Page 17 - Latest Updates on Income tax
Personal I-T revenue now equals all other direct taxes: That's a problem
Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed
Budget 2021: Sanitaryware industry seeks tax rationalisation to push demand
The GST for sanitaryware is at 18 per cent, and a reduction of the rate will help increase demand, he added
 "Budget 2021: Sanitaryware industry seeks tax rationalisation to push demand")
LIVE: Rs 1.81-trn I-T refunds issued to 17.4 mn taxpayers so far in FY21
Personal income tax refunds of Rs 62,231 crore have been issued to over 17.1 million taxpayers. Stay tuned for Latest LIVE news
 "LIVE: Rs 1.81-trn I-T refunds issued to 17.4 mn taxpayers so far in FY21")
Income tax refunds worth Rs 1.76 trillion issued between Apr 1-Jan 18
The Income Tax department on Wednesday said it has issued over Rs 1.76 trillion worth refunds to over 1.65 crore taxpayers so far this fiscal.
 "Income tax refunds worth Rs 1.76 trillion issued between Apr 1-Jan 18")
Companies call for demand creation and income tax relief in Budget
Only 28 per cent in Ficci survey are for fiscal consolidation
 "Companies call for demand creation and income tax relief in Budget")
Raising exemption limit at the cost of tax reform a 'dangerous' proposal
Spurring demand or increasing investments -- what is the bigger challenge for the FM in this Budget? Tune in to learn why it would be prudent for the govt to allocate more for capital expenditure
 "Raising exemption limit at the cost of tax reform a 'dangerous' proposal")
Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax
Family members of the last Nizam of Hyderabad have written to Finance Minister urging her to resolve the Nizam Jewellery Trust income and wealth tax issue which has been pending for the last 26 years
 "Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax")
Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings
 "Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department")
Govt to set up national, regional centres for faceless penalty proceedings
As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty
Budget should reduce income tax rates, invest in infrastructure: CEOs to FM
The Budget will be presented in the backdrop of a revival of the economy and expectations of good corporate earnings in the December quarter
 "Budget should reduce income tax rates, invest in infrastructure: CEOs to FM")
Income tax returns cross 58 million hours before deadline, shows data
In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past
 "Income tax returns cross 58 million hours before deadline, shows data")
Special units created in I-T dept for probe into undisclosed foreign assets
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad
 "Special units created in I-T dept for probe into undisclosed foreign assets")
Realtors' body CREDAI seeks tax sops in Budget to boost housing demand
CREDAI suggested government to increase tax exemptions in upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans
 "Realtors' body CREDAI seeks tax sops in Budget to boost housing demand")
I-T refunds worth Rs 1.64 trn issued to 10.4 million taxpayers till Jan 4
The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 trillion to over 10.4 million taxpayers so far this fiscal
Banking on Budget: Hope and reforms amid pandemic and fiscal deficit
The government has taken laudable steps to support and propel the economy in these difficult times, but a lot more still needs to be done, writes Vikas Vasal
 "Banking on Budget: Hope and reforms amid pandemic and fiscal deficit")
I-T dept records Robert Vadra's statement for 2nd day in benami assets case
The I-T dept questioned Robert Vadra for about four hours on the second consecutive day on Tuesday in connection with its probe against him under the benami assets law, official sources said
 "I-T dept records Robert Vadra's statement for 2nd day in benami assets case")
ITAT omits inadvertent observations made against Cyrus Mistry in its order
The tribunal's corrigendum comes after it made strong remarks against Mistry while restoring the tax exemption of the three major Tata Trusts
 "ITAT omits inadvertent observations made against Cyrus Mistry in its order")
Covid impact: Govt extends deadline for filing income tax and GST returns
Individual must now file return by January 10, 2021; due date for ITR filing for companies extended by 15 days to February 15, 2021
 "Covid impact: Govt extends deadline for filing income tax and GST returns")
Deadline for filing income tax returns by individuals extended to Jan 10
'Continued challenges' faced by people in the coronavirus pandemic prompts tax department to extend deadlines.
Around 43.7 million income tax returns for FY'20 filed till December 28
Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday
