Page 45 - Income Tax

FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report

"This year, there will be a realistic assessment of the nominal GDP," said a source.

Moral hazard

Instead of immunity, India needs simpler tax laws

Can Budget find ways to tackle tax disputes? India Inc is waiting

A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business

Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works

Dept plans to include more complicated cases in second phase of scheme

Amid revenue shortage, govt begins audit of GST returns for FY 2017-18

The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three

Dealing with GST fraud

Balance between ease of doing business and compliance is tricky

Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr

If travelling abroad, keep a copy of bank statement which has details of payments made for buying tickets and hotel expenses

Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme

These taxpayers have declared tax dues of around Rs 79,968 crore and after availing the various reliefs and amnesty as per the rules of the scheme, they would pay around Rs 35,094 crore, sources said

Budget 2020: I-T Act may allow seizure of trustees' personal assets

The new provision is likely to come in Budget next month

ITR-1 form not for those paying Rs 100K in power bill, owning house jointly

The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21

Revenue Secy asks tax officials to put special efforts to check evasion

Direct tax collection target for the current fiscal has been pegged at Rs 13.35 lakh crore despite corporate tax relief of 1.45 lakh crore

Top 10 biz headlines: Rs 1 trn GST mop up, surge in new projects, and more

From pharma sector getting 'green' signal to IndiGo fleet size, here are the top 10 business headlines for the day

CBDT wants taxmen to fastrack redressal of grievances ahead of PM's review

The directive issued by the Board on Tuesday comes ahead of Prime Minister Narendra Modi's scheduled review of CPGRAMS (Centralized Public Grievance Redress and Monitoring System) on January 8

IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending

In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'

Dispose of 5-year-old pending cases by March, CBDT tells officials

There are about 31,000 pending cases, locking revenue worth Rs 500 crore

Key policy steps taken by NDA govt this year to revive a sagging economy

Macroeconomic parameters have shown that the Indian economy is going through a rough patch. Here are the key policy decisions taken by the govt in 2019, to bring the India growth story back on track

PFRDA likely to be sole pension regulator, seeks additional IT exemptions

At present, pensions products are sold by both insurance companies as well mutual funds, which makes Irdai and Sebi, as the regulators for those products

Ex-CEA Subramanian against tax cuts, says no space for fiscal expansion

Subramanian further said that he thinks personal income tax cuts motivated by desired increased consumption are highly inequitable

Budget 2020: Govt may go for income tax relief to spur demand, says report

Finance Minister Nirmala Sitharaman is expected to present the budget for 2020/21 fiscal year on February 1. She has promised a budget that will do more to boost growth.

Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.