Page 14 - Latest Updates on Income tax
I-T dept issues 3 email IDs for grievances under faceless assessment scheme
The Income Tax (I-T) department on Saturday notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme.
 "I-T dept issues 3 email IDs for grievances under faceless assessment scheme")
Retrospective tax was indefensible; burying it shows pragmatism
Institutional arrogance in taxation has cost India dearly in terms of its image as a business-friendly, rule-driven country
 "Retrospective tax was indefensible; burying it shows pragmatism")
Defer income-tax filing if you have to pay a penalty, say analysts
Do so once the glitches on the new tax portal have been ironed out
 "Defer income-tax filing if you have to pay a penalty, say analysts")
New vs old tax regime: Compute liability before making the switch
Non-investors in tax-saving instruments may opt for the new regime
 "New vs old tax regime: Compute liability before making the switch")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
Sitharaman as FM: Some positive surprises, a few works in progress
Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan
Don't forget mandatory disclosures while filing your income-tax returns
Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties
 "Don't forget mandatory disclosures while filing your income-tax returns")
Income Tax refunds worth Rs 43,991 crore issued till July 26
It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore.
 "Income Tax refunds worth Rs 43,991 crore issued till July 26")
Issues with new income tax portal to be resolved soon, says FM
Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.
 "Issues with new income tax portal to be resolved soon, says FM")
I-T Dept denies making editorial decisions during search at Dainik Bhaskar
The Income Tax Department has clarified that no such act was carried out by its officials during the raid.
 "I-T Dept denies making editorial decisions during search at Dainik Bhaskar")
Centre mulls Ordinance for past tax assessment as litigation mounts
Many assessees have challenged reassessment notices under old law
Fuel price surge: What India can learn from Biden and Sunak's tax policies
When the times change, policy has to adapt. Why then is New Delhi so determined to not raise rates on under-taxed forms of income and wealth, questions T N Ninan
Haven't been issued Form 16? Here is how you can still file your tax return
The last date for issuing Form 16 extended till July 31
Infosys says income tax portal functioning 'single largest priority'
Infosys said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment.
 "Infosys says income tax portal functioning 'single largest priority'")
Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr
Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore
 "Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr")
Over 400 top-level posts lie vacant in the Income Tax department
Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year
 "Over 400 top-level posts lie vacant in the Income Tax department")
40,000 ITRs being filed daily on new portal, CBDT says as it fixes glitches
The corrective measures are being taken based on feedback from taxpayers, tax professionals and representatives of ICAI to provide taxpayers with a smooth e-filing experience, it said
I-T dept issues Rs 37,050 cr refunds to 1.7 mn taxpayers from Apr 1-Jul 5
Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore
Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur
Earlier today, senior Congress leader Shashi Tharoor had slammed the Centre over the reported glitches in the new Income Tax portal
 "Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur")
Govt has created a 'mess': Shashi Tharoor on new income tax portal
Senior Congress leader Shashi Tharoor on alleged that even after spending Rs 4,200 crore on IT portal, the government had "failed" to make it user-friendly and created a "mess" instead
 "Govt has created a 'mess': Shashi Tharoor on new income tax portal")
