Page 3 - Taxpayers

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

FM directs CBDT to ensure time-bound disposal of tax payers' applications

Finance Minister Nirmala Sitharaman emphasised that the Central Board of Direct Taxes (CBDT) should ensure timely action on all applications filed by tax payers

Personal income tax to GDP ratio surges, indicating rise in taxpayer base

Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi. At a review meeting with the Central Board of Direct Taxes (CBDT), finance minister Nirmala Sitharaman was apprised about the impact of various steps taken by the apex direct tax body to widen taxpayer base, the finance ministry said. The ministry said the personal Income Tax (PIT), which is paid by individuals, to GDP ratio has been steadily increasing from 2.11 in FY 2014-15 to 2.94 in FY 2021-22. The personal income tax collection (including Securities Transaction Tax) increased to over Rs 6.96 lakh crore, from over Rs 2.65 lakh crore in 2014-15. Introduction of new data sources in Statement of Financial Transactions (SFT) like dividend and interest; securities; mutual funds and information from GSTN in recent years has led to