Page 23 - Income Tax

Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund

The Ordinance also amended the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund

Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes

Change in financial year for I-T purposes expected amid Covid-19 outbreak

Vivad se Vishwas: IT dept begins implementation, taxpayers await rules

The scheme is open till June 30 and an additional 10 per cent needs to be paid for taxes paid after March 31

Govt needs Rs 3.06 trillion in 20 days to meet direct tax target

The data showed that the government has collected 73.8 per cent of direct tax target as given in RE by March 10 and 88.71 per cent of indirect tax mop-up projection by February 29

Govt approves tax reimbursement scheme for exporters, MEIS to be phased out

These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not exempt or refunded under any other existing mechanism.

To provide clarity on Vivad se Vishwas scheme, CBDT releases FAQs

'Vivad Se Vishwas' scheme was announced during the Union Budget, 2020 to provide for dispute resolution in respect of pending income tax litigation

I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme

Vivaad Se Vishwas scheme to help save time, money in fighting disputes: FM

As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals

Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told

Declarants will need to attach the application on withdrawing cases from the CIT (A), the IATA, High Court, or the Supreme Court, along with the Vivad se Vishwas form.

Pay taxes honestly to generate funds for development works: Prasad

"Only two crore people in a country with a population of 130 crore fall in the category of tax-paying professionals. Is this fair where people are prospering?" Prasad asked.

Reduce regulatory risk for growth

The recognition of this problem is a welcome development. Regulatory overreach and higher risk perceptions are a major concern, constraining business growth that need to be addressed.

Make an evidence-based choice between the old and new income tax regimes

Those who can cross certain thresholds of deduction will be better off sticking to the old regime

When concession is a penalty

The new optional tax regime is likely to become the only one available in a few years. This will affect real estate

Taxing digital economy

Analysts are increasing their understanding of it

Vivad se Vishwas scheme: Revised tax Bill addresses fears over tax on loss

The revised Bill makes the scheme attractive by expanding its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs)

Budget 2020 was disappointing for lacking vision, says Ashima Goyal

However, the finance minister has achieved a "balancing act" through her moves, Goyal said

Why the new optional tax regime could adversely affect dwindling savings

Commenting on the proposal, eminent economist and former Union Minister Yoginder Alagh said, "it (proposal) will definitely reduce savings incentives".

Withdraw income tax on overseas tours, travel agents petition PM Modi

The government introduced five per cent TCS on overseas tour packages with an aim to plug revenue leakag

I-T Dept to help Sebi in market manipulation probe, share taxpayers' PAN

The sharing of information will be under three broad heads: request-based exchange of data, suo moto and automatic.

Govt wants continuous engagement with businesses, industries: FM Sitharaman

She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration"