Page 5 - Latest Updates on Income tax
Those selling products at market rate can't claim charitable status: ITAT
Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit
 "Those selling products at market rate can't claim charitable status: ITAT")
Income Tax dept reduces time for taxmen to decide on refund adjustment
The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation
 "Income Tax dept reduces time for taxmen to decide on refund adjustment")
Indian crypto industry group writes to govt for 'strong regulations'
Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'
 "Indian crypto industry group writes to govt for 'strong regulations'")
Budget 2023-24 should clear confusion over options for personal income tax
From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions
 "Budget 2023-24 should clear confusion over options for personal income tax")
Cut in tax, schemes to generate jobs among demands in pre-Budget meet
Sitharaman held eight rounds of discussions starting with India Inc on November 21 and ending with a round of consultation with economists on Monday
 "Cut in tax, schemes to generate jobs among demands in pre-Budget meet")
Going truly federal: Why states should be allowed to levy an income tax
We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it
Chhattisgarh CM accuses ED, IT dept of illegal action, intimidation
Chhattisgarh CM Bhupesh Baghel on termed the actions of the ED and Income Tax department as illegal and politically motivated, and accused officials of assaulting and intimidating people
 "Chhattisgarh CM accuses ED, IT dept of illegal action, intimidation")
Your tax-saving investments must match your financial planning targets
Ensure that such investments are in sync with your asset allocation and are not done hastily
 "Your tax-saving investments must match your financial planning targets")
About Rs 400 cr tax deposited by filing 500,000 updated ITRs so far
The official said compliance has improved substantially and even corporates are filing updated income tax returns
 "About Rs 400 cr tax deposited by filing 500,000 updated ITRs so far")
TMS Ep309: Tax Rationalisation, OTT Content, Equity Market, Population
Why is India Inc batting for the small guy? What makes India's top OTT stories click? Is Indian stock market losing steam? What's the future of world population and India's share in it? Answers here
 "TMS Ep309: Tax Rationalisation, OTT Content, Equity Market, Population")
Why is India Inc batting for the small guy?
Business leaders and representatives from industry bodies have recently met Finance Minister Nirmala Sitharaman to propose rationalisation of personal income tax rates and more. Let's find out more
 "Why is India Inc batting for the small guy?")
CII suggests slashing income tax rates in upcoming budget o revive demand
The CII has suggested a cut in personal income tax rates to revive demand -- a move which would benefit 5.83 crore taxpayers who have filed returns for assessment year 2022-23
 "CII suggests slashing income tax rates in upcoming budget o revive demand")
Cut I-T, review capital gains tax in Budget 2023-24: CII to govt
FM Nirmala Sitharaman's pre-Budget consultations from today
 "Cut I-T, review capital gains tax in Budget 2023-24: CII to govt")
Income Tax dept conducts searches at Metropolis Healthcare in Mumbai
It had last week reported a consolidated profit after tax of Rs 40.5 crore for the second quarter that ended September 30
 "Income Tax dept conducts searches at Metropolis Healthcare in Mumbai")
Laid off? Seek advice before claiming tax exemption on severance pay
You can claim only if the payout is voluntary and you have documentary proof to this effect
 "Laid off? Seek advice before claiming tax exemption on severance pay")
Centre may introduce changes to capital gains tax rules, says report
A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review
 "Centre may introduce changes to capital gains tax rules, says report")
15 new judicial and technical members appointed for NCLT benches
The tribunal has a total sanctioned strength of 63 members and 28 benches
 "15 new judicial and technical members appointed for NCLT benches")
Trip that includes a foreign leg is not eligible for LTC, say experts
This condition is not satisfied merely by the trip starting and ending in India
 "Trip that includes a foreign leg is not eligible for LTC, say experts")
Tax authorities want IT professionals to declare income from 'moonlighting'
The concerns from tax authorities have come at a time when there is an ongoing debate on how far 'moonlighting' by employees can be allowed.
I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe
The Income Tax Department has conducted searches against two major luxury watch sellers in Delhi as part of a tax evasion probe, officials said Tuesday.
 "I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe")