Page 45 - Income Tax

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

Covid-19 impact: TDS revenue collection in first 10 days of May down 22%

The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown

Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19

Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister

Tax-burden on India's GDP to rise further, hitting consumption and savings

In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP up from 9.3 per cent a year ago and low of 6.1 per cent in FY10

Govt may extend 'Vivad se Vishwaas' tax settlement deadline to September

Hopes for bettwe results post Covid-19 as revenue dept has not seen a single deposit owing to the disease outbreak

Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea

Telecom company had sought tax refunds for four years but it was allowed for 2014-15.

IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled

The committee has argued the 'super-rich' have a higher obligation towards ensuring public good and recommended either raising income-tax rate for the highest slab or re-introducing wealth tax

Pharma traders seek IT rule exemption as retailers pay stockists in cash

They fear scrutiny by tax authorities at a later date, assure that the relaxation will not be misused

Arrears' collection will be tricky

We need to understand the nature of the astronomical tax arrears' figure of Rs 9 trillion

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