Page 15 - Latest Updates on Income tax
30 years of economic reforms: Here's a look at the broad contours of change
The pace of changes in the first 100 days of a minority govt remains unparalleled till today
 "30 years of economic reforms: Here's a look at the broad contours of change")
NITI moots 100% I-T exemption for donations to not-for-profit hospitals
Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India.
 "NITI moots 100% I-T exemption for donations to not-for-profit hospitals")
In relief to taxpayers, govt announces extension of compliance deadlines
PAN-Aadhar linkage deadline is extended by another 3 months till Sept 30; payment without interest under dispute-resolution scheme is extended by 2 months
 "In relief to taxpayers, govt announces extension of compliance deadlines")
File past year returns, avoid higher taxes as new tax provisions kick in
Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in
 "File past year returns, avoid higher taxes as new tax provisions kick in")
I-T portal glitches: FM asks Infosys to address all issues immediately
Sitharaman further urged Infosys to work on the new income-tax portal to make it more humane and user-friendly
 "I-T portal glitches: FM asks Infosys to address all issues immediately")
FinMin, Infosys to meet on Tuesday, discuss glitches in new I-T portal
Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed
 "FinMin, Infosys to meet on Tuesday, discuss glitches in new I-T portal")
Some bright spots
There are still a number of risks to durable economic recovery
 "Some bright spots")
Income-tax portal 2.0 likely to allow payments by UPI, credit cards
More pvt lenders set to be given authorisation for providing services
Dangers of a wrong diagnosis
Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree
 "Dangers of a wrong diagnosis")
Tax portal glitches: FinMin to hold a meeting with Infosys on June 22
After the much publicised e-filing portal went live on June 7, many IT filers faced technical hiccups
 "Tax portal glitches: FinMin to hold a meeting with Infosys on June 22")
Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19
Trend in contrast to moderation in GST collections last month
 "Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19")
Seal a tax deal
Minimum global corporate tax rate solves many problems
 "Seal a tax deal")
New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept
The Income Tax Department on Saturday said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility
 "New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept")
The time has come for a states income tax
What better way is there to empower states than for them to have their own income tax and have a greater degree of financial independence?
Govt extends timelines for income tax compliance amid Covid-19 crisis
The I-T department also extended the ITR filing deadline for companies by a month till November 30
 "Govt extends timelines for income tax compliance amid Covid-19 crisis")
Skill vs chance: Taxman the referee in online gaming, say experts
Rate at which winnings are taxed depends on level of skill applied and whether there is 'luck' involved
 "Skill vs chance: Taxman the referee in online gaming, say experts")
IT refunds worth Rs 15,438 crore issued in one month of current fiscal
Corporate tax refunds of Rs 10,392 crore have been issued to 21,487 taxpayers.
Govt extends income tax, GST compliance timelines amid Covid-19 crisis
Late fees for filing summary return or GSTR 3B waived; Interest rate halved to 9% for 15-day delay in the case of GST assesses with turnover of over Rs 5 crore
 "Govt extends income tax, GST compliance timelines amid Covid-19 crisis")
Avail of tax relief on terminal compensation: Here's how to file Form 10E
You must have completed 3 years of continuous service and have another 3 years of employment left
 "Avail of tax relief on terminal compensation: Here's how to file Form 10E")
Crackdown on tax evaders: I-T notices to holders of foreign assets
Seek action under black money and benami laws for non-disclosure
 "Crackdown on tax evaders: I-T notices to holders of foreign assets")
