Page 10 - Latest Updates on Income tax
What are the new and old income tax regimes?
n the Union Budget 2020, Finance Minister Nirmala Sitharaman had introduced a new tax regime. Our next report presents the difference in tax rates between the new regime and the old regime
 "What are the new and old income tax regimes?")
TMS Ep98: Economic Survey 2022, Air India, markets, income tax regimes
What are the highlights of Economic Survey 2022? What are the challenges for Tata after Air India acquisition? Will markets see a Budget-day rally? What are the different tax regimes? All answers here
 "TMS Ep98: Economic Survey 2022, Air India, markets, income tax regimes")
LIVE: This Budget brings more infra, more growth and more jobs, says PM
Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights
 "LIVE: This Budget brings more infra, more growth and more jobs, says PM")
Budget 2022: Expectations on changes in income-tax slabs and rates
Union Budget 2022-23: Expectations on changes in income tax slabs and rates
 "Budget 2022: Expectations on changes in income-tax slabs and rates")
Budget 2022: Key sectoral expectations from Indirect Tax perspective
Expectations continue to circle economic recovery, ease of compliance and kick-start investment cycle to transit domestic economy into a higher growth orbit while remaining inclusive and sustainable
 "Budget 2022: Key sectoral expectations from Indirect Tax perspective")
Banks pitch for reduction of tax-free fixed deposit tenure to 3 years
Banks have made a case for lowering fixed deposit (FD) tenure to three years for availing tax benefits, in line with mutual fund products like equity-linked savings scheme (ELSS)
 "Banks pitch for reduction of tax-free fixed deposit tenure to 3 years")
Budget 2022: Tax rebates in Budget for realty vital for salaried class
Currently, one-third of India's population reside in cities and it is estimated to go up to 50% by 2030
 "Budget 2022: Tax rebates in Budget for realty vital for salaried class")
Record number of searches in FY22 as tax offences get money laundering tint
With three months still to go for the year to end, total 'undisclosed income' is about Rs 32,000 cr, far eclipsing the FY19 level of Rs 18,600 cr
 "Record number of searches in FY22 as tax offences get money laundering tint")
Deadline to file corporate income-tax returns, audit extended
Assessment Year 2021-22 is for income earned in the financial year 2020-21
 "Deadline to file corporate income-tax returns, audit extended")
How the Centre plans to use tax data to settle social justice issues
The govt committee on EWS might have set the template for future; EWS limits and income tax exemption limits are now twinned, if the Supreme Court accepts the panel's report
 "How the Centre plans to use tax data to settle social justice issues")
I-T refunds of Rs 1.50 trn issued till January 3 this fiscal year
This includes 1.1 crore refunds of Assessment Year 2021-22 amounting to Rs 21,323.55 crore
 "I-T refunds of Rs 1.50 trn issued till January 3 this fiscal year")
IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit
Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.
 "IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit")
Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes
According to the CBIC, the matter relates to WazirX launching its own currency, but not paying GST on it.
 "Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes")
No extension of ITR filing deadline; over 56 mn FY21 returns filed so far
Revenue Secretary Tarun Bajaj said ITR filing is going on 'very smoothly'
 "No extension of ITR filing deadline; over 56 mn FY21 returns filed so far")
Just 3 days left for filing ITR, what happens if you miss the deadline
The due date for ITR filing for the fin ancial year 2020-21 (the assessment year 2021-22) has been extended twice
 "Just 3 days left for filing ITR, what happens if you miss the deadline")
Tax department move to tax goodwill could expand in the next Budget
While the new tax is not retrospective in nature, it will impact foreign companies buying into Indian companies going ahead
 "Tax department move to tax goodwill could expand in the next Budget")
Businessman Piyush Jain sold perfume compounds to 50 countries
Financial intelligence teams probing the recovery of around Rs 200 crore during raids in Kanpur-Kannuj have now found that perfume and compound businessman Piyush Jain has links across 50 countries
 "Businessman Piyush Jain sold perfume compounds to 50 countries")
I-T dept detects tax evasion worth crores after raids on Maharashtra groups
The searches were carried out on December 22 at over 25 premises of the unidentified groups in Nandurbar, Dhule and Nashik districts of the state
 "I-T dept detects tax evasion worth crores after raids on Maharashtra groups")
Income Tax refunds of over Rs 1.49 trillion issued so far this fiscal
This includes 1.07 crore refunds of AY 2021-22 (fiscal ended March 31, 2021), amounting to Rs 21,021 crore
Over 46.7 mn ITRs filed for FY21 so far, 1.54 mn alone in single day
The last date for filing ITRs for 2020-21 fiscal ended March 31, 2021, by individual taxpayers is December 31
