Page 25 - Latest Updates on Income tax
Letter to BS: Ease of paying tax is important for living, doing business
Nobel prize-winning economist Richard Thaler would approve - if you want people to do something, make it easy, he said
 "Letter to BS: Ease of paying tax is important for living, doing business")
Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT
Income tax collection target for next fiscal is pegged at Rs 6.38 trillion and corporate tax collection at Rs 6.81 trillion
 "Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT")
Middle Class 'trained enough' to pick right Income Tax option: Rajiv Kumar
Rajiv Kumar was commenting on the Budget proposal of FM Sitharaman to give the option to personal income taxpayers to remain in the existing tax scheme or opt for a new simplified tax regime.
 "Middle Class 'trained enough' to pick right Income Tax option: Rajiv Kumar")
Budget 2020 is indeed a 'bold' Budget; you cannot fault Sitharaman here
If doing away with tax exemptions is not 'bold', what is? It has annoyed savers which is as good a definition of 'bold' as you will ever get. Structural reform is like that only
Ball is now in your court: FM Sitharaman exhorts India Inc to invest more
Says govt spending alone can't be enough
 "Ball is now in your court: FM Sitharaman exhorts India Inc to invest more")
Letter to BS: Lowering of interest rates for small savings not a wise move
This is not a wise move at a time when the rate of household savings is falling. India has practically no social security system for the old and the unemployed
 "Letter to BS: Lowering of interest rates for small savings not a wise move")
'Too radical': Centre likely to implement direct tax code in parts
The new income tax regime is modelled on the task force's recommendations
 "'Too radical': Centre likely to implement direct tax code in parts")
New tax structure will leave more cash in the hands of people: Revenue Secy
He said the Budget gives an option to individuals to migrate to a new regime by foregoing their existing exemptions and deductions for a lower tax rate
 "New tax structure will leave more cash in the hands of people: Revenue Secy")
Not all NRIs need to pay tax, here's what FM clarified post budget speech
Finance minister clarified that only Indian income of NRIs is proposed to be taxed under the new provision
 "Not all NRIs need to pay tax, here's what FM clarified post budget speech")
Budget: Those taking I-T exemptions will gain if they shift, says AB Pandey
The new regime is simple, one has to see the exemptions one was taking earlier and compare the new tax rates without those exemptions, the Revenue Secretary said
 "Budget: Those taking I-T exemptions will gain if they shift, says AB Pandey")
Budget 2020: Need for an independent council to mediate with taxpayers
It is important to introduce an efficient dispute resolution mechanism to ease the pain of an overburdened dispute resolution machinery
 "Budget 2020: Need for an independent council to mediate with taxpayers")
Increase SIPs if markets fall
Though boring, these instruments work well if there is a broad bear market
Budget 2020: NRI tax to only impact India earnings, govt clarifies
The Union Budget had proposed on Saturday that NRIs have to pay up taxes on global earnings, if they're not paying in any other jurisdiction or country, generating much debate
 "Budget 2020: NRI tax to only impact India earnings, govt clarifies")
Glide path for direct tax
Exemption-free option a good move, but clarity needed
 "Glide path for direct tax")
After foreign companies, budget gives income tax exemption to ISPRL
Tax changes on ISPRL will be effective April 1
 "After foreign companies, budget gives income tax exemption to ISPRL")
FM defends new tax regime, says it will benefit taxpayers in some brackets
She defended the new scheme by saying that it will benefit some taxpayers falling in certain brackets, if not all
 "FM defends new tax regime, says it will benefit taxpayers in some brackets")
Budget 2020: Centre kicks off immunity scheme to settle income tax disputes
Waiver from interest and penalty if paid by March 31; estimated value of contested money over Rs 5 trillion
 "Budget 2020: Centre kicks off immunity scheme to settle income tax disputes")
Budget 2020: NRIs not paying tax in other countries will be taxed in India
This means if an Indian citizen is not a resident of any country, they will now be deemed an Indian resident and their income will be taxed here
 "Budget 2020: NRIs not paying tax in other countries will be taxed in India")
Nirmala Sitharaman's Budget 2020: Trust, the new mantra in tax policy
The Centre's commitment to reduce harassment of a sound taxpayer reaffirmed
 "Nirmala Sitharaman's Budget 2020: Trust, the new mantra in tax policy")
Budget 2020 ready reckoner: 10 questions you always wanted to ask
Income tax rates have been slashed, but can be availed only if the taxpayer lets go of most exemptions
 "Budget 2020 ready reckoner: 10 questions you always wanted to ask")
