Page 31 - Income Tax

Direct tax collection rises 13.6% to Rs 7.43 trn in Apr-Dec, refunds up 17%

Refunds worth Rs 1.3 trillion paid during the period, 17% higher than previous year, reveals CBDT data

Tax collection numbers 'matter of serious concern': CBDT chief

CBDT Chairman Sushil Chandra has shot off a letter to the I-T dept officials, asking them to pull up their socks as only three months are left for the current financial year to close on March 31

I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu

The residences and offices of the directors of these food-joint chains are being raided by a team of over 100 I-T sleuths

Richie Rich or Peter the Pauper? This calculator tells you where you stand

This Business Standard tool, created on the basis of tax data, allows you to figure out how many people in India make more money than you, and how many make less

Resident, NRI taxpayers allowed manual filing for nil TDS certificate

Resident applicants can file manual application in Form 13 till December 31, 2018, says Income Tax department.

ITR filing up 50%; will meet Rs 11.5-trn direct tax target: CBDT chairman

He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information

Regular salary vs consultancy: Here's how the tax treatment differs

Financial and tax compliance plays a significant role in deciding which option is more suitable for you. These have been discussed in this article.

The number of salaried taxpayers increased 37% in last 3 years: CBDT

During the same period, it said, there has also been a growth of 19 per cent in the number of non-salaried individual taxpayers from 19.5 million to 23.3 million

Despite monetary cap of Rs 2 mn, taxmen can still file appeal in all cases

Despite the raised monetary limit for filing tax appeals in place, taxmen, according to a report, still have the option to pursue any case

Deduct TDS when buying property from NRI or else face penalties, fines

With the income tax department deciding to focus on property transactions involving NRIs, non-compliance can result in penalties and fines

Letter to BS: Fine on late filing of Income Tax returns is illogical, harsh

The provision is unmindful of the difficulties faced by senior citizens and the differently-abled

CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn

I-T dept can now concentrate on fewer but larger cases

Woman techie highest tax payer in AP, Telangana with Rs 300 million salary

CBDT has said that nearly 13 million income tax filers are likely to be added during the current financial year

Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations

The move will result in 41 per cent reduction in overall tax cases, Finance Minister Piyush Goyal said

Readers' Corner: Taxation

Rental income from a house property is liable to tax in the hands of the owner of the property

I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection

The I-T department filed for prosecutions under Section 276 C2 of the Income Tax Act in the cases where the tax demand was not paid

Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how

Income Tax Informants Reward Scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties

Income-tax appeal limits may be raised to cut litigation

The CBDT is planning to increase the limit for appeals to the Income Tax Appellate Tribunal from Rs 1 million to Rs 2 million

I-T dept warning to salaried taxpayers: Hoodwinking the taxman is difficult

If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected

If recipient fails to pay supplier in 180 days, he loses ITC and interest

So, you lose the credit if you don't pay within 180 days but can take the credit if you pay later