Page 31 - Latest Updates on Income tax
If it moves, tax it: Desperation creeps into Indian economic policy-making
As with its tax grab, India's desperate focus on short-term fiscal fixes risks doing greater damage in the long term
 "If it moves, tax it: Desperation creeps into Indian economic policy-making")
I-T dept eyes NRIs' residential status, reopens tax assessments of 5 years
The department has pulled up people who evaded tax and were sent notices a month ahead of Budget 2019
 "I-T dept eyes NRIs' residential status, reopens tax assessments of 5 years")
India's highest personal tax rate still lower than those in China, US: Govt
Following the increase in surcharge, the effective income tax rate for individuals with taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent
 "India's highest personal tax rate still lower than those in China, US: Govt")
Budget impact: Super-rich tax hits 1,000 executives in corporate India
Overall, 901 listed companies had 1,720 officials earning more than Rs 1 crore in FY18
 "Budget impact: Super-rich tax hits 1,000 executives in corporate India")
CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base
A new filer is defined as a person who is not included in the base at the beginning of the year
 "CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base")
Union Budget 2019: Tax hike on rich will also hurt global companies
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
 "Union Budget 2019: Tax hike on rich will also hurt global companies")
Budget 2019: Five key income-tax related announcements FM made today
Tax slabs left untouched; Aadhaar good enough for filing returns in case you don't have PAN
Govt raises income tax on super-rich to support state lenders, small biz
The new rate will include 25% surcharge on income between Rs 2 crore and Rs 5 crore, and 37% on income exceeding Rs 5 crore in a year
 "Govt raises income tax on super-rich to support state lenders, small biz")
I-T dept extends deadline for employers to issue Form 16 till July 10
Individual taxpayers, who do not have to get their accounts audited, have to file income tax returns for financial year 2018-19 by July 31, 2019
 "I-T dept extends deadline for employers to issue Form 16 till July 10")
Assocham roots for raising tax exemption limit to Rs 5 lakh in Budget 2019
The government is scheduled to present its first full Budget on July 5, for the current financial year
Govt sacks 12 senior I-T officers including a senior officer for corruption
It also includes an IRS officer in the post of Commissioner (Appeal) in Noida, who was accused of sexual harassment to two lady IRS officers of Commissioner rank
 "Govt sacks 12 senior I-T officers including a senior officer for corruption")
J&K bank case: I-T dept initiates probe into irregularities, conducts raids
The action is linked to the recently unearthed alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB)
 "J&K bank case: I-T dept initiates probe into irregularities, conducts raids")
Govt may raise income-tax threshold in Budget to revive economy
Any tax exemptions will add stimulus to an economy that's slowed sharply this year, with growth reaching a five-year low of 5.8 per cent in the first three months of the year
 "Govt may raise income-tax threshold in Budget to revive economy")
I-T dept issued Rs 64,700-cr refund between April 1-June 18: Sitharaman
Sitharaman further said that 269 million SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time
 "I-T dept issued Rs 64,700-cr refund between April 1-June 18: Sitharaman")
Share info of assets, accounts of defaulters with banks: CBDT to I-T dept
CBDT asks I-T dept to share assets, accounts info of defaulters with banks
 "Share info of assets, accounts of defaulters with banks: CBDT to I-T dept")
Hike in I-T exemption level, tax on income over Rs 10 cr in Budget: Survey
The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries
 "Hike in I-T exemption level, tax on income over Rs 10 cr in Budget: Survey")
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply
Standard deduction has also been raised from Rs 40,000 to Rs 50,000, besides a host of tax benefits to home buyers
 "No tax liability if your income is up to Rs 9.5 lakh, but conditions apply")
Pay high income tax? Govt may call you to have tea with the PM or FM
The idea is to encourage taxpayers to willingly pay more
Income tax returns to exemptions: Expert answers your taxation questions
For taxpayers having taxable income not exceeding Rs 5 lakh, it is Rs 1,000
E-filing of tax returns saw 19% growth in AY19, says Finance Ministry
The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19
 "E-filing of tax returns saw 19% growth in AY19, says Finance Ministry")