Page 30 - Latest Updates on Income tax
Task force recommends four far-reaching changes in Income Tax law
Suggests rejig in tax slabs, with some relief for those earning up to Rs 55 lakh a year; Corporation tax rate may come to 25% for all; DDT may go, procedures for dispute settlement may be streamlined
 "Task force recommends four far-reaching changes in Income Tax law")
Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
Suggests rejig of 20% and 30% slabs of personal income tax
 "Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go")
Govt sacks 22 'corrupt' tax officials in third crackdown since June
CBIC compulsorily retired 22 superintendent rank officers under Fundamental Rule 56(J) on corruption and other charges, official sources said
 "Govt sacks 22 'corrupt' tax officials in third crackdown since June")
Oberoi Realty, Capacite Infra stocks fall on Income Tax search buzz
The stock has fallen 5.84 per cent since Tuesday
 "Oberoi Realty, Capacite Infra stocks fall on Income Tax search buzz")
Direct Tax Code 2.0: Task force for big relief to individual taxpayers
Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief
 "Direct Tax Code 2.0: Task force for big relief to individual taxpayers")
Tax dispute limits doubled for appeals in high courts, Supreme Court
The limits for filing appeals in the Income Tax Appellate Tribunal (ITAT) have been more than doubled
 "Tax dispute limits doubled for appeals in high courts, Supreme Court")
J&K loses special status: Google tax may be levied in new Union Territory
The equalisation levy was introduced in June 2016, but not through an amendment in the Income Tax Act despite being a form of direct tax
 "J&K loses special status: Google tax may be levied in new Union Territory")
Revenue department to brief PMO on Rs 1.67-trillion tax shortfall
Despite a cut in the income tax collection target in the full Budget compared to the interim Budget projections, the target is far from realistic
 "Revenue department to brief PMO on Rs 1.67-trillion tax shortfall")
Budget likely to charge up electric vehicle push with tax incentives
The govt is also examining extension of tax holiday for units operating or planning to set up operations in special economic zones
 "Budget likely to charge up electric vehicle push with tax incentives")
From price hikes to tax sops: How Union Budget 2019 will impact you
While fuel and gold are set to get more expensive, the Budget proposes tax sops on affordable housing and electric vehicle loans
 "From price hikes to tax sops: How Union Budget 2019 will impact you")
I-T dept 'elephant' running amok to meet revenue shortfall: Rahul Gandhi
Gandhi also shared media reports alleging that 'tax terrorism' was hurting India's growth
 "I-T dept 'elephant' running amok to meet revenue shortfall: Rahul Gandhi")
Surcharge hike may stop overseas fund managers from shifting to India
Several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain
 "Surcharge hike may stop overseas fund managers from shifting to India")
Dividend income, partnership firms two ways to reduce income tax liability
Most tax experts and chartered accountants say their high-net-worth clients are rattled
 "Dividend income, partnership firms two ways to reduce income tax liability")
ITR 2019-20: A simple step-by-step guide to filing your income-tax return
Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019
 "ITR 2019-20: A simple step-by-step guide to filing your income-tax return")
Reader's corner: How to check status of refund from income tax department
You will not be able to claim a credit of such TDS until the tenant completes the formalities
In pictures: July 24 celebrated as annual Income Tax Day from this year
Income tax was introduced for the first time in India on July 24, 1860, by James Wilson to compensate for the losses made by the British during the first war of independence
 "In pictures: July 24 celebrated as annual Income Tax Day from this year")
New deduction on affordable homes benefits loans with longer tenures
Joint owners would not be able to get the additional tax deduction due to caveats
 "New deduction on affordable homes benefits loans with longer tenures")
FAQs: 10 key things you must know about income-tax return (ITR) filing
What are income-tax returns? Must you file them? What if you did not? What are the benefits of filing an ITR? How do you get a refund for any excess tax deducted? Find answers to all your questions
$30 billion wiped off stock in 3 sessions as doubts on higher tax lingers
The realisation that the new tax rate applies not just to the super rich but also to trusts - a structure of choice for a large number of foreign funds that invest in the nation
 "$30 billion wiped off stock in 3 sessions as doubts on higher tax lingers")
Google, Facebook made Rs 10,000 crore; paid Rs 200 crore as tax in India
Modi government plans to bring companies that derive revenues from Indian users but pay taxes elsewhere into the corporate tax net