Page 9 - Latest Updates on Income tax
Wealth-income mismatch: The curious case of India's missing millionaires
While India had 764,000 dollar-millionaires in 2019 by one account, just 316,000 filed tax returns declaring income of over $75,000. Large-scale I-T evasion may still be taking place, notes T N Ninan
Pay penalty for failing to keep books of accounts, say analysts
Experts say it has now become a standard practice to pay a fine instead of maintaining books of accounts and other documents.
 "Pay penalty for failing to keep books of accounts, say analysts")
I-T searches at Hero MotoCorp CMD Pawan Munjal's premises for 'tax evasion'
About 25 locations in Delhi, Gurugram and other parts of northern India.
 "I-T searches at Hero MotoCorp CMD Pawan Munjal's premises for 'tax evasion'")
Not filed ITR yet? Face penalty or even jail term, say analysts
Breaching March 31 cut-off date will have assessee receive show-cause notice for undisclosed income
 "Not filed ITR yet? Face penalty or even jail term, say analysts")
How to respond to a notice for reassessment of income u/s 148A of I-T Act
Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings
 "How to respond to a notice for reassessment of income u/s 148A of I-T Act")
CBDT claims Huawei manipulated account books to reduce taxable income
The CBDT statement made multiple charges against the company including that it 'made inflated payments against receipt of technical services from its related parties outside India'
 "CBDT claims Huawei manipulated account books to reduce taxable income")
Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept
"CBDT issues refunds of over Rs 1,83,579 crore to more than 2.09 crore taxpayers from 1st Apr, 2021 to 28th Feb, 2022," the I-T department tweeted
 "Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept")
I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22
This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities
Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT
More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued
I-T searches on China's Huawei over tax evasion, firm says co-operating
The Income Tax department on Wednesday carried out raids at multiple premises linked to Chinese tech conglomerate Huawei across the country in connection with alleged tax evasion.
 "I-T searches on China's Huawei over tax evasion, firm says co-operating")
Top headlines: IDBI Bank privatisation on track; I-T searches on Huawei
Here are the top headlines on Wednesday
 "Top headlines: IDBI Bank privatisation on track; I-T searches on Huawei")
Now I-T department mulls action against Channi's nephew: Report
Honey was arrested during the intervening night of February 3 and 4 by the ED
 "Now I-T department mulls action against Channi's nephew: Report")
Revenue Secretary Tarun Bajaj on revenue estimates, capital gains etc
Business Standard's Arup Roychoudhury and Asit Ranjan Mishra spoke to Revenue Secretary Tarun Bajaj to know about revenue estimates and recent taxes levied on cryptocurrencies. Let's listen in
 "Revenue Secretary Tarun Bajaj on revenue estimates, capital gains etc")
TMS Ep102: Repo rate, Revenue Sec Tarun Bajaj, markets, Rafale jets
Will RBI go for a hike in reverse repo rate? What is Tarun Bajaj's take on revenue estimates? What will marketers track in RBI's policy meeting? How capable are Rafale fighter jets? All answers here
 "TMS Ep102: Repo rate, Revenue Sec Tarun Bajaj, markets, Rafale jets")
Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget
The yardsticks of stability, predictability, rationalisation and simplification define the tax proposals
 "Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget")
Budget 2022: RSS-linked body SJM offers some praise, flags some concerns
Lauds 30% crypto tax, push for domestic investment; laments little emphasis on middle class, small-scale industry
 "Budget 2022: RSS-linked body SJM offers some praise, flags some concerns")
Next year's ITR to have separate column for crypto income: Revenue Secy
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.
LIVE: Rahul says judiciary, EC instruments of destroying voice of states
'Not only as India's Law Minister but also as an ordinary citizen, I condemn what Rahul Gandhi has said about India's judiciary and EC. Rahul Gandhi should immediately apologise,' tweets Kiren Rijiju
 "LIVE: Rahul says judiciary, EC instruments of destroying voice of states")
Union Budget 2022: Refile ITR within two years to fix errors
The Income-Tax (I-T) Department will introduce a new updated return, which is expected to help those taxpayers who have committed mistakes in filing their returns
 "Union Budget 2022: Refile ITR within two years to fix errors")
Budget 2022: Didn't raise taxes, capex to provide more employment, says FM
FM pointed out that the 'Production Linked Incentive' scheme for 14 sectors will also be a trigger for job creation
 "Budget 2022: Didn't raise taxes, capex to provide more employment, says FM")
