Page 18 - Latest Updates on Income tax
Over 42.3 million ITRs for fiscal 2019-20 filed till December 27
Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday.
 "Over 42.3 million ITRs for fiscal 2019-20 filed till December 27")
Over 41.5 million ITRs for fiscal 2019-20 filed till December 26
As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush
CAIT urges FM Nirmala Sitharaman to defer rollout of Rule 86B in GST
This restriction will not apply where the managing director or any partner has paid more than Rs 1 lakh as income tax
 "CAIT urges FM Nirmala Sitharaman to defer rollout of Rule 86B in GST")
Start making those tax-saving investments right away if you haven't already
If you make them in haste at the last moment, you are likely to end up with the wrong choices
 "Start making those tax-saving investments right away if you haven't already")
I-T refunds worth Rs 1.45 tn issued to 89 lakh taxpayers: Finance ministry
This includes personal income tax (PIT) refunds during this period
 "I-T refunds worth Rs 1.45 tn issued to 89 lakh taxpayers: Finance ministry")
Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme
With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request
 "Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme")
Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme
Declarations under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can be revised till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable
 "Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme")
I-T refunds worth Rs 1.40 tn issued to about 6 mn taxpayers in 8 months
This includes personal income tax (PIT) refunds amounting to Rs 38,105 crore
I-T refunds worth Rs 1.36 lakh cr issued to 4.1 mn taxpayers till Nov 24
This includes personal income tax refunds and corporate tax refunds
Why the govt's economic package cannot be classified as stimulus
Real stimulus would be to tax people less because spending is as much about feeling good, as it is about having the money and depressed people don't go out shopping
I-T relief to help developers liquidate unsold inventory, says FinMin
The Aatmanirbhar Bharat 3.0 package included income tax relief measures for real estate developers and homebuyers
 "I-T relief to help developers liquidate unsold inventory, says FinMin")
Atmanirbhar Bharat 3.0: Prudent measures to boost job creation, stem capital destruction
The government is hoping that the green shoots visible in high-frequency data will further translate into a GDP uplift. And the latest measures - pragmatic and specific - will aid that
 "Atmanirbhar Bharat 3.0: Prudent measures to boost job creation, stem capital destruction")
Tax sops to help firms clear unsold housing units; boost demand: Realtors
For homebuyers, it is a clear added financial benefit to round off the existing offers and discounts
 "Tax sops to help firms clear unsold housing units; boost demand: Realtors")
Modi to inaugurate office-cum-residential complex of I-T Appellate Tribunal
Income Tax Appellate Tribunal, also known as ITAT, is an important statutory body in the field of direct taxes and its orders are accepted as final, on findings of fact
 "Modi to inaugurate office-cum-residential complex of I-T Appellate Tribunal")
15th FC submits report to President, keeps tax devolution to states at 41%
Report, submitted on Monday, addresses fears of southern states on population criteria
 "15th FC submits report to President, keeps tax devolution to states at 41%")
No relief in interest levied: Don't wait until last minute to file ITR
Interest charged under Section 234A will increase if you delay
Bihar elections: I-T raids BJP's game to corner Nitish, says RJD leader
The opposition RJD on Saturday claimed that the income tax raids on certain contractors due to the alleged scam in the tap water supply project were meant to corner Chief Minister Nitish Kumar
 "Bihar elections: I-T raids BJP's game to corner Nitish, says RJD leader")
Rs 1.27 trn I-T refunds made to individuals, businesses: Finance secretary
The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without manual intervention
I-T exemption under LTC cash voucher scheme: All you need to know
The Income Tax Department has extended the I-T exemption available under the LTC cash voucher scheme to employees of state governments, state-owned enterprises and private sector
 "I-T exemption under LTC cash voucher scheme: All you need to know")
People opting for lower tax regime not eligible for LTC stimulus: Govt
LTC incentive expanded to employees of the private sector, the public sector units and state governments.
