Page 22 - Latest Updates on Income tax
Banks, Post Offices can now check TDS rate on high value withdrawals
Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash
 "Banks, Post Offices can now check TDS rate on high value withdrawals")
Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues
The Meghalaya Cabinet has approved an amnesty scheme for taxpayers to pay their outstanding dues to the state government
 "Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues")
Sovereign wealth funds to get tax relief on infrastructure bets: CBDT
CBDT notifies changes that will also apply to pension funds
Income Tax dept amends TDS form, makes it more comprehensive
As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore
Last date for filing Income Tax Returns extended till November 30
Last month, the government had extended the date for linking Aadhaar with PAN to March 31, 2021
 "Last date for filing Income Tax Returns extended till November 30")
Awaiting Form 16 to file ITR? Here's why your wait may be longer this year
Form 16 from the employer is needed to file income-tax returns as it contains details of the salary received by an employee and tax deducted on it
How to claim income tax deduction for investments made in April - July 2020
One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21
 "How to claim income tax deduction for investments made in April - July 2020")
Income Tax department extends five new deadlines for Indian taxpayers
The estimation poses some practical challenges and also makes it difficult to assess tax liability
 "Income Tax department extends five new deadlines for Indian taxpayers")
Govt allows I-T exemption on conveyance allowance under new tax regime
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees
 "Govt allows I-T exemption on conveyance allowance under new tax regime")
Income tax exemptions to lower tax assessee for certain allowances
The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions
Securities transaction tax mop-up rises 14% despite sharp sell-off
The department collected Rs 2,568 crore against Rs 2,262 crore in the corresponding period a year ago.
 "Securities transaction tax mop-up rises 14% despite sharp sell-off")
New ITR forms call for filing return even if your income isn't taxable
Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions
Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax
Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.
 "Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax")
Tax devolution to states to be 30% lower than Budget estimates: Icra study
The projected figure to be 16.2 per cent lower than even FY20 numbers
 "Tax devolution to states to be 30% lower than Budget estimates: Icra study")
FM Sitharaman launches scheme for instant allotment of online PAN
In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.
 "FM Sitharaman launches scheme for instant allotment of online PAN")
Govt notifies revised Form 26AS, to have purchase info of shares, property
Easing taxpayer compliance, the annual information statement has been subsumed in the Form 26AS
 "Govt notifies revised Form 26AS, to have purchase info of shares, property")
Re-evaluate the tax regime you've chosen if your salary has changed
For different income levels, there are different break-even deduction points. If you can avail of higher deductions than that, stick to the old regime
 "Re-evaluate the tax regime you've chosen if your salary has changed")
Time to boost P2P lending
As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders
Covid-19 impact: TDS revenue collection in first 10 days of May down 22%
The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown
 "Covid-19 impact: TDS revenue collection in first 10 days of May down 22%")
Tax-burden on India's GDP to rise further, hitting consumption and savings
In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP up from 9.3 per cent a year ago and low of 6.1 per cent in FY10
