Page 18 - Income Tax

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme

Declarations under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can be revised till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable

I-T refunds worth Rs 1.40 tn issued to about 6 mn taxpayers in 8 months

The Income Tax Department has issued refunds worth over Rs 1.40 lakh crore to more than 59.68 lakh taxpayers this fiscal till December 1. This include personal income tax (PIT) refunds amounting to Rs 38,105 crore and corporate tax refunds of over Rs 1.02 lakh crore during this period. "CBDT issues refunds of over Rs 1,40,210 crore to more than 59.68 lakh taxpayers between 1st April,2020 to 01st December,2020. Income tax refunds of Rs 38,105 crore have been issued in 57,68,926 cases & corporate tax refunds of Rs 1,02,105 crore have been issued in 1,99,165 cases," the I-T Department tweeted.

I-T refunds worth Rs 1.36 lakh cr issued to 4.1 mn taxpayers till Nov 24

The Income Tax Department has issued refunds worth over Rs 1.36 lakh crore to over 41 lakh taxpayers so far this fiscal. This includes personal income tax (PIT) refunds amounting to Rs 36,028 crore and corporate tax refunds of over Rs 1 lakh crore during this period. CBDT issues refunds of over Rs 1,36,962 crore to more than 41.25 lakh taxpayers between 1st April, 2020 to 24th November,2020. Income tax refunds of Rs 36,028 crore have been issued in 39,28,067 cases & corporate tax refunds of Rs 1,00,934 crore have been issued in 1,96,880 cases, the I-T Department tweeted.

Why the govt's economic package cannot be classified as stimulus

Real stimulus would be to tax people less because spending is as much about feeling good, as it is about having the money and depressed people don't go out shopping

I-T relief to help developers liquidate unsold inventory, says FinMin

The Aatmanirbhar Bharat 3.0 package included income tax relief measures for real estate developers and homebuyers

Atmanirbhar Bharat 3.0: Prudent measures to boost job creation, stem capital destruction

The government is hoping that the green shoots visible in high-frequency data will further translate into a GDP uplift. And the latest measures - pragmatic and specific - will aid that

Tax sops to help firms clear unsold housing units; boost demand: Realtors

For homebuyers, it is a clear added financial benefit to round off the existing offers and discounts

15th FC submits report to President, keeps tax devolution to states at 41%

Report, submitted on Monday, addresses fears of southern states on population criteria

Modi to inaugurate office-cum-residential complex of I-T Appellate Tribunal

Income Tax Appellate Tribunal, also known as ITAT, is an important statutory body in the field of direct taxes and its orders are accepted as final, on findings of fact

No relief in interest levied: Don't wait until last minute to file ITR

Interest charged under Section 234A will increase if you delay

Bihar elections: I-T raids BJP's game to corner Nitish, says RJD leader

The opposition RJD on Saturday claimed that the income tax raids on certain contractors due to the alleged scam in the tap water supply project were meant to corner Chief Minister Nitish Kumar

Rs 1.27 trn I-T refunds made to individuals, businesses: Finance secretary

The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without manual intervention

I-T exemption under LTC cash voucher scheme: All you need to know

The Income Tax Department has extended the I-T exemption available under the LTC cash voucher scheme to employees of state governments, state-owned enterprises and private sector

People opting for lower tax regime not eligible for LTC stimulus: Govt

LTC incentive expanded to employees of the private sector, the public sector units and state governments.

Receiving pricey diwali gifts from your non-relatives will attract taxes

Section 2 (24) of the Income-Tax (I-T) Act deals with gifts received that will be treated as a person's income, while Section 56 (2) deals with both the taxation and exemptions on them

Taxpayers can make payments under 'Vivad se Vishwas' scheme till March 31

Finance secretary A B Pandey reviewed the progress under the scheme at a high-level meeting of senior officers through video conferencing

I-T survey to be conducted only after approval of senior officers: CBDT

The income tax department on Friday issued new guidelines to restrict intrusive or coercive action for recovery of tax demand by Assessing Officer (AO)/Tax Recovery Officer

I-T department keeps tolerance range for transfer pricing unchanged

This implies that there will be no taxation relief for businesses dealing in related-party transactions

PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%

His comment was in contrast to economist Joseph Stiglitz's, who wanted the rich to be taxed more under the current circumstances