Page 6 - Latest Updates on Income tax
ITAT rejects equalisation levy over jurisdictional grounds, setback for I-T
Assessee was subjected to disallowance of Rs.8.89 cr for not charging EQ on the AdWords charges paid to Google Singapore
 "ITAT rejects equalisation levy over jurisdictional grounds, setback for I-T")
No cheat-code for online gaming industry as ministry, I-T turn up the heat
The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.
 "No cheat-code for online gaming industry as ministry, I-T turn up the heat")
Apply for re-computation of income under Rule 132 to avoid tax penalty
Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31
 "Apply for re-computation of income under Rule 132 to avoid tax penalty")
FM asks taxmen to focus on faster processing of ITRs, grievance redressal
Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up
 "FM asks taxmen to focus on faster processing of ITRs, grievance redressal")
Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief
CBDT Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22
 "Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief")
Check ITR for discrepancies before responding to notice from tax dept
Respond on time, with expert help if required, to prevent further punitive measures
 "Check ITR for discrepancies before responding to notice from tax dept")
Tax collections to continue rising trend in coming months, say experts
Gross direct tax collection grew 30% to Rs 8.36 lakh crore in April to mid-Sept period of current fiscal on increased corporate tax and personal income tax mop up due to increased economic activity
Even foreign nationals have right to personal liberty: Huawei chief to HC
Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore
 "Even foreign nationals have right to personal liberty: Huawei chief to HC")
Overseas firms see compliance burden increasing to get tax treaty benefits
Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically
 "Overseas firms see compliance burden increasing to get tax treaty benefits")
Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion
Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17
Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT
Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget
 "Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT")
Section 54 benefits available on house built on contiguous plots: Experts
If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit
 "Section 54 benefits available on house built on contiguous plots: Experts")
No restrictions on RRPR Holding for warrant conversion, says I-T dept
In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax
 "No restrictions on RRPR Holding for warrant conversion, says I-T dept")
Adani open offer for additional stake in NDTV starts Oct 17: JM Financial
Open offer for acquiring up to 1.67 crore equity shares will amount to Rs 492.81 crore, if fully subscribed
 "Adani open offer for additional stake in NDTV starts Oct 17: JM Financial")
Income tax 'raids': What is the difference between surveys and searches?
Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'
 "Income tax 'raids': What is the difference between surveys and searches?")
Address cause of tax refund failure, then request reissuance: Experts
Failure to verify return, incorrect bank address are key reasons for not receiving timely refund
 "Address cause of tax refund failure, then request reissuance: Experts")
Dellhi: I-T Dept conducts survey on Centre for Policy Research
Income Tax sources said that the search is being carried out based on 'credible information' about tax evasion
 "Dellhi: I-T Dept conducts survey on Centre for Policy Research")
Low rate regime: Why corporation tax is a hit but not personal tax?
While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response
Experts raise several red flags around section 194R of the Income Tax Act
The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges
Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts
This applies even to transactions with close relatives; penalty can be up to 100% of amount received
 "Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts")
