Page 4 - Taxpayers

Bombay HC relief for GST assessees amid non-existence of tribunal

No recovery from taxpayers once a declaration of intent filed by them to appeal against order of lower authorities is put on record

Clear starts GST e-invoicing generating services for large taxpayers

Firm says since the infrastructure is largely digital, it is simultaneously affordable, scalable, modern, secure and pervasive

Top headlines: RBI to frame norms for GIFT, India loses 2.02 mn taxpayers

Business Standard brings you the top headlines at this hour

India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic

Growth rate of new tax payers has been under pressure in recent years

CBIC says won't object to a petitioner going to HC in absence of GSTAT

CBIC says it would like to withdraw earlier plea in matter relating to dispute over refund of a company

Over 50% taxpayers may shift to new tax regime: Revenue secretary

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

Govt to move to exemption-free I-T regime with lower taxes: Revenue Secy

A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a year will have to claim deductions of at least Rs 3.75 lakh under the old tax regime, otherwise the new revamped tax regime with lower rates proposed in 2023-24 will be more beneficial. In an interview to PTI, Malhotra said the government does not have any specific timeline to make the new regime mandatory for taxpayers. "We would like to move towards a lower tax rate, which is simple and without tax exemptions," Malhotra said. The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new .

Capital gains: Investment cut-off date extended, but there's a catch

Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended

Taxing demands

Unrealistic revenue targets will affect business environment

The deadline to file updated income tax returns is March 31, 2023

It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty

50K show-cause notices sent to companies, partnership firms after GST audit

It's first comprehensive audit exercise by GST authorities

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

TDS benefits: Govt allows non-resident taxpayers to file Form 10F till Mar

The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F. In a notification, the CBDT said to mitigate genuine hardship to such taxpayers, it has been decided that such category of non-resident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the I-T Act would be exempted from mandatory electronic filing of Form 10F till March 31, 2023. "It is reiterated that such category of taxpayers may make statutory compliance of filin

CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

File tax return by Dec 31 if you haven't yet, to avoid notice and penalty

Meeting that deadline will allow you to claim refund on excess tax deducted

Budget 2023-24: Centre mulls increasing tax-free slab to Rs 5 lakh

Only 10-12% assessees opted for new regime introduced in 2020

NITI Aayog VC says old pension scheme will burden future taxpayers

NITI Aayog Vice Chairman Suman Bery on Sunday expressed concern over the revival of Old Pension Scheme by some states, saying it would burden future taxpayers at a time when India needs to focus on fiscal prudence and promoting sustained growth. In an interview to PTI, Bery also underlined the need for enhancing capital expenditure and creating a space for the private sector through fiscal consolidation. "I am slightly more worried about the return to the Old Pension Scheme (OPS). I think that is more of a concern because the cost will be borne by future taxpayers and citizens, not the present," he said. The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April 1, 2004. Under the new pension scheme, employees contribute 10 per cent of their basic salary towards pension while the state government contributes 14 per cent. "I think political parties have to exercise discipline, since we are all working for a

Taxpayers should check AIS quarterly, report discrepancies: FinMin official

Taxpayers should check their annual information statement every quarter and flag any discrepancies to help curb instances of wrongful HRA deductions, a senior finance ministry official said on Monday. The income tax department had in November last year rolled out a new Annual Information Statement (AIS) on its portal that provides a comprehensive view of taxpayer information and an option to submit feedback. It includes additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information. "You must keep on checking your AIS not only at the time of return filing, but quarterly. You should check your AIS and (report) if anything wrong is reported so that the other person who is wrongly claiming some kind of benefit should be caught," Joint Secretary in the finance ministry Kamlesh Varshney said at an event here. He said AIS has played an important role in ensuring voluntary compliance as it provides details of all

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

Union Budget 2023: Individual taxpayers can expect some relief

Experts caution that fiscal support alone may create artificial demand and jack up prices