Page 4 - Latest Updates on Direct Tax
Contrary to govt's claims, direct tax refunds down 67% till May 21
Expediting refunds of up to Rs 5 lakh was announced as part of the government's policy initiative to fight the economic impact of Covid
 "Contrary to govt's claims, direct tax refunds down 67% till May 21")
Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962
It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days
 "Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962")
Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates
Official figures showed that the gross amount collected under direct taxes as of March 31 was Rs 12.11 trillion
 "Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates")
From Finance Bill to Termination of Pregnancy, Bills passed by Parliament
Here are a few Bills passed by Parliament in the Budget session
 "From Finance Bill to Termination of Pregnancy, Bills passed by Parliament")
Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes
Change in financial year for I-T purposes expected amid Covid-19 outbreak
 "Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes")
Govt notifies Vivad se Vishwas forms and rules; deadline extension expected
The income tax department notified a 5-stage process of making declaration under the Scheme, with as many as five forms released
 "Govt notifies Vivad se Vishwas forms and rules; deadline extension expected")
Rationalise GST now
Counteract coronavirus supply shock with tax reform
 "Rationalise GST now")
FM reaches out to CAs to promote Vivad se Vishwas scheme to resolve cases
Addressing CAs at an, Sitharaman said they should work hard to make the scheme successful
 "FM reaches out to CAs to promote Vivad se Vishwas scheme to resolve cases")
Parliament approves direct tax Vivad Se Vishwas Bill by voice vote
The Direct Tax Vivad Se Vishwas Bill was passed by voice vote and returned by Rajya Sabha as it was a money bill. It was approved by Lok Sabha on March 4
Taxmen threaten to stall work in protest if working conditions don't change
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
 "Taxmen threaten to stall work in protest if working conditions don't change")
Vivaad Se vishwas Bill to settle tax disputes passes LS test amidst din
Opposition has been protesting over the issue of Delhi violence and demanding an immediate discussion
 "Vivaad Se vishwas Bill to settle tax disputes passes LS test amidst din")
Parliament LIVE: Why is Amit Shah silent on Delhi violence, asks Oppn
Finance Minister Nirmala Sitharaman would move 'The Direct Tax Vivad Se Vishwas Bill, 2020, for consideration. Stay tuned for LIVE updates on Parliament session in the Lok Sabha and Rajya Sabha
 "Parliament LIVE: Why is Amit Shah silent on Delhi violence, asks Oppn")
Cabinet nod to changes in Vivad se Vishwas Bill to reduce tax litigations
The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020
 "Cabinet nod to changes in Vivad se Vishwas Bill to reduce tax litigations")
FM talks 'Vivad Se Vishwas' scheme with industry representatives
With over Rs 9 trillion worth direct taxes locked up in litigation, the government last week introduced 'Direct Tax Vivad se Vishwas Bill, 2020' in the Lok Sabha
 "FM talks 'Vivad Se Vishwas' scheme with industry representatives")
Vivad se Vishwas: CBDT to collect data on direct tax cases in high courts
The CBDT has asked the regional Income Tax Department chiefs to "personally monitor" the exercise
 "Vivad se Vishwas: CBDT to collect data on direct tax cases in high courts")
Stock markets cannot expect the moon every time: CBDT chairman P C Mody
A three per cent rise is definitely achievable
 "Stock markets cannot expect the moon every time: CBDT chairman P C Mody")
Budget 2020: The focus is on simplifying GST and preventing evasion
The direct tax proposals aim to accelerate economic momentum and ease of living for taxpayers, though the key will lie in smooth administration
 "Budget 2020: The focus is on simplifying GST and preventing evasion")
New tax slabs proposed in Budget to benefit taxpayers: CBDT chairman
The set target for revenue collection (personal income tax, corporate tax and others) was Rs 13.35 trillion for the 2019-20 financial year that ends on March 31
 "New tax slabs proposed in Budget to benefit taxpayers: CBDT chairman")
Budget 2020: Centre kicks off immunity scheme to settle income tax disputes
Waiver from interest and penalty if paid by March 31; estimated value of contested money over Rs 5 trillion
 "Budget 2020: Centre kicks off immunity scheme to settle income tax disputes")
Budget 2020: NRIs not paying tax in other countries will be taxed in India
This means if an Indian citizen is not a resident of any country, they will now be deemed an Indian resident and their income will be taxed here
 "Budget 2020: NRIs not paying tax in other countries will be taxed in India")
