangerous' proposal. Spurring demand or increasing investments -- what is the bigger challenge for the Finance Minister in this Budget? Watch this episode to learn why it would be prudent for the government to allocate more for capital expenditure

Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax

Family members of the last Nizam of Hyderabad have written to Finance Minister urging her to resolve the Nizam Jewellery Trust income and wealth tax issue which has been pending for the last 26 years

Govt to set up national, regional centres for faceless penalty proceedings

As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings

Realtors' body CREDAI seeks tax sops in Budget to boost housing demand

CREDAI suggested government to increase tax exemptions in upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans

Budget should reduce income tax rates, invest in infrastructure: CEOs to FM

The Budget will be presented in the backdrop of a revival of the economy and expectations of good corporate earnings in the December quarter

Income tax returns cross 58 million hours before deadline, shows data

In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past

Special units created in I-T dept for probe into undisclosed foreign assets

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad

I-T refunds worth Rs 1.64 trn issued to 10.4 million taxpayers till Jan 4

The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 lakh crore to over 1.41 crore taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 53,070 crore and corporate tax refunds of over Rs 1.10 lakh crore during this period. "CBDT issues refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between 1st April,2020 to 04th January,2021.Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of Rs. 1,10,946 crore have been issued in 2,06,847cases," the Income Tax department tweeted. The Department on Tuesday had said that over 5 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 4. The government has extended the ITR filing deadline for individuals till January 10, and for companies till February 15.

I-T dept records Robert Vadra's statement for 2nd day in benami assets case

The I-T dept questioned Robert Vadra for about four hours on the second consecutive day on Tuesday in connection with its probe against him under the benami assets law, official sources said

ITAT omits inadvertent observations made against Cyrus Mistry in its order

The tribunal's corrigendum comes after it made strong remarks against Mistry while restoring the tax exemption of the three major Tata Trusts

Covid impact: Govt extends deadline for filing income tax and GST returns

Individual must now file return by January 10, 2021; due date for ITR filing for companies extended by 15 days to February 15, 2021

Deadline for filing income tax returns by individuals extended to Jan 10

'Continued challenges' faced by people in the coronavirus pandemic prompts tax department to extend deadlines.

Around 43.7 million income tax returns for FY'20 filed till December 28

Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday