Page 41 - Tax

Portals make filing tax returns easier

Some portals also suggest possible investment opportunities for users to save on their tax liabilities

IT grievance: Taxpayers can now file a new 'e-nivaran' form

It also provides space for explaining the grievance in detail by either mentioning the Assessment Year or Financial Year

CBDT notifies foreign tax credit rules, corporates to gain

Taxpayers claiming FTC shall now be required to file a Statement of Income from a foreign country with details of tax paid in prescribed Form 67

I-T dept to establish over 60 taxpayer centres across country

ASKs help a person to obtain a new PAN to filing Income Tax Returns

Penalties will be charged if tax evaders don't come clean by Sept 30: Jayant Sinha

He said idea of providing compliance window was to be able to provide an opportunity for the people to come clean

Pay more for phone bills, travel from today

The payment in cash for buying goods and services worth more than Rs 2 lakh, excluding jewellery, will attract one per cent extra tax at source from June 1

IT dept launches e-portal to fast track taxpayers grievances

'E-nivaran' will also ensure grievances related to any section or domain of tax dept is transferred quickly to concerned dept

No penalty for changing income head

A recent court ruling says that penalty can't be imposed on income whose classification has been changed during the course of assessment

India, China, 3 others sign pact on tax info sharing

The pact allows all signatories to bilaterally and automatically exchange Country-by-Country Reports with each other

50% of smaller firms not paying taxes: Jayant Sinha

However, MoS for Finance Jayant Sinha said that things have improved as far as prevention of tax evasion is concerned

I-T dept proposes to simplify foreign tax credit norms

Indian companies paying tax abroad will be able to claim credit and avoid double taxation

India, US committed to collaboration in tackling offshore tax evasion

The statement reiterated that the US-India partnership will be one of the defining relationships of the 21st century

Hoodwinking taxman using family is difficult

Returns on investments received by a housewife will be taxed; parent or spouse gifting an asset will usually need to pay tax and a minor's income is clubbed with parents', with some exceptions

Severance pay is not taxable

A recent high court judgement classifies such income as capital receipt

Tax confusion

CBDT's latest mandate can complicate matters

IT dept's E-filing Vault adds muscle to tax security

The dual-factor authorisation ensures higher degree of security compared with the simple user ID and password

IT dept launches tax calculator; e-filing of few ITRs begins

This year, Central Board of Direct Taxes notified new forms on March 30 and ITRs can be filed till deadline of July 31

Delhi govt to file charge sheet against 10 big defaulters next month

Sources said that the police adopts an "indifferent" attitude in some cases referred to it by the VAT department

Don't hide taxable income as farm earnings: Arun Jaitley

Sharad Yadav of Janata Dal-United said reports suggest Rs 2,000 lakh cr of income is concealed as agriculture earning

Govt can't waive tax on Vodafone, Cairn: Adhia

UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over $11 billion of 67% stake acquisition