Page 19 - Latest Updates on Income tax
Receiving pricey diwali gifts from your non-relatives will attract taxes
Section 2 (24) of the Income-Tax (I-T) Act deals with gifts received that will be treated as a person's income, while Section 56 (2) deals with both the taxation and exemptions on them
 "Receiving pricey diwali gifts from your non-relatives will attract taxes")
Taxpayers can make payments under 'Vivad se Vishwas' scheme till March 31
Finance secretary A B Pandey reviewed the progress under the scheme at a high-level meeting of senior officers through video conferencing
 "Taxpayers can make payments under 'Vivad se Vishwas' scheme till March 31")
I-T survey to be conducted only after approval of senior officers: CBDT
The income tax department on Friday issued new guidelines to restrict intrusive or coercive action for recovery of tax demand by Assessing Officer (AO)/Tax Recovery Officer
 "I-T survey to be conducted only after approval of senior officers: CBDT")
I-T department keeps tolerance range for transfer pricing unchanged
This implies that there will be no taxation relief for businesses dealing in related-party transactions
PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%
His comment was in contrast to economist Joseph Stiglitz's, who wanted the rich to be taxed more under the current circumstances
 "PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%")
Donald Trump paying $750 in income tax shows why he's a billionaire
His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known
 "Donald Trump paying $750 in income tax shows why he's a billionaire")
Top revelations from Donald Trump's decade-long hidden tax information
It is important to remember that the returns are not an unvarnished look at Trump's business activity
 "Top revelations from Donald Trump's decade-long hidden tax information")
Trump's firms paid $750 in taxes in US, $145,400 in India in 2017: NYT
Speaking at a news conference at the White House, Trump dismissed the report as fake news and said he has paid taxes, though he gave no specifics
 "Trump's firms paid $750 in taxes in US, $145,400 in India in 2017: NYT")
3/4th of demand raised by I-T after searches not upheld, says CAG
This was because additions were made related to transactions based on the documents found, which were disclosed by the assessee
 "3/4th of demand raised by I-T after searches not upheld, says CAG")
Scrip-wise info in ITR must only for those seeking LTCG exemption: CBDT
Direct tax body denies reports that stock or day traders are required to furnish scrip wise details in return of income for AY 2020-21
 "Scrip-wise info in ITR must only for those seeking LTCG exemption: CBDT")
Faceless I-T appeal system kicks off today, leaves out fraud and evasion
FinMIn says will benefit both assessees and I-T department, critics say personal hearing required in complex cases
 "Faceless I-T appeal system kicks off today, leaves out fraud and evasion")
In pics: All about faceless income tax assessment starting from today
While Faceless Assessment and Taxpayers Charter came in force from August 13, income-tax appeals are all set to go faceless from today, September 25
 "In pics: All about faceless income tax assessment starting from today")
Faceless income tax assessment starts today: Here is all you need to know
Faceless assessment enables an assessing officer, who is physically located in a particular jurisdiction, to assess a Bill of Entry pertaining to imports made at a different Customs station
 "Faceless income tax assessment starts today: Here is all you need to know")
Faceless regime: Appeals will be filed in assessee's state, clarifies CBDT
Dept attempts to allay apprehensions over faceless appeals, which start tomorrow
Investors must prepare tax-filing checklist early to avoid hiccups
With the task turning more complex, procrastinating will compound your problems
CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April
The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 176,966, the statement said
Govt looks to extend faceless assessment scheme to 8 more I-T proceedings
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, is introduced in the Lok Sabha on Friday
Taxes taking a bite out of your salary? Use Section 197 to manage cash flow
Only payments made after submission of this certificate are eligible for lower or nil tax rate
 "Taxes taking a bite out of your salary? Use Section 197 to manage cash flow")
From arbitration to pulses importers lose case, here're key court orders
The Supreme Court ruled last week that the police cannot file FIR or investigate a case of violation of the Drugs and Cosmetics Act
 "From arbitration to pulses importers lose case, here're key court orders")
I-T authorities can share info with scheduled commercial banks: CBDT
The CBDT has said IT authorities can share information with scheduled commercial banks, a move that would ease the lenders' hassle of deciding TDS deductibility on various payments to their customers.
 "I-T authorities can share info with scheduled commercial banks: CBDT")
