Page 39 - Income Tax

Taxpayers' charter: Expect more fairness

The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise

I-T dept to intimate taxpayers under scrutiny about faceless assessment

A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act

Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme

Only central government staff looking for debt-oriented schemes should go for it

Faceless tax appeals may lead to rise in litigation, say officials

Consultants say they won't get fair chance to explain case

IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers

The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers during this period. "CBDT has, so far, issued refunds of over Rs 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs 60,472 crore have been issued in 1,58,280 cases," the Income Tax department tweeted. The Central Board of Direct Taxes (CBDT) is the apex decision-making body in direct tax matters, administers personal income tax and corporate tax. The government has emphasised on providing tax related services to taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.

Compliance cost

Tax authorities must explain their data demands

Anonymous, at a distance: How faceless assessment will help taxpayers

Taxpayers will be selected for assessment and other procedures through a system that uses data analytics, artificial intelligence and machine learning.

WFH could mean higher tax for some, altering pay structure may give relief

But many expenses incurred during WFH can't be treated as non-taxable until law is amended

FinMin defends proposal to bring some expenditures under I-T scanner

Sources say burden on reporting transactions will not fall on assessees

Not taken into confidence for faceless assessment scheme: Tax officers

In a letter to the CBDT Chairman P C Mody, the association has highlighted the unease among 97 per cent of the I-T department workforce with respect to the implementation of the scheme

Why a taxpayers' charter is a non-starter

The charter is a bunch of promises, full of homily-like vision statements

CBDT undergoing significant restructuring for faceless assessment

4,224 officers have been diverted to the faceless assessment unit, leaving 2,000 in the residual jurisdiction, which will no longer carry out assessments

Under faceless assessment, all communication with taxpayers to be from NeAC

In detailed guidelines on implementation of the scheme the CBDT said, The NeAC/ReACs hierarchy will be tasked with management of Faceless Assessment proceedings

FM Sitharaman asks tax officers to make faceless appeal system a success

The faceless appeal system was also unveiled by prime minister Narendra Modi on Thursday

Taxpayer charter, faceless assessment may not always reduce torment: Expert

Unreasonable collection targets, mainly towards year end, often prompt tax official to make aggressive demands; in case of disputes, the official may favour the dept's view

Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens

In a list of proposed measures to widen the tax base, in a tweet, government said no taxpayer should be left behind in the drive to ensure better compliance and transparency

Govt modifies e-assessment scheme after PM unveils Taxpayers' Charter

The nomenclature of the scheme has now been changed to "Faceless Assessment Scheme" from the existing "E-assessment Scheme"

Govt determined to make income tax system seamless: Anurag Thakur

The government is determined to successfully implement an income tax system that is "seamless, painless and faceless", Minister of State for Finance Anurag Thakur said on Thursday. He made the comments while responding to a tweet by former Union minister and Congress leader Milind Deora that if implemented well, the faceless assessment and appeal will make India a more business friendly nation. In a major overhaul of tax administration, Prime Minister Narendra Modi on Thursday unveiled faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials. "Dear Milind, I assure you, we are determined to successfully implement the vision laid out by PM @narendramodi of a "SEAMLESS", "PAINLESS" and "FACELESS" @IncomeTaxIndia system. I look forward to your feedback!," Thakur said in a tweet. Replying to the minister, Deora said, "Good to hear that, Anurag. It's been well received by Chartered Accountants & industry, especially MSMEs. Less tax litigation ...

Explained: How Modi's tax reforms will benefit both taxpayer and I-T dept

Your guide for Modi's taxpayers' charter and its benefits

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