Taxpayers

According to experts, based on the advance tax of Rs 38 crore deposited by Dhoni, his income is expected to be around Rs 130 crore

In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill. The Finance Bill 2023, passed by the Lok Sabha on Friday, has proposed a marginal relief to taxpayers under new tax regime. Explaining the provision, the finance ministry said under the new tax regime with effect from April 1, if a taxpayer has annual income of Rs 7 lakh s/he pays no tax. But if s/he has income of Rs 7,00,100 s/he pays tax of 25,010. Thus an additional income of Rs 100 leads to a tax of Rs 25,010. Hence, marginal relief is proposed to that so that the tax what one pays should not be more than the income that exceeds Rs 7 lakh (Rs 100 in this case), the ministry said. Nangia Andersen LLP Partner Sandeep Jhunjhunwala said the amendment to Finance Bill seeks to provide a marginal relief to individual taxpayers having borderline income by proposing a

The Income Tax department on Wednesday said it has launched the 'AIS for Taxpayer' mobile app which will give taxpayers a comprehensive view of their information related to TDS/TCS, interest, dividends and share transactions, and an option to provide feedback. The mobile app will facilitate taxpayers to view their information as available in the Annual Information Statement (AIS)/ Taxpayer Information Summary (TIS). 'AIS for Taxpayer' is a mobile application provided free of cost by the Income Tax Department, and is available on Google Play and App Store. "The app is aimed to provide a comprehensive view of the AIS/TIS to the taxpayer which displays the information collected from various sources pertaining to the taxpayer," the Central Board of Direct Taxes (CBDT) said in a statement. Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign ...

US President Joe Biden has assured the American people and businesses that a resolution of the collapse of the Silicon Valley Bank will not put taxpayer's money at risk, and they can have confidence that their bank deposits would be there when they need it. In a late-night statement on Sunday, Biden also announced that on Monday morning he will deliver remarks on how the US will maintain a resilient banking system to protect the economic recovery. The California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Industry watchers expect a quick takeover of the bank as it has enough assets that can be liquidated to return money to the clients. Biden said that at his direction the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators t

No recovery from taxpayers once a declaration of intent filed by them to appeal against order of lower authorities is put on record

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Growth rate of new tax payers has been under pressure in recent years

CBIC says it would like to withdraw earlier plea in matter relating to dispute over refund of a company

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a year will have to claim deductions of at least Rs 3.75 lakh under the old tax regime, otherwise the new revamped tax regime with lower rates proposed in 2023-24 will be more beneficial. In an interview to PTI, Malhotra said the government does not have any specific timeline to make the new regime mandatory for taxpayers. "We would like to move towards a lower tax rate, which is simple and without tax exemptions," Malhotra said. The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new .

Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended

Unrealistic revenue targets will affect business environment

It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty

It's first comprehensive audit exercise by GST authorities

Directive issued for maximising revenue collection and monitoring advance tax mop up

The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F. In a notification, the CBDT said to mitigate genuine hardship to such taxpayers, it has been decided that such category of non-resident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the I-T Act would be exempted from mandatory electronic filing of Form 10F till March 31, 2023. "It is reiterated that such category of taxpayers may make statutory compliance of filin

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

Meeting that deadline will allow you to claim refund on excess tax deducted

Only 10-12% assessees opted for new regime introduced in 2020