Page 29 - Latest Updates on Income tax
Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 trillion
 "Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress")
Job confidence, not tax cuts, will help boost consumption spend: DBS
The govet had last month announced a ten percentage point cut in corporate taxes, to get Indian levies at par with others, to spur investments.
 "Job confidence, not tax cuts, will help boost consumption spend: DBS")
Markets abuzz with speculation on personal income tax rate cut: Report
Markets are divided on the timing of such a move, said DBS report
 "Markets abuzz with speculation on personal income tax rate cut: Report")
Govt mulls personal I-T relief while scrapping some exemptions: Report
If the government tinkers with personal taxes, it will add to the list of measures taken in recent months to boost growth that's expanding at the slowest pace in nearly six years
Analysing revenue information-II
Tax administration advances, though continuing improvement remains paramount
 "Analysing revenue information-II")
Income-tax officials give thumbs down to govt's faceless assessment move
Dubbed an important initiative in tax reforms, the government launched the faceless assessment scheme in a bid to eliminate the interface between the assessee and the tax officer
 "Income-tax officials give thumbs down to govt's faceless assessment move")
Stock mkt more polarised after tax cut; 91% of gains cornered by 13 firms
RIL, HDFC Bank account for 32.4% of total BSE 500 m-cap gains since the cut in tax; 91% of gains cornered by 13 firms
 "Stock mkt more polarised after tax cut; 91% of gains cornered by 13 firms")
Journey of faceless e-assessment starts; I-T dept identifies 58,322 cases
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing
 "Journey of faceless e-assessment starts; I-T dept identifies 58,322 cases")
Don't leave tax planning for fourth quarter, spread financial burden
Spread out your financial burden by investing in tax-saving instruments throughout the year
 "Don't leave tax planning for fourth quarter, spread financial burden")
Why not a states income tax?
India's 'normal' tax rate has been between 40 and 55 per cent for almost 800 years
 "Why not a states income tax?")
Extend the tax-cut logic to infrastructure
A judicious lowering of input costs can increase productivity
 "Extend the tax-cut logic to infrastructure")
This Diwali, the govt may gift you a cut in personal income tax rate
The govt is considering rationalising personal income tax rates to boost disposable income and give a fillip to consumer demand
 "This Diwali, the govt may gift you a cut in personal income tax rate")
Tax cut gives PM Modi the perfect pitch to win American investments
The cropped tax rates are the latest in a series of steps announced by the government
 "Tax cut gives PM Modi the perfect pitch to win American investments")
Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep
Of the Rs 5.50 trillion collections, advance tax rose a tepid 7.3 per cent to Rs 2.20 trillion from Rs 2.05 crore, sources said
 "Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep")
Tax panel: Set up advisory cell to help semi-skilled entrepreneurs
The ITAT member said small businesses with innovative ideas, who are agents of economic change in India, need special treatment
 "Tax panel: Set up advisory cell to help semi-skilled entrepreneurs")
In UP, income tax for CM and ministers is paid by the treasury, since 1981
The law was passed by VP Singh in 1981 because the ministers were poor and could not afford to pay taxes with their meagre salaries
Pay penalty of Rs 10,000 for late Income-Tax filing after December 31
Timely filing of return is strongly recommended as the tax authorities have the power to initiate prosecution proceedings
Over 5.65 cr income tax returns for FY20 filed as Aug 31 deadline ends
Total number of income tax returns (ITRs) filed for AY 2018-19 was 5.42 crore
 "Over 5.65 cr income tax returns for FY20 filed as Aug 31 deadline ends")
Changes in I-T rules kick in today; to help govt track taxpayers' income
The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1
Changes in I-T rules kick in today; to help govt track taxpayers' income
The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1