Page 33 - Latest Updates on Income tax
Richie Rich or Peter the Pauper? This calculator tells you where you stand
This Business Standard tool, created on the basis of tax data, allows you to figure out how many people in India make more money than you, and how many make less
 "Richie Rich or Peter the Pauper? This calculator tells you where you stand")
Resident, NRI taxpayers allowed manual filing for nil TDS certificate
Resident applicants can file manual application in Form 13 till December 31, 2018, says Income Tax department.
 "Resident, NRI taxpayers allowed manual filing for nil TDS certificate")
ITR filing up 50%; will meet Rs 11.5-trn direct tax target: CBDT chairman
He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information
 "ITR filing up 50%; will meet Rs 11.5-trn direct tax target: CBDT chairman")
Regular salary vs consultancy: Here's how the tax treatment differs
Financial and tax compliance plays a significant role in deciding which option is more suitable for you. These have been discussed in this article.
 "Regular salary vs consultancy: Here's how the tax treatment differs")
The number of salaried taxpayers increased 37% in last 3 years: CBDT
During the same period, it said, there has also been a growth of 19 per cent in the number of non-salaried individual taxpayers from 19.5 million to 23.3 million
 "The number of salaried taxpayers increased 37% in last 3 years: CBDT")
Despite monetary cap of Rs 2 mn, taxmen can still file appeal in all cases
Despite the raised monetary limit for filing tax appeals in place, taxmen, according to a report, still have the option to pursue any case
Deduct TDS when buying property from NRI or else face penalties, fines
With the income tax department deciding to focus on property transactions involving NRIs, non-compliance can result in penalties and fines
 "Deduct TDS when buying property from NRI or else face penalties, fines")
Letter to BS: Fine on late filing of Income Tax returns is illogical, harsh
The provision is unmindful of the difficulties faced by senior citizens and the differently-abled
CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn
I-T dept can now concentrate on fewer but larger cases
 "CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn")
Woman techie highest tax payer in AP, Telangana with Rs 300 million salary
CBDT has said that nearly 13 million income tax filers are likely to be added during the current financial year
 "Woman techie highest tax payer in AP, Telangana with Rs 300 million salary")
Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations
The move will result in 41 per cent reduction in overall tax cases, Finance Minister Piyush Goyal said
 "Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations")
Readers' Corner: Taxation
Rental income from a house property is liable to tax in the hands of the owner of the property
 "Readers' Corner: Taxation")
I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection
The I-T department filed for prosecutions under Section 276 C2 of the Income Tax Act in the cases where the tax demand was not paid
 "I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection")
Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how
Income Tax Informants Reward Scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties
 "Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how")
Income-tax appeal limits may be raised to cut litigation
The CBDT is planning to increase the limit for appeals to the Income Tax Appellate Tribunal from Rs 1 million to Rs 2 million
 "Income-tax appeal limits may be raised to cut litigation")
I-T dept warning to salaried taxpayers: Hoodwinking the taxman is difficult
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected
If recipient fails to pay supplier in 180 days, he loses ITC and interest
So, you lose the credit if you don't pay within 180 days but can take the credit if you pay later
 "If recipient fails to pay supplier in 180 days, he loses ITC and interest")
Haven't filed returns yet? I-T offices open till Mar 31 despite festivals
While March 29 and March 30 are government holidays on account of Mahavir Jayanti and Good Friday respectively, March 31, the last day of the 2017-18 financial year, is a Saturday
 "Haven't filed returns yet? I-T offices open till Mar 31 despite festivals")
Pay of employees deputed abroad isn't taxable in India, TDS doesn't apply
A new AAR ruling provides relief to employees deputed overseas and who receive salaries abroad as well as in India
I-T dept issues new disclosure norms for trusts changing their objectives
The new registration process requires additional details from a trust, a certified copy of registration with the authorities and Aadhaar number of trustees, etc