Page 30 - Income Tax

Pay high income tax? Govt may call you to have tea with the PM or FM

The idea is to encourage taxpayers to willingly pay more

Income tax returns to exemptions: Expert answers your taxation questions

For taxpayers having taxable income not exceeding Rs 5 lakh, it is Rs 1,000

E-filing of tax returns saw 19% growth in AY19, says Finance Ministry

The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19

In a first, income tax e-filers fall by more than 660,000 in FY19

Registered filers were just 2.7 crore at the end of March 2013 which almost doubled to 5.2 crore in March 2016 and to 6.2 crore in March 2017

Income-tax dept likely to propose using calendar as financial year

The dept has to submit its recommendations for the July Budget by May 15

CBDT identifies 20.4 million non-filers, asks I-T dept to take action

The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers

Tax dept may pitch for lower I-T target when next govt presents Budget

CBDT feels 30% growth in income-tax not feasible

Income from renting out property cannot be claimed as business income

To classify income from letting out property as business income, the taxpayer needs to exploit the property commercially by providing furniture, facility management, amenities and security

I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13

The identified taxpayers have been asked to provide income details along with profit and loss for AY2012-13 within 30 days

I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr

It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi

Income Tax return forms for AY 2019-20 out; last date of filing July 31

Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal

Linking PAN with bank mandatory for refunds from March: I-T to taxpayers

Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers

Suspicious income tax refund claims to face I-T department's scrutiny

The number of suspicious refund claims selected for scrutiny stood at 20,874 in 2018-19, 11,059 in 2017-18 and 9,856 in 2016-17

Dorabji Tata Trust challenges I-T dept's decision to withdraw tax exemption

Most of the revenue of the Trust comes from the dividend and interest income from various Tata group of companies

'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept

Bank accounts of TravelKhana seized and Rs 33 lakh withdrawn as tax liability on funds raised from angel investors

1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT

Income tax filers' data maintained by the tax department showed that the number of crorepatis was only marginally higher than nearly 140,000 returns by crorepatis filed in the AY 2017-18

Cabinet approves abolition of ombudsman for direct, indirect taxes

Taxpayers now prefer alternate methods of grievance redressal

I-T dept raids 74 places in Tamil Nadu in connection with tax evasion

The department had last month conducted large-scale raids on a number of popular eateries of the state including Saravana Bhawan outlets

I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms

High-value refunds of corporates, public sector undertakings likely to be issued in April

How you can sell multiple long-term assets and also claim tax deductions

Even if you sell long-term assets in different financial years and invest in one residence, Section 54F benefit will still apply