Page 48 - Income Tax

Budget introduces 5 tax slabs, lower rates for those foregoing exemptions

Under the proposal, people with an annual income of Rs 5 lakh to Rs 7.5 lakh will have to pay a reduced tax rate of 10 per cent; between Rs 7.5 lakh and Rs 10 lakh 15 per cent

'Feel good' Budget may see cut in tax rate, sops for social sectors

To cushion the impact on collections, these tweaks might be accompanied by rationalisation in tax rebates

Budget 2020: CAIT calls for a special income-tax slab for traders

CAIT has been at the forefront of the protest against the discount policy on e-commerce sites

Budget 2020: Govt may consider tax sops, easier norms to boost investments

Revenue projections may be realistic this time

Budget 2020: Toyota seeks scrappage policy, income tax relief on vehicles

Toyota Kirloskar Motor (TKM) on Monday urged the government to come out with a scrappage policy for old vehicles ahead of the Budget, while also seeking to extend income tax benefits available for electric cars to other vehicles as well. "We would like the Budget to spur demand without putting any additional burden on the government exchequer; one way to achieve this is by realising the scrappage policy for all old vehicles, the draft policy of which has been shared by the government," TKM Senior Vice-President (Sales & Services) Naveen Soni said in a statement. The auto industry is willing to share its portion towards realising such scrappage policy, which will eventually have a more sustainable impact on the environment, he added. Additionally, another thrust area would be to extend the income tax benefits available for electric cars to other vehicles as well, or to extend the depreciation benefit currently available only to companies and professionals to personal customers ...

GST arrest provisions: Need for an urgent review

What GST urgently deserves is a re-orientation, for which a leaf out of the 'nudge theory' in behavioural economics may definitely help

Tweak slabs, put more money in tax payers' hands to boost consumption

Altering personal tax rates with this goal in mind will help boost consumption

'Tax evasion social injustice': CJI calls for speedy resolution of disputes

The Chief Justice said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases

BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget

According to party, meeting fiscal deficit not the real economic issue for the government

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