Page 20 - Latest Updates on Income tax
Taxpayers' charter: Expect more fairness
The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise
 "Taxpayers' charter: Expect more fairness")
I-T dept to intimate taxpayers under scrutiny about faceless assessment
A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act
 "I-T dept to intimate taxpayers under scrutiny about faceless assessment")
Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme
Only central government staff looking for debt-oriented schemes should go for it
 "Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme")
Faceless tax appeals may lead to rise in litigation, say officials
Consultants say they won't get fair chance to explain case
 "Faceless tax appeals may lead to rise in litigation, say officials")
IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers
This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers
Compliance cost
Tax authorities must explain their data demands
 "Compliance cost")
Anonymous, at a distance: How faceless assessment will help taxpayers
Taxpayers will be selected for assessment and other procedures through a system that uses data analytics, artificial intelligence and machine learning.
 "Anonymous, at a distance: How faceless assessment will help taxpayers")
WFH could mean higher tax for some, altering pay structure may give relief
But many expenses incurred during WFH can't be treated as non-taxable until law is amended
 "WFH could mean higher tax for some, altering pay structure may give relief")
Not taken into confidence for faceless assessment scheme: Tax officers
In a letter to the CBDT Chairman P C Mody, the association has highlighted the unease among 97 per cent of the I-T department workforce with respect to the implementation of the scheme
FinMin defends proposal to bring some expenditures under I-T scanner
Sources say burden on reporting transactions will not fall on assessees
 "FinMin defends proposal to bring some expenditures under I-T scanner")
Why a taxpayers' charter is a non-starter
The charter is a bunch of promises, full of homily-like vision statements
CBDT undergoing significant restructuring for faceless assessment
4,224 officers have been diverted to the faceless assessment unit, leaving 2,000 in the residual jurisdiction, which will no longer carry out assessments
Under faceless assessment, all communication with taxpayers to be from NeAC
In detailed guidelines on implementation of the scheme the CBDT said, The NeAC/ReACs hierarchy will be tasked with management of Faceless Assessment proceedings
 "Under faceless assessment, all communication with taxpayers to be from NeAC")
FM Sitharaman asks tax officers to make faceless appeal system a success
The faceless appeal system was also unveiled by prime minister Narendra Modi on Thursday
 "FM Sitharaman asks tax officers to make faceless appeal system a success")
Taxpayer charter, faceless assessment may not always reduce torment: Expert
Unreasonable collection targets, mainly towards year end, often prompt tax official to make aggressive demands; in case of disputes, the official may favour the dept's view
 "Taxpayer charter, faceless assessment may not always reduce torment: Expert")
Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens
In a list of proposed measures to widen the tax base, in a tweet, government said no taxpayer should be left behind in the drive to ensure better compliance and transparency
Govt modifies e-assessment scheme after PM unveils Taxpayers' Charter
The nomenclature of the scheme has now been changed to "Faceless Assessment Scheme" from the existing "E-assessment Scheme"
Govt determined to make income tax system seamless: Anurag Thakur
The government is determined to successfully implement an income tax system that is "seamless, painless and faceless", Minister of State for Finance Anurag Thakur said on Thursday.
 "Govt determined to make income tax system seamless: Anurag Thakur")
Explained: How Modi's tax reforms will benefit both taxpayer and I-T dept
Your guide for Modi's taxpayers' charter and its benefits
 "Explained: How Modi's tax reforms will benefit both taxpayer and I-T dept")
Top headlines: PM announces Taxpayers' Charter, US relaxes H-1B visa rules
Here are the top headlines of the day
 "Top headlines: PM announces Taxpayers' Charter, US relaxes H-1B visa rules")
