Page 24 - Latest Updates on Income tax
To provide clarity on Vivad se Vishwas scheme, CBDT releases FAQs
'Vivad Se Vishwas' scheme was announced during the Union Budget, 2020 to provide for dispute resolution in respect of pending income tax litigation
 "To provide clarity on Vivad se Vishwas scheme, CBDT releases FAQs")
Taxmen threaten to stall work in protest if working conditions don't change
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
 "Taxmen threaten to stall work in protest if working conditions don't change")
I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme
Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme
 "I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme")
Vivaad Se Vishwas scheme to help save time, money in fighting disputes: FM
As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals
 "Vivaad Se Vishwas scheme to help save time, money in fighting disputes: FM")
Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told
Declarants will need to attach the application on withdrawing cases from the CIT (A), the IATA, High Court, or the Supreme Court, along with the Vivad se Vishwas form.
 "Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told")
Pay taxes honestly to generate funds for development works: Prasad
"Only two crore people in a country with a population of 130 crore fall in the category of tax-paying professionals. Is this fair where people are prospering?" Prasad asked.
 "Pay taxes honestly to generate funds for development works: Prasad")
Reduce regulatory risk for growth
The recognition of this problem is a welcome development. Regulatory overreach and higher risk perceptions are a major concern, constraining business growth that need to be addressed.
 "Reduce regulatory risk for growth")
Make an evidence-based choice between the old and new income tax regimes
Those who can cross certain thresholds of deduction will be better off sticking to the old regime
 "Make an evidence-based choice between the old and new income tax regimes")
When concession is a penalty
The new optional tax regime is likely to become the only one available in a few years. This will affect real estate
Vivad se Vishwas scheme: Revised tax Bill addresses fears over tax on loss
The revised Bill makes the scheme attractive by expanding its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs)
 "Vivad se Vishwas scheme: Revised tax Bill addresses fears over tax on loss")
Taxing digital economy
Analysts are increasing their understanding of it
 "Taxing digital economy")
Budget 2020 was disappointing for lacking vision, says Ashima Goyal
However, the finance minister has achieved a "balancing act" through her moves, Goyal said
 "Budget 2020 was disappointing for lacking vision, says Ashima Goyal")
Why the new optional tax regime could adversely affect dwindling savings
Commenting on the proposal, eminent economist and former Union Minister Yoginder Alagh said, "it (proposal) will definitely reduce savings incentives".
 "Why the new optional tax regime could adversely affect dwindling savings")
Yes, only 15 million Indians pay tax; but who is to blame for this?
It is Mr Modi's govt that has added to the problem, and it can resolve it, only if it has the stomach to ignore the inevitable howls of protest from a very vocal middle class, writes T N Ninan
Withdraw income tax on overseas tours, travel agents petition PM Modi
The government introduced five per cent TCS on overseas tour packages with an aim to plug revenue leakag
I-T Dept to help Sebi in market manipulation probe, share taxpayers' PAN
The sharing of information will be under three broad heads: request-based exchange of data, suo moto and automatic.
 "I-T Dept to help Sebi in market manipulation probe, share taxpayers' PAN")
Govt wants continuous engagement with businesses, industries: FM Sitharaman
She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration"
 "Govt wants continuous engagement with businesses, industries: FM Sitharaman")
India's insurance is one of Asia's better long-term stories: Chris Wood
In September 2019, he had bought SBI Life Insurance and HDFC Life Insurance, which now account for 5 per cent and 4 per cent weight in the above-mentioned portfolio
 "India's insurance is one of Asia's better long-term stories: Chris Wood")
TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal
Agarwal was talking about the Budget proposal to introduce a new section in the Income Tax Act
 "TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal")
Govt should consider exempting expatriates from Rs 7.5 lakh limit: Expert
Expatriates invest a high amount to comply with PF regulations. The government should consider exempting them from the Rs 7.5 lakh limit
 "Govt should consider exempting expatriates from Rs 7.5 lakh limit: Expert")
