Page 21 - Income Tax

You may have to file ITR even though your income might not be taxable

Even if your income is below the exemption limit, you will still have to furnish ITR

Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least

Gujarat the most tax-compliant state in terms of proportion of return filers to PAN holders

Govt appoints 3 new members of Central Board of Indirect Taxes and Customs

The appointments committee of the cabinet has approved the appointment Jain, Johri, and Sharma as CBIC members

CBDT provides relief to senior citizens on self-assessment tax

They can pay a part of their taxes by July 31 so that their remaining tax liability is no more than Rs one lakh. No interest will be charged if they pay the remainder by November 30

Govt extends deadline for filing income tax returns for FY19 till Sept 30

This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 financial year

From NHAI negligence to 'PE' clarified again, here're the key court orders

The Supreme Court dismissed the appeal of the tax authorities observing the two-men unit in Mumbai was only auxiliary office doing no core business

Govt's endeavour has been to further simplify direct tax laws: Sitharaman

PC Mody, Chairman, CBDT, reiterated the commitment towards further improving the compliance experience for taxpayers

Economic activity reviving; GST collections good sign: CBDT chief Mody

He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.

I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs

The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020

Tax dept to launch e-campaign on voluntary compliance from next week

The income-tax department will start an e-campaign from July 20 on voluntary compliance for the convenience of taxpayers

Yum Restaurant India unit V-P's services not taxable, rules Delhi ITAT

The case pertains to the agreement between the Yum Restaurants (Asia), the assessee and its Indian counterpart, where Vinod Mehboobani was deputed to India as the vice president (VP).

I-T dept to crack the whip on tax evaders, resume probe in pending cases

The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.

ITR filing for AY 2020-21: Know what has changed in the New 26AS form

You will now have to include real estate, share transaction details in your 26AS form while filing returns

I-T raids on premises linked to two Congress leaders in Rajasthan

The raids come at a time when Rajasthan is witnessing an intense power tussle between Chief Minister Ashok Gehlot and his deputy Sachin Pilot.

Banks, Post Offices can now check TDS rate on high value withdrawals

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash

Sovereign wealth funds to get tax relief on infrastructure bets: CBDT

CBDT notifies changes that will also apply to pension funds

Income Tax dept amends TDS form, makes it more comprehensive

As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore

How to claim income tax deduction for investments made in April - July 2020

One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21

Income Tax department extends five new deadlines for Indian taxpayers

The estimation poses some practical challenges and also makes it difficult to assess tax liability

Govt allows I-T exemption on conveyance allowance under new tax regime

The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees