Page 34 - Latest Updates on Income tax
Panel may pitch for lower corporate tax following US tax cuts
India's corporation tax rate stands at 30% against 21% proposed in the US tax bill
 "Panel may pitch for lower corporate tax following US tax cuts")
I-T raid cases not to be processed under e-assessment system: CBDT
If an assessee objects to electronic assessment, it may be 'kept on hold' for the time being
 "I-T raid cases not to be processed under e-assessment system: CBDT")
Indirect Tax: Budget on customs could have been more positive
A highly retrograde measure has been proposed in the Section 125 of the Customs Act
Refund fraud: Employees of 50 prominent Bengaluru companies under I-T net
The firms include Infosys, IBM, Vodafone and Biocon; employees accused of forming a nexus with chartered accountants
Only 1.7% Indians paid income tax in AY 2015-16: Official data
In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax
 "Only 1.7% Indians paid income tax in AY 2015-16: Official data")
Faceless I-T e-assessment from next year; CBDT forms committee
The initiative was launched to reduce visits by taxpayers to I-T offices and their interface with the taxman, thereby curbing corruption.
 "Faceless I-T e-assessment from next year; CBDT forms committee")
Task force on income tax law will read it chapter by chapter: Hasmukh Adhia
The Task force will be reading 'chapter by chapter' the IT act and recommend changes
 "Task force on income tax law will read it chapter by chapter: Hasmukh Adhia")
Why it pays to pay your income tax
Idea is to widen tax base; target to add 12.5 mn in FY18
<b>Readers' Corner:</b> Taxation
Kuldip Kumar, partner and leader, Personal Tax, PwC India, answers your questions
 "<b>Readers' Corner:</b> Taxation")
I-T self-assessment filings under lens
Officials say many firms, individuals are postponing advance tax payment to last quarter of FY18
 "I-T self-assessment filings under lens")
Last day to file ITR: Don't forget to pay tax on rent from foreign property
If you have kept the house for your own use and not let it out, estimate the deemed rental income
 "Last day to file ITR: Don't forget to pay tax on rent from foreign property")
Beware of fake income tax e-mails
Log into your e-filing account to check if you have any outstanding demand or refund
 "Beware of fake income tax e-mails")
Aaykar Setu: Now solve I-T issues, pay taxes, apply for PAN, via CBDT app
CBDT app will also help people link their Aadhaar with Permanent Account Number (PAN)
 "Aaykar Setu: Now solve I-T issues, pay taxes, apply for PAN, via CBDT app")
Weed out tax evaders from smaller cities, CBDT tells Income Tax Dept
At present the I-T department has about 6-7 crore registered taxpayers
 "Weed out tax evaders from smaller cities, CBDT tells Income Tax Dept")
Confused about income tax return filing? Find answers to all your questions
From Aadhaar-PAN linking to efiling income tax for AY 2017-18, here is everything you need to know
Auditors' to disclose property related transactions above Rs 20,000 to I-T
The move will increase transparency in financial dealings and help check tax evasion
Income tax mop-up begins on strong footing, up 26.2% till date
I-T dept allows corporates, individuals to reel tax payout on 15th of last month of every quarter
 "Income tax mop-up begins on strong footing, up 26.2% till date")
I-T dept shames defaulters: Lists names of 5 cos owing Rs 10 cr in taxes
The total taxes due by these five defaulters is Rs 10.27 crore, the notice said
 "I-T dept shames defaulters: Lists names of 5 cos owing Rs 10 cr in taxes")
Income tax base expands by 9.1 mn people after note ban: FM Jaitley
Jaitley said demonetisation had led to an increase in the number of assessees and tax revenues
I-T recovers Rs 10 crore cash, 10 kg gold from UP bureaucrat premises
The tax sleuths also raided at least four premises of a OSD of Noida Authority
 "I-T recovers Rs 10 crore cash, 10 kg gold from UP bureaucrat premises")