Page 13 - Latest Updates on Income tax
Strategic divestment to get tax deduction for previous losses
However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment
 "Strategic divestment to get tax deduction for previous losses")
Things to keep in mind while filing your income tax return this year
Ensure you file your returns ahead of time, in case you need to make changes
 "Things to keep in mind while filing your income tax return this year")
I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses
As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling
 "I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses")
Income tax portal's tech issues being progressively addressed: CBDT
The income tax department on Wednesday said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.
 "Income tax portal's tech issues being progressively addressed: CBDT")
Top headlines: Cairn makes peace with India; Sebi to speed up settlements
Business Standard brings you the top headlines of the day
 "Top headlines: Cairn makes peace with India; Sebi to speed up settlements")
Tax portal 2.0 to integrate with bourses to track trade transactions
Will take stock of discrepancies in assessee disclosures in ITR
 "Tax portal 2.0 to integrate with bourses to track trade transactions")
Taxpayers can file settlement claims till September 30: Check details here
This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1
 "Taxpayers can file settlement claims till September 30: Check details here")
Faceless assessment: Rules for authentication of e-records submission eased
The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC
 "Faceless assessment: Rules for authentication of e-records submission eased")
FinMin notifies rules for calculating taxable interest in PF account
The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum.
 "FinMin notifies rules for calculating taxable interest in PF account")
FM urges young tax officers to give ideas to amplify tech use in I-T dept
Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.
 "FM urges young tax officers to give ideas to amplify tech use in I-T dept")
Pensioners' body urges government to exempt pension from income tax
The body in its first all-India conference held at Shirdi (Maharashtra) on July 23, 2018 has resolved that pension should be exempted from income tax.
 "Pensioners' body urges government to exempt pension from income tax")
Govt set to extend key ITR filing dates amid portal tech glitches
Over 8 mn returns for FY21 have been filed so far, 14% of returns filed for FY20
 "Govt set to extend key ITR filing dates amid portal tech glitches")
Income-Tax notices give FPIs the jitters; experts suspect tech glitches
Experts called the development unprecedented and attributed it to a possible glitch in the new I-T portal
 "Income-Tax notices give FPIs the jitters; experts suspect tech glitches")
Top taxpayers may get flexibility to exit faceless assessment scheme
Recast of scheme is being discussed to bring in more flexibility into the system
 "Top taxpayers may get flexibility to exit faceless assessment scheme")
NRIs should apply to I-T dept for relief from double taxation: Experts
If they have lost non-resident status because of enforced stay in India, this can bring them some reprieve
 "NRIs should apply to I-T dept for relief from double taxation: Experts")
FinMin summons Infosys chief Salil Parekh over bugs in income tax portal
Taxpayers have since faced numerous problems accessing and using the portal since the day of its launch
 "FinMin summons Infosys chief Salil Parekh over bugs in income tax portal")
CBDT issues Rs 49,696-cr refunds to 2.2 mn taxpayers from Apr 1-Aug 16
Income tax refunds of Rs 14,608 crore issued in 21,50,668 cases and corporate tax refunds of Rs 35,088 crore issued in 1,24,732 cases, the CBDT informed.
A look into the reasons for the strong personal income tax collection in Q1
In a quarter affected by the second wave, India saw record personal income tax collection at nearly twice that collected in Q1FY21, and 26% more than Q1FY20
 "A look into the reasons for the strong personal income tax collection in Q1")
Top headlines: Restructuring of I-T dept, highest-ever monthly exports
Business Standard brings you the top headlines of the day
 "Top headlines: Restructuring of I-T dept, highest-ever monthly exports")
I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error
The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic.
 "I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error")
