Page 35 - Latest Updates on Income tax
Op Clean Money-II: I-T to issue notices to 60,000 people
60,000 persons, including 1,300 high risk persons, have been identified for investigation
 "Op Clean Money-II: I-T to issue notices to 60,000 people")
Details: ITR form simplified further; e-filing to start from April
Currently, the ITR 1/Sahaj has 18 columns for claiming deductions under Section 80 of Income Tax Act
 "Details: ITR form simplified further; e-filing to start from April")
I-T dept makes public list of defaulters owing Rs 448 crore
The department has carried out this exercise earlier too and had named at least 67 such entities
 "I-T dept makes public list of defaulters owing Rs 448 crore")
Data crunching: Are we a nation of tax avoiders?
Exemptions ensure India's tax-GDP ratio stays low
Pay income tax, apply for PAN using mobile apps on your smartphone
This move will help bring more people under the tax net by making it easier for people to get PAN
 "Pay income tax, apply for PAN using mobile apps on your smartphone")
Online I-T grievance redressal facility e-nivaran launched at 60 offices
Facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Kendras
 "Online I-T grievance redressal facility e-nivaran launched at 60 offices")
I-T Dept to scrutinise tax relief claims by sick companies
Relief under SICA to not automatically apply as SICA was repealed with effect from December 1, 2016
 "I-T Dept to scrutinise tax relief claims by sick companies")
Income tax refunds up 42% at Rs 1.42 lakh crore
As many as 4.01 crore ITRs were e-filed till February 10, 2017
 "Income tax refunds up 42% at Rs 1.42 lakh crore")
Taxman not to ask questions on deposits up to Rs 2.5 lakh: CBDT
Only those accounts will be probed that do not match the tax returns
 "Taxman not to ask questions on deposits up to Rs 2.5 lakh: CBDT")
Personal I-T base must be up before corporate tax cut: Hasmukh Adhia
1% cut in corporate income tax rate will cost Rs 18,000-19,000 crore in revenues, Adhia said
 "Personal I-T base must be up before corporate tax cut: Hasmukh Adhia")
Taxmen can reopen up to 10-yr old cases in big transactions
Currently, I-T officers can go back up to 6 years to scrutinise the books of accounts of assesses
 "Taxmen can reopen up to 10-yr old cases in big transactions")
I-T data analysed: 1 taxpayer owes 11% of India's individual income tax
There were 64 taxpayers with a tax liability of over Rs 500 crore in 2014-15
 "I-T data analysed: 1 taxpayer owes 11% of India's individual income tax")
Brace for a call from I-T if you deposited over Rs 10 lakh after 8 Nov
The taxmen want to find out the source of the money
 "Brace for a call from I-T if you deposited over Rs 10 lakh after 8 Nov")
Digital trail: I-T may soon track electronic transactions like RTGS, NEFT
FinMin's pilot project is aimed at tracking benami transactions
 "Digital trail: I-T may soon track electronic transactions like RTGS, NEFT")
Black money chase: Don't panic if you receive a tax notice
Prepare your replies with expert help and keep relevant documents ready to support your replies
 "Black money chase: Don't panic if you receive a tax notice")
CBI nabs income tax officer taking Rs 1 lakh bribe in new notes
ITO Vinay Kumar had demanded the bribe in new currency notes from the complainant
Economists favour cut in income tax rate; harmonise custom rate
Experts also suggested that there is a need to invest in the tourism sector
2.4 mn declared income above Rs 10 lakh but 2.5 mn cars bought annually
The tax returns when compared with car sales throw astonishing numbers
 "2.4 mn declared income above Rs 10 lakh but 2.5 mn cars bought annually")
Post demonetisation, IT Dept has seized over Rs 93 crore in new notes
More than Rs 3590 crore of undisclosed income has been detected and 3589 notices have been issue
 "Post demonetisation, IT Dept has seized over Rs 93 crore in new notes")
Don't share your user ID & password, may be misused: I-T dept warns users
'If a password is hacked or stolen, it can result in information security breach', warns I-T dept
 "Don't share your user ID & password, may be misused: I-T dept warns users")