Page 23 - Latest Updates on Income tax
Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19
Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister
 "Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19")
Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962
It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days
 "Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962")
Govt may extend 'Vivad se Vishwaas' tax settlement deadline to September
Hopes for bettwe results post Covid-19 as revenue dept has not seen a single deposit owing to the disease outbreak
 "Govt may extend 'Vivad se Vishwaas' tax settlement deadline to September")
Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea
Telecom company had sought tax refunds for four years but it was allowed for 2014-15.
 "Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea")
IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled
The committee has argued the 'super-rich' have a higher obligation towards ensuring public good and recommended either raising income-tax rate for the highest slab or re-introducing wealth tax
 "IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled")
Pharma traders seek IT rule exemption as retailers pay stockists in cash
They fear scrutiny by tax authorities at a later date, assure that the relaxation will not be misused
 "Pharma traders seek IT rule exemption as retailers pay stockists in cash")
Old income tax regime or new? Work out the math before you make your choice
Compute your income-tax liability twice, under the old system and the new. Factor in likely events like job loss of pay cuts
 "Old income tax regime or new? Work out the math before you make your choice")
Arrears' collection will be tricky
We need to understand the nature of the astronomical tax arrears' figure of Rs 9 trillion
Centre seeks India Inc's view on economic revival amid Covid-19 outbreak
Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny
 "Centre seeks India Inc's view on economic revival amid Covid-19 outbreak")
Income tax staff in a fix over 'informal' reporting orders amid lockdown
While some are stuck in towns other than their place of work, others are finding it difficult to commute as they have to rely on public transport
 "Income tax staff in a fix over 'informal' reporting orders amid lockdown")
How to deduct TDS against salary under new rules from April? CBDT clarifies
The circular also addresses the confusion that there cannot be a change in option by the employee during the year, coming as a relief for employers
 "How to deduct TDS against salary under new rules from April? CBDT clarifies")
I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately
The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers
 "I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately")
Treat coronavirus-related tax concerns as exceptional, says OECD
The work scenario has changed across the world due to Covid with most employees working from homes while others may have got stuck in foreign countries because of the lockdown
 "Treat coronavirus-related tax concerns as exceptional, says OECD")
Six changes in tax rules that come into effect today
Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today
 "Six changes in tax rules that come into effect today")
Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund
The Ordinance also amended the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund
 "Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund")
From Finance Bill to Termination of Pregnancy, Bills passed by Parliament
Here are a few Bills passed by Parliament in the Budget session
 "From Finance Bill to Termination of Pregnancy, Bills passed by Parliament")
Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes
Change in financial year for I-T purposes expected amid Covid-19 outbreak
 "Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes")
Vivad se Vishwas: IT dept begins implementation, taxpayers await rules
The scheme is open till June 30 and an additional 10 per cent needs to be paid for taxes paid after March 31
 "Vivad se Vishwas: IT dept begins implementation, taxpayers await rules")
Govt needs Rs 3.06 trillion in 20 days to meet direct tax target
The data showed that the government has collected 73.8 per cent of direct tax target as given in RE by March 10 and 88.71 per cent of indirect tax mop-up projection by February 29
 "Govt needs Rs 3.06 trillion in 20 days to meet direct tax target")
Govt approves tax reimbursement scheme for exporters, MEIS to be phased out
These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not exempt or refunded under any other existing mechanism.
 "Govt approves tax reimbursement scheme for exporters, MEIS to be phased out")
