Page 42 - Income Tax

Centre seeks India Inc's view on economic revival amid Covid-19 outbreak

Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny

Income tax staff in a fix over 'informal' reporting orders amid lockdown

While some are stuck in towns other than their place of work, others are finding it difficult to commute as they have to rely on public transport

I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately

The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers

Treat coronavirus-related tax concerns as exceptional, says OECD

The work scenario has changed across the world due to Covid with most employees working from homes while others may have got stuck in foreign countries because of the lockdown

Six changes in tax rules that come into effect today

Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today

Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund

The Ordinance also amended the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund

Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes

Change in financial year for I-T purposes expected amid Covid-19 outbreak

Vivad se Vishwas: IT dept begins implementation, taxpayers await rules

The scheme is open till June 30 and an additional 10 per cent needs to be paid for taxes paid after March 31

Govt needs Rs 3.06 trillion in 20 days to meet direct tax target

The data showed that the government has collected 73.8 per cent of direct tax target as given in RE by March 10 and 88.71 per cent of indirect tax mop-up projection by February 29

Govt approves tax reimbursement scheme for exporters, MEIS to be phased out

These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not exempt or refunded under any other existing mechanism.

To provide clarity on Vivad se Vishwas scheme, CBDT releases FAQs

'Vivad Se Vishwas' scheme was announced during the Union Budget, 2020 to provide for dispute resolution in respect of pending income tax litigation

I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme

Vivaad Se Vishwas scheme to help save time, money in fighting disputes: FM

As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals

Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told

Declarants will need to attach the application on withdrawing cases from the CIT (A), the IATA, High Court, or the Supreme Court, along with the Vivad se Vishwas form.

Pay taxes honestly to generate funds for development works: Prasad

"Only two crore people in a country with a population of 130 crore fall in the category of tax-paying professionals. Is this fair where people are prospering?" Prasad asked.

Reduce regulatory risk for growth

The recognition of this problem is a welcome development. Regulatory overreach and higher risk perceptions are a major concern, constraining business growth that need to be addressed.

Make an evidence-based choice between the old and new income tax regimes

Those who can cross certain thresholds of deduction will be better off sticking to the old regime

When concession is a penalty

The new optional tax regime is likely to become the only one available in a few years. This will affect real estate

Taxing digital economy

Analysts are increasing their understanding of it

Vivad se Vishwas scheme: Revised tax Bill addresses fears over tax on loss

The revised Bill makes the scheme attractive by expanding its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs)