Page 19 - Income Tax

Donald Trump paying $750 in income tax shows why he's a billionaire

His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known

Trump's firms paid $750 in taxes in US, $145,400 in India in 2017: NYT

Speaking at a news conference at the White House, Trump dismissed the report as fake news and said he has paid taxes, though he gave no specifics

Top revelations from Donald Trump's decade-long hidden tax information

It is important to remember that the returns are not an unvarnished look at Trump's business activity

Scrip-wise info in ITR must only for those seeking LTCG exemption: CBDT

Direct tax body denies reports that stock or day traders are required to furnish scrip wise details in return of income for AY 2020-21

3/4th of demand raised by I-T after searches not upheld, says CAG

This was because additions were made related to transactions based on the documents found, which were disclosed by the assessee

Faceless I-T appeal system kicks off today, leaves out fraud and evasion

FinMIn says will benefit both assessees and I-T department, critics say personal hearing required in complex cases

In pics: All about faceless income tax assessment starting from today

While Faceless Assessment and Taxpayers Charter came in force from August 13, income-tax appeals are all set to go faceless from today, September 25

Faceless income tax assessment starts today: Here is all you need to know

Faceless assessment enables an assessing officer, who is physically located in a particular jurisdiction, to assess a Bill of Entry pertaining to imports made at a different Customs station

Investors must prepare tax-filing checklist early to avoid hiccups

With the task turning more complex, procrastinating will compound your problems

Faceless regime: Appeals will be filed in assessee's state, clarifies CBDT

Dept attempts to allay apprehensions over faceless appeals, which start tomorrow

CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April

The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 176,966, the statement said

Govt looks to extend faceless assessment scheme to 8 more I-T proceedings

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, is introduced in the Lok Sabha on Friday

Taxes taking a bite out of your salary? Use Section 197 to manage cash flow

Only payments made after submission of this certificate are eligible for lower or nil tax rate

From arbitration to pulses importers lose case, here're key court orders

The Supreme Court ruled last week that the police cannot file FIR or investigate a case of violation of the Drugs and Cosmetics Act

I-T authorities can share info with scheduled commercial banks: CBDT

The CBDT has said IT authorities can share information with scheduled commercial banks, a move that would ease the lenders' hassle of deciding TDS deductibility on various payments to their customers.

Taxpayers' charter: Expect more fairness

The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise

I-T dept to intimate taxpayers under scrutiny about faceless assessment

A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act

Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme

Only central government staff looking for debt-oriented schemes should go for it

Faceless tax appeals may lead to rise in litigation, say officials

Consultants say they won't get fair chance to explain case

IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers

The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers during this period. "CBDT has, so far, issued refunds of over Rs 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs 60,472 crore have been issued in 1,58,280 cases," the Income Tax department tweeted. The Central Board of Direct Taxes (CBDT) is the apex decision-making body in direct tax matters, administers personal income tax and corporate tax. The government has emphasised on providing tax related services to taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.