Page 16 - Latest Updates on Income tax
Can't use ITR-1 if TDS paid on high cash withdrawal, say experts
Taxpayers now need to provide quarterly break-up of dividend income earned
 "Can't use ITR-1 if TDS paid on high cash withdrawal, say experts")
Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21
6% fall in corporation tax due to Covid-related issues
 "Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21")
IT refunds of over Rs 2.62 trillion issued in FY21, an increase of 43%
The total refunds issued in 2019-20 were worth Rs 1.83 trillion
PAN, Aadhaar linking deadline ends today, here's how to do it step-by-step
An individual will be levied Rs 1,000 as a fine if the Aadhaar and PAN are not linked after March 31, 2021
 "PAN, Aadhaar linking deadline ends today, here's how to do it step-by-step")
Respond to Income Tax notice, or face recurring penalties: Experts
Provide documentary evidence, else officer could make assessment based on his judgement
 "Respond to Income Tax notice, or face recurring penalties: Experts")
Budget proposals will ease taxpayers' burden from April 1, say experts
But changes like taxation of EPF contributions above Rs 2.5 lakh will pinch the wallet
 "Budget proposals will ease taxpayers' burden from April 1, say experts")
CBDT may take measures to correct withholding tax anomaly for FPIs
The CBDT is expected to rectify the same either in the Finance Bill or the I-T Act
I-T refunds worth over Rs 2 trillion issued so far to taxpayers this fiscal
Of this, personal income tax refunds of Rs 71,865 crore have been issued to over 1.99 crore taxpayers and corporate tax refunds of over Rs 1.28 lakh crore have been issued in 2.20 lakh cases
 "I-T refunds worth over Rs 2 trillion issued so far to taxpayers this fiscal")
Britain to freeze personal tax thresholds until 2026, says Rishi Sunak
Sunak said the freeze was part of an approach to start fixing the public finances as he looks for ways to raise funds following unprecedented measures to support jobs and the economy during Covid
 "Britain to freeze personal tax thresholds until 2026, says Rishi Sunak")
Avoid tax credit mismatch in income-tax return request: Experts
In case of an error, file a revised TDS return under Section 154(1)
 "Avoid tax credit mismatch in income-tax return request: Experts")
IT dept detects Rs 220 cr black income from TN-based tiles manufacturer
The action was carried out on February 26 and a total of 20 premises in Tamil Nadu, Gujarat and Kolkata were searched and surveyed, it said
Pay your family's insurance premiums and PPF contributions to save tax
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws don't apply
Tips on saving tax on the interest you earn on your savings bank account
Interest earned on balances in savings accounts held with banks or post offices is taxable under "Income from other sources". Did you know that you can actually save this tax to an extent?
 "Tips on saving tax on the interest you earn on your savings bank account")
US: Supreme Court won't halt turnover of Donald Trump's tax records
The court's action is the apparent culmination of a lengthy legal battle that had already reached the high court once before
 "US: Supreme Court won't halt turnover of Donald Trump's tax records")
Decoding 15th FC's estimate of mismatch in two sets of salary income data
The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced
 "Decoding 15th FC's estimate of mismatch in two sets of salary income data")
AAR in new avatar: Old wine or efficient machinery for disposal of cases?
Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers
 "AAR in new avatar: Old wine or efficient machinery for disposal of cases?")
PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021
Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation, notes analysts at Jefferies
 "PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021")
For direct taxes, Budget 2021 has largely maintained status quo
To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday
 "For direct taxes, Budget 2021 has largely maintained status quo")
Budget 2021 offers tax sops for aircraft leasing in GIFT City
Tax holiday on capital gains, tax exemption for aircraft lease rentals paid to foreign lessors
 "Budget 2021 offers tax sops for aircraft leasing in GIFT City")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
