Page 3 - Taxpayers

Data sharing among authorities, taxpayers to improve I-T dept AIS: Deloitte

Deloitte India on Sunday said creating a seamless data exchange and establishing a framework for efficient data sharing among businesses, tax authorities and taxpayers would help improve the AIS functionality of the income tax department. The Annual Information Statement (AIS) is a comprehensive view of financial information for a taxpayer, made available by the income tax department. Information about the taxpayer relating to specified financial transactions such as cash deposit/ withdrawal from bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc. To improve the functionality of AIS and the efficiency of tax administration and compliance, Deloitte India's latest paper, "Annual Information Statement: Ushering in a new era of tax administration", recommends creating a seamless data exchange and establishing a framework for ...

Taxpayers will need 100 yrs to match richest candidate's annual earnings

Income disparity seen across state and national figures

Insurance: High surrender charges deter exits

Policyholders are not the only sufferers. Taxpayers subsidise insurers' and banks' profits via unjustified tax concessions given to the maturity value of life policies

CBIC notifies guidelines for GST investigation, prior approval for big cos

GST field officers will now have to seek the approval of their zonal principal chief commissioners to initiate an investigation against any big industrial houses or major MNCs and levy duty on goods/services for the first time. The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines for Central GST (CGST) officers. According to the guidelines, when a taxpayer is simultaneously being investigated by the state GST and DGGI officers on different subject matters, the principal commissioner will "consider the feasibility" of only one of the offices pursuing all the cases with respect to the taxpayer. The guidelines have also set a deadline for tax officers to conclude an investigation within one year of their initiation. CBIC further said that in initiating an investigation with respect to a listed company or PSU or seeking details from them, the CGST officers should issue "official letters instead of summons" to the designated officer of the entity, detailing the .

Grievances for unextinguished tax demands can be submitted to CPC

Avoid doing so until April as CPC has been given 2-mth deadline for this task

Petty dispute relief scheme: Govt to waive interest, fee, penalty, too

The withdrawal does not entitle taxpayers to take credit or refund

Tax savings: Give loan, not gift, to spouse to avoid income clubbing

Documentation of the loan agreement is crucial to avoid treatment as gift

Interim Budget withdraws certain small, disputed direct tax demands

Proposal expected to help 10 million taxpayers, clean up government books

How to make tax return scrutiny less stressful

Tax officials must be required to go through responses submitted by the taxpayer quickly and ask follow-up questions within a fixed time limit

Missed Dec 31 ITR deadline? Apply for condonation of delay at the earliest

Taxpayers may file an updated return after April 1

Mystery of 40,000 manufacturers disappearing from tax data amid Covid-19

Companies' share in overall corporate profit has declined as India tries to boost sector

Income Tax Calendar 2023: Important dates for taxpayers in November

There are some important dates for all the income taxpayers who need to remember these dates to avoid the potential consequences

Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta

Collects Rs 600 cr as TDS from online gaming firms, Rs 105 cr from crypto assets

GST Council approves 'amnesty scheme' for appeal filing till Jan 2024

The GST Council on Saturday came out with an amnesty scheme, giving taxpayers time till January 31, 2024, to file appeals against demand orders passed by tax officers till March 2023. As per the GST law, an assessee can file an appeal against an assessment order seeking taxes within three months of the tax officer passing such an order. This can be extended by one more month. The 52nd GST Council in its meeting on Saturday gave extra time to GST-registered businesses to file appeals with an enhanced pre-deposit of 12.5 per cent of the tax demand, against 10 per cent currently. Briefing reporters after the Council meeting, Revenue Secretary Sanjay Malhotra said the council has recommended that a period till January 31, 2024, may be given for filing of appeals by taxpayers for all orders passed till March 31, 2023, with an enhanced pre-deposit. Of the pre-deposit of 12.5 per cent of the tax under dispute, at least 20 per cent (i.e. 2.5 per cent of the tax under dispute) should be ...

Respond to intimation of past tax demands for faster refund: I-T dept

The income tax department on Saturday asked taxpayers to respond to intimation from the I-T department regarding outstanding demands of previous years to facilitate faster clearance of refunds for 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T department regarding past unsettled tax demands, the department in a post on 'X' said, this is a taxpayer-friendly measure where an opportunity is being provided to assessees in line with "principles of natural justice". As many as 7.09 crore returns have been filed for income earned in 2022-23 fiscal. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as on date, including 2.75 crore refund returns. "However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding, the department said," the I-T department said. The Section 245(1) of Income-tax Act, 1961, mandates providing an opportunity to taxpayers to

Received intimation notice from I-T dept? Rectify or clarify discrepancies

If you agree with the notice, file updated return and pay tax dues; if you disagree, send explanation

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

I-T dept unveils revamped website for enhanced taxpayer experience

The redesigned website offers a user-friendly interface, value-added features, and new modules to provide taxpayers with easier access to information and services

Onus on taxpayers to make correct declaration about LRS remittances

TCS on LRS will also apply to remote education and medical consultancy

10 things taxpayers should keep in mind before filing income tax return

Form 16 contains all the salary details that need to be entered while filing income tax returns