Page 44 - Income-tax

Economic activity reviving; GST collections good sign: CBDT chief Mody

He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.

I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs

The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020

Tax dept to launch e-campaign on voluntary compliance from next week

The income-tax department will start an e-campaign from July 20 on voluntary compliance for the convenience of taxpayers

Yum Restaurant India unit V-P's services not taxable, rules Delhi ITAT

The case pertains to the agreement between the Yum Restaurants (Asia), the assessee and its Indian counterpart, where Vinod Mehboobani was deputed to India as the vice president (VP).

I-T dept to crack the whip on tax evaders, resume probe in pending cases

The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.

ITR filing for AY 2020-21: Know what has changed in the New 26AS form

You will now have to include real estate, share transaction details in your 26AS form while filing returns

I-T raids on premises linked to two Congress leaders in Rajasthan

The raids come at a time when Rajasthan is witnessing an intense power tussle between Chief Minister Ashok Gehlot and his deputy Sachin Pilot.

Banks, Post Offices can now check TDS rate on high value withdrawals

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash

Sovereign wealth funds to get tax relief on infrastructure bets: CBDT

CBDT notifies changes that will also apply to pension funds

Income Tax dept amends TDS form, makes it more comprehensive

As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore

How to claim income tax deduction for investments made in April - July 2020

One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21

Income Tax department extends five new deadlines for Indian taxpayers

The estimation poses some practical challenges and also makes it difficult to assess tax liability

Govt allows I-T exemption on conveyance allowance under new tax regime

The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees

Securities transaction tax mop-up rises 14% despite sharp sell-off

The department collected Rs 2,568 crore against Rs 2,262 crore in the corresponding period a year ago.

New ITR forms call for filing return even if your income isn't taxable

Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions

Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax

Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.

Tax devolution to states to be 30% lower than Budget estimates: Icra study

The projected figure to be 16.2 per cent lower than even FY20 numbers

FM Sitharaman launches scheme for instant allotment of online PAN

In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.

Govt notifies revised Form 26AS, to have purchase info of shares, property

Easing taxpayer compliance, the annual information statement has been subsumed in the Form 26AS

Time to boost P2P lending

As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders