Page 37 - Latest Updates on Income tax
Black money: 300 pc rise in raids, seizures
I-T department seized over Rs 330 crore of alleged tainted cash, jewellery and other movable and immovable assets
 "Black money: 300 pc rise in raids, seizures")
IT dept to 'name & shame' chronic crorepati defaulters
It was decided to name all category of taxpayers who have a default of Rs 1 crore and above by March, 31 i.e end of 2016-17 financial year
 "IT dept to 'name & shame' chronic crorepati defaulters")
Income tax collection from Mumbai rises 9% to Rs 67,185 crore
Mumbai region officials are confident of meeting the target of Rs 2.79 lakh crore by the end of the year
 "Income tax collection from Mumbai rises 9% to Rs 67,185 crore")
Deduction benefit under section 35AC only till March 31
Section 35AC of the Income Tax Ac, provides for a deduction in computing the business income of an assessee
Only 1.4 million individuals fell in 30% tax bracket in 2012-13
They accounted for 75% of the total personal income tax collection
 "Only 1.4 million individuals fell in 30% tax bracket in 2012-13")
Online tax refunds reduce hardships of I-T assesses: Modi
Tax refunds of Rs 14,332 crore have been issued this year till August 5
 "Online tax refunds reduce hardships of I-T assesses: Modi")
1.36 crore non-filers identified under NMS: Govt
Total number of taxpayers of income tax in the country for the financial year 2015-16 is 5,24,38,971
 "1.36 crore non-filers identified under NMS: Govt")
E-returns jump 10% in assessment year 2016-17
According to the finance ministry, 226.98 lakh e-returns have been filed in 2016-17, compared to 206.55 lakh in 2015-16
Rs 1.23 lakh crore of income tax refund pending
Minister of State for Finance said Rs 97,825 crore are pending due to proceedings for scrutiny assessment
 "Rs 1.23 lakh crore of income tax refund pending")
Why you must file I-T returns on time
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries
Tough to use tax rulings to your advantage
HC or tribunal verdicts aren't the final word in disputes, but you can use them to persuade the assessing officer
 "Tough to use tax rulings to your advantage")
Didn't quote PAN with high-value transactions? Read this
Remember, the onus is on you to prove that income has been declared and tax has been paid
Did you get income-tax notice? Explain high-value transactions with ease
Remember you need to have all the documents to prove that tax has been paid on income that has been used to make investments or purchase of property
 "Did you get income-tax notice? Explain high-value transactions with ease")
I-T dept floats draft rules on taxing income
The Finance Act, 2016 has changed the definition of distributed income on which tax will be imposed
 "I-T dept floats draft rules on taxing income")
Assets without records add to taxpayers worries
Govt has issued a new set of income tax return (ITR) forms that require people with an annual income of Rs 50 lakh and more to disclose their assets by July 31
 "Assets without records add to taxpayers worries")
How government is targeting big income tax evaders
Tax evaders can come clean by using the IDS by paying 30 per cent tax, 7.5 surcharge, 7.5 per cent penalty, totalling 45 per cent
 "How government is targeting big income tax evaders")
Taxman targets 100,000 high-value transactions
In the first tranche, CBDT to issue letters to those spending Rs 1 crore a year
<b>Parthasarathi Shome:</b> I-T department statistics - II
Taxpayer profiles reveal worrisome characteristics
 "<b>Parthasarathi Shome:</b> I-T department statistics - II")
Implementation of new accounting standards postponed
Breather for companies as norms are deferred by a year