Page 28 - Latest Updates on Income tax
Ex-CEA Subramanian against tax cuts, says no space for fiscal expansion
Subramanian further said that he thinks personal income tax cuts motivated by desired increased consumption are highly inequitable
 "Ex-CEA Subramanian against tax cuts, says no space for fiscal expansion")
Budget 2020: Govt may go for income tax relief to spur demand, says report
Finance Minister Nirmala Sitharaman is expected to present the budget for 2020/21 fiscal year on February 1. She has promised a budget that will do more to boost growth.
 "Budget 2020: Govt may go for income tax relief to spur demand, says report")
Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target
Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.
 "Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target")
Use allowance like LTA, HRA, car maintenance to reduce your tax liability
There are many of them, but only a few can be used to offset the tax burden
 "Use allowance like LTA, HRA, car maintenance to reduce your tax liability")
I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019
In money terms, the income tax refunds have gone up by 27.2 per cent.
 "I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019")
Best of BS Opinion: Boosting economic growth, income tax slabs, and more
Here's a collection of Business Standard Opinion pieces for the day
 "Best of BS Opinion: Boosting economic growth, income tax slabs, and more")
Simplify I-T structure
That's the way to go for improving tax base, compliance
 "Simplify I-T structure")
FM hints at I-T rate cuts, more stimulus measures to boost slowing economy
Says govt is taking steps towards a harassment-free taxation regime
 "FM hints at I-T rate cuts, more stimulus measures to boost slowing economy")
Income tax rate cut among steps govt working on to revive growth: FM
Assuring that there will be no harassment of taxpayers, Sitharaman said the intent of the government is to further simplify taxation systems including removal of exemption.
 "Income tax rate cut among steps govt working on to revive growth: FM")
Arbind Modi panel wanted no tax on income below Rs 6 lakh, 0.5% wealth tax
The panel proposed a 15% income-tax rate if income was Rs 6-20 lakh, and 30 per cent for above Rs 30 lakh
 "Arbind Modi panel wanted no tax on income below Rs 6 lakh, 0.5% wealth tax")
Govt moves Taxation Bill in Lok Sabha seeking changes in income tax law
The Bill was introduced in the House on November 25. Some provisions of the Bill are different from those of the Ordinance
 "Govt moves Taxation Bill in Lok Sabha seeking changes in income tax law")
Oriental India Group admits Rs 3,000-cr black money after I-T raids: CBDT
Last week, searches and surveys were conducted at over 25 premises of the group that has interests in infrastructure, mining and real estate
 "Oriental India Group admits Rs 3,000-cr black money after I-T raids: CBDT")
Tax cuts aimed at attracting investment, generating jobs: Sitharaman
The Bill seeks to replace the Ordinance which was promulgated by the President in September
 "Tax cuts aimed at attracting investment, generating jobs: Sitharaman")
Corporate tax cut impact? Direct taxes mop up down 17% in October
Brings down April-October growth to 2%, amidst slowdown
 "Corporate tax cut impact? Direct taxes mop up down 17% in October")
Maharashtra's Sangli royals under scanner for Swiss bank accounts
Vijaysingh and Rohini Patwardhan are listed as the only two directors of the company, while the RoC records show its status as 'active'
 "Maharashtra's Sangli royals under scanner for Swiss bank accounts")
Paying your income tax may soon become as easy as swiping a card at a shop
UPI is an instant, real-time payment instrument developed by the National Payments Corporation of India
 "Paying your income tax may soon become as easy as swiping a card at a shop")
ITAT orders withdrawal of tax exemption to Congress-controlled Young Indian
An appeal to restore the withdrawal of exemption from income tax was made by Young Indian before the ITAT
 "ITAT orders withdrawal of tax exemption to Congress-controlled Young Indian")
Govt may tighten presumptive taxation norms, do away with some deductions
The slab rationalisation exercise will cost the exchequer Rs 70,000-80,000 crore
 "Govt may tighten presumptive taxation norms, do away with some deductions")
Tax evasion: I-T makes highest cash seizure of Rs 9.55 cr in Pune
The policy-making body of the department said the action was undertaken on November 4. It did not identify the entity.
Rs 12,000-cr tax blow: I-T dept cancels registration of 6 Tata Trusts
The Trusts further clarified that this order of cancellation is a culmination of the decision taken by these six Trusts in 2015 to surrender, of their own volition, their registration under the Income
 "Rs 12,000-cr tax blow: I-T dept cancels registration of 6 Tata Trusts")