Page 45 - Income Tax
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 ...
 "Govt determined to make income tax system seamless: Anurag Thakur")
Explained: How Modi's tax reforms will benefit both taxpayer and I-T dept
Your guide for Modi's taxpayers' charter and its benefits
 "Explained: How Modi's tax reforms will benefit both taxpayer and I-T dept")
Top headlines: PM announces Taxpayers' Charter, US relaxes H-1B visa rules
Here are the top headlines of the day
 "Top headlines: PM announces Taxpayers' Charter, US relaxes H-1B visa rules")
Legal heirs not bound to inform I-T dept about assessee's death, rules HC
The court reasoned that there might be instances where the deceased assessee was estranged from legal representatives or the deceased assessee might have bequeathed their wealth to charity
 "Legal heirs not bound to inform I-T dept about assessee's death, rules HC")
Faceless tax scrutiny will ease compliance burden, increase fairness: FM
In a series of tweets, the Finance Ministry said the I-T department has taken up several reforms to make tax compliance easier for taxpayers
 "Faceless tax scrutiny will ease compliance burden, increase fairness: FM")
PM Modi announces charter for 'fair, courteous' tax collection
"With faceless assessment, the taxpayer is assured of fair, courteous and rational behavior. Taxpayers charter is also a big step in the country's development journey," PM said
Delhi govt sends notices to over 5,500 firms for not filing tax returns
The Aam Aadmi Party (AAP) government will strictly scrutinise the reasons behind these companies not filing tax returns, Sisodia said
 "Delhi govt sends notices to over 5,500 firms for not filing tax returns")
Gujarat emerges as most tax-compliant state in AY19, Bihar least compliant
Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent - much below the national average of 12 per cent
 "Gujarat emerges as most tax-compliant state in AY19, Bihar least compliant")
You may have to file ITR even though your income might not be taxable
Even if your income is below the exemption limit, you will still have to furnish ITR
 "You may have to file ITR even though your income might not be taxable")
Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least
Gujarat the most tax-compliant state in terms of proportion of return filers to PAN holders
Govt appoints 3 new members of Central Board of Indirect Taxes and Customs
The appointments committee of the cabinet has approved the appointment Jain, Johri, and Sharma as CBIC members
CBDT provides relief to senior citizens on self-assessment tax
They can pay a part of their taxes by July 31 so that their remaining tax liability is no more than Rs one lakh. No interest will be charged if they pay the remainder by November 30
Govt extends deadline for filing income tax returns for FY19 till Sept 30
This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 financial year
From NHAI negligence to 'PE' clarified again, here're the key court orders
The Supreme Court dismissed the appeal of the tax authorities observing the two-men unit in Mumbai was only auxiliary office doing no core business
 "From NHAI negligence to 'PE' clarified again, here're the key court orders")
Govt's endeavour has been to further simplify direct tax laws: Sitharaman
PC Mody, Chairman, CBDT, reiterated the commitment towards further improving the compliance experience for taxpayers
 "Govt's endeavour has been to further simplify direct tax laws: Sitharaman")
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.
 "Economic activity reviving; GST collections good sign: CBDT chief Mody")
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.