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Page 17 - Income Tax

Raising exemption limit at the cost of tax reform a 'dangerous' proposal

Spurring demand or increasing investments -- what is the bigger challenge for the FM in this Budget? Tune in to learn why it would be prudent for the govt to allocate more for capital expenditure

Raising exemption limit at the cost of tax reform a 'dangerous' proposal
Updated On : 18 Jan 2021 | 3:50 PM IST

Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax

Family members of the last Nizam of Hyderabad have written to Finance Minister urging her to resolve the Nizam Jewellery Trust income and wealth tax issue which has been pending for the last 26 years

Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax
Updated On : 14 Jan 2021 | 9:10 AM IST

Govt to set up national, regional centres for faceless penalty proceedings

As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty

Govt to set up national, regional centres for faceless penalty proceedings
Updated On : 14 Jan 2021 | 2:07 AM IST

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department
Updated On : 14 Jan 2021 | 6:10 AM IST

Realtors' body CREDAI seeks tax sops in Budget to boost housing demand

CREDAI suggested government to increase tax exemptions in upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans

Realtors' body CREDAI seeks tax sops in Budget to boost housing demand
Updated On : 12 Jan 2021 | 12:48 PM IST

Budget should reduce income tax rates, invest in infrastructure: CEOs to FM

The Budget will be presented in the backdrop of a revival of the economy and expectations of good corporate earnings in the December quarter

Budget should reduce income tax rates, invest in infrastructure: CEOs to FM
Updated On : 12 Jan 2021 | 12:48 PM IST

Income tax returns cross 58 million hours before deadline, shows data

In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past

Income tax returns cross 58 million hours before deadline, shows data
Updated On : 10 Jan 2021 | 11:10 PM IST

Special units created in I-T dept for probe into undisclosed foreign assets

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad

Special units created in I-T dept for probe into undisclosed foreign assets
Updated On : 10 Jan 2021 | 4:29 PM IST

I-T refunds worth Rs 1.64 trn issued to 10.4 million taxpayers till Jan 4

The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 lakh crore to over 1.41 crore taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 53,070 crore and corporate tax refunds of over Rs 1.10 lakh crore during this period. "CBDT issues refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between 1st April,2020 to 04th January,2021.Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of Rs. 1,10,946 crore have been issued in 2,06,847cases," the Income Tax department tweeted. The Department on Tuesday had said that over 5 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 4. The government has extended the ITR filing deadline for individuals till January 10, and for companies till February 15.

I-T refunds worth Rs 1.64 trn issued to 10.4 million taxpayers till Jan 4
Updated On : 06 Jan 2021 | 1:31 PM IST

I-T dept records Robert Vadra's statement for 2nd day in benami assets case

The I-T dept questioned Robert Vadra for about four hours on the second consecutive day on Tuesday in connection with its probe against him under the benami assets law, official sources said

I-T dept records Robert Vadra's statement for 2nd day in benami assets case
Updated On : 05 Jan 2021 | 11:50 PM IST

ITAT omits inadvertent observations made against Cyrus Mistry in its order

The tribunal's corrigendum comes after it made strong remarks against Mistry while restoring the tax exemption of the three major Tata Trusts

ITAT omits inadvertent observations made against Cyrus Mistry in its order
Updated On : 01 Jan 2021 | 1:05 AM IST

Covid impact: Govt extends deadline for filing income tax and GST returns

Individual must now file return by January 10, 2021; due date for ITR filing for companies extended by 15 days to February 15, 2021

Covid impact: Govt extends deadline for filing income tax and GST returns
Updated On : 30 Dec 2020 | 8:33 PM IST

Deadline for filing income tax returns by individuals extended to Jan 10

'Continued challenges' faced by people in the coronavirus pandemic prompts tax department to extend deadlines.

Deadline for filing income tax returns by individuals extended to Jan 10
Updated On : 30 Dec 2020 | 7:10 PM IST

Around 43.7 million income tax returns for FY'20 filed till December 28

Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday

Around 43.7 million income tax returns for FY'20 filed till December 28
Updated On : 29 Dec 2020 | 1:01 PM IST

Over 42.3 million ITRs for fiscal 2019-20 filed till December 27

Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday. "More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted. This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3 and over 31.09 lakh filing ITR-2. The deadline to file Income Tax Returns (ITRs) by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. The due date was extended from July 31and October 31, 2020, respectively in view of the COVID-19 pandemic. At the close of the deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year

Over 42.3 million ITRs for fiscal 2019-20 filed till December 27
Updated On : 28 Dec 2020 | 4:59 PM IST

Over 41.5 million ITRs for fiscal 2019-20 filed till December 26

As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush

Over 41.5 million ITRs for fiscal 2019-20 filed till December 26
Updated On : 27 Dec 2020 | 6:11 PM IST

CAIT urges FM Nirmala Sitharaman to defer rollout of Rule 86B in GST

This restriction will not apply where the managing director or any partner has paid more than Rs 1 lakh as income tax

CAIT urges FM Nirmala Sitharaman to defer rollout of Rule 86B in GST
Updated On : 26 Dec 2020 | 1:24 AM IST

Start making those tax-saving investments right away if you haven't already

If you make them in haste at the last moment, you are likely to end up with the wrong choices

Start making those tax-saving investments right away if you haven't already
Updated On : 13 Dec 2020 | 8:43 PM IST

I-T refunds worth Rs 1.45 tn issued to 89 lakh taxpayers: Finance ministry

This includes personal income tax (PIT) refunds during this period

I-T refunds worth Rs 1.45 tn issued to 89 lakh taxpayers: Finance ministry
Updated On : 11 Dec 2020 | 4:44 PM IST