Page 49 - Income Tax

Budget impact: Super-rich tax hits 1,000 executives in corporate India

Overall, 901 listed companies had 1,720 officials earning more than Rs 1 crore in FY18

CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base

A new filer is defined as a person who is not included in the base at the beginning of the year

Union Budget 2019: Tax hike on rich will also hurt global companies

Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore

Budget 2019: Five key income-tax related announcements FM made today

Tax slabs left untouched; Aadhaar good enough for filing returns in case you don't have PAN

Govt raises income tax on super-rich to support state lenders, small biz

The new rate will include 25% surcharge on income between Rs 2 crore and Rs 5 crore, and 37% on income exceeding Rs 5 crore in a year

No tax liability if your income is up to Rs 9.5 lakh, but conditions apply

Standard deduction has also been raised from Rs 40,000 to Rs 50,000, besides a host of tax benefits to home buyers

Pay high income tax? Govt may call you to have tea with the PM or FM

The idea is to encourage taxpayers to willingly pay more

Income tax returns to exemptions: Expert answers your taxation questions

For taxpayers having taxable income not exceeding Rs 5 lakh, it is Rs 1,000

E-filing of tax returns saw 19% growth in AY19, says Finance Ministry

The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19

In a first, income tax e-filers fall by more than 660,000 in FY19

Registered filers were just 2.7 crore at the end of March 2013 which almost doubled to 5.2 crore in March 2016 and to 6.2 crore in March 2017

Income-tax dept likely to propose using calendar as financial year

The dept has to submit its recommendations for the July Budget by May 15

CBDT identifies 20.4 million non-filers, asks I-T dept to take action

The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers

Tax dept may pitch for lower I-T target when next govt presents Budget

CBDT feels 30% growth in income-tax not feasible

Income from renting out property cannot be claimed as business income

To classify income from letting out property as business income, the taxpayer needs to exploit the property commercially by providing furniture, facility management, amenities and security

I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13

The identified taxpayers have been asked to provide income details along with profit and loss for AY2012-13 within 30 days

I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr

It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi

Income Tax return forms for AY 2019-20 out; last date of filing July 31

Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal

Linking PAN with bank mandatory for refunds from March: I-T to taxpayers

Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers

Suspicious income tax refund claims to face I-T department's scrutiny

The number of suspicious refund claims selected for scrutiny stood at 20,874 in 2018-19, 11,059 in 2017-18 and 9,856 in 2016-17

Dorabji Tata Trust challenges I-T dept's decision to withdraw tax exemption

Most of the revenue of the Trust comes from the dividend and interest income from various Tata group of companies