Page 32 - Latest Updates on Income tax
In a first, income tax e-filers fall by more than 660,000 in FY19
Registered filers were just 2.7 crore at the end of March 2013 which almost doubled to 5.2 crore in March 2016 and to 6.2 crore in March 2017
 "In a first, income tax e-filers fall by more than 660,000 in FY19")
Income-tax dept likely to propose using calendar as financial year
The dept has to submit its recommendations for the July Budget by May 15
 "Income-tax dept likely to propose using calendar as financial year")
CBDT identifies 20.4 million non-filers, asks I-T dept to take action
The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers
 "CBDT identifies 20.4 million non-filers, asks I-T dept to take action")
Tax dept may pitch for lower I-T target when next govt presents Budget
CBDT feels 30% growth in income-tax not feasible
 "Tax dept may pitch for lower I-T target when next govt presents Budget")
Income from renting out property cannot be claimed as business income
To classify income from letting out property as business income, the taxpayer needs to exploit the property commercially by providing furniture, facility management, amenities and security
 "Income from renting out property cannot be claimed as business income")
I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13
The identified taxpayers have been asked to provide income details along with profit and loss for AY2012-13 within 30 days
 "I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13")
I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi
 "I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr")
Income Tax return forms for AY 2019-20 out; last date of filing July 31
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal
 "Income Tax return forms for AY 2019-20 out; last date of filing July 31")
Linking PAN with bank mandatory for refunds from March: I-T to taxpayers
Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers
 "Linking PAN with bank mandatory for refunds from March: I-T to taxpayers")
Suspicious income tax refund claims to face I-T department's scrutiny
The number of suspicious refund claims selected for scrutiny stood at 20,874 in 2018-19, 11,059 in 2017-18 and 9,856 in 2016-17
 "Suspicious income tax refund claims to face I-T department's scrutiny")
Dorabji Tata Trust challenges I-T dept's decision to withdraw tax exemption
The Trust is learnt to have contested the findings of the assessing officer, saying the 87-year old Trust deed provides for the compensation to its trustee
'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept
Bank accounts of TravelKhana seized and Rs 33 lakh withdrawn as tax liability on funds raised from angel investors
 "'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept")
1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT
Income tax filers' data maintained by the tax department showed that the number of crorepatis was only marginally higher than nearly 140,000 returns by crorepatis filed in the AY 2017-18
 "1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT")
Cabinet approves abolition of ombudsman for direct, indirect taxes
Taxpayers now prefer alternate methods of grievance redressal
 "Cabinet approves abolition of ombudsman for direct, indirect taxes")
I-T dept raids 74 places in Tamil Nadu in connection with tax evasion
The department had last month conducted large-scale raids on a number of popular eateries of the state including Saravana Bhawan outlets
 "I-T dept raids 74 places in Tamil Nadu in connection with tax evasion")
I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms
High-value refunds of corporates, public sector undertakings likely to be issued in April
 "I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms")
How you can sell multiple long-term assets and also claim tax deductions
Even if you sell long-term assets in different financial years and invest in one residence, Section 54F benefit will still apply
Direct tax collection rises 13.6% to Rs 7.43 trn in Apr-Dec, refunds up 17%
Refunds worth Rs 1.3 trillion paid during the period, 17% higher than previous year, reveals CBDT data
Tax collection numbers 'matter of serious concern': CBDT chief
CBDT Chairman Sushil Chandra has shot off a letter to the I-T dept officials, asking them to pull up their socks as only three months are left for the current financial year to close on March 31
I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu
The residences and offices of the directors of these food-joint chains are being raided by a team of over 100 I-T sleuths
 "I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu")