Page 2 - Taxpayers

NITI Aayog VC says old pension scheme will burden future taxpayers

NITI Aayog Vice Chairman Suman Bery on Sunday expressed concern over the revival of Old Pension Scheme by some states, saying it would burden future taxpayers at a time when India needs to focus on fiscal prudence and promoting sustained growth. In an interview to PTI, Bery also underlined the need for enhancing capital expenditure and creating a space for the private sector through fiscal consolidation. "I am slightly more worried about the return to the Old Pension Scheme (OPS). I think that is more of a concern because the cost will be borne by future taxpayers and citizens, not the present," he said. The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April 1, 2004. Under the new pension scheme, employees contribute 10 per cent of their basic salary towards pension while the state government contributes 14 per cent. "I think political parties have to exercise discipline, since we are all working for a

Taxpayers should check AIS quarterly, report discrepancies: FinMin official

Taxpayers should check their annual information statement every quarter and flag any discrepancies to help curb instances of wrongful HRA deductions, a senior finance ministry official said on Monday. The income tax department had in November last year rolled out a new Annual Information Statement (AIS) on its portal that provides a comprehensive view of taxpayer information and an option to submit feedback. It includes additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information. "You must keep on checking your AIS not only at the time of return filing, but quarterly. You should check your AIS and (report) if anything wrong is reported so that the other person who is wrongly claiming some kind of benefit should be caught," Joint Secretary in the finance ministry Kamlesh Varshney said at an event here. He said AIS has played an important role in ensuring voluntary compliance as it provides details of all

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

Union Budget 2023: Individual taxpayers can expect some relief

Experts caution that fiscal support alone may create artificial demand and jack up prices

CBDT targets resolving about 3,000 taxpayers' grievances by Oct-end

Sources in the tax department attributes it to the difficulties, taxpayers faced due to some glitches in the new portal since its inception in June of last year.

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

I-T dept allows taxpayers more time to claim credit for taxes paid abroad

The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline. So far, Foreign Tax Credit (FTC) could have been claimed only if Form- 67 along with necessary documents were filed within the due date for filing the original return, thereby restricting the ability to claim credit for taxes paid outside India. The Central Board of Direct Taxes (CBDT) has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC). In a tweet, the income tax department said "the Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year". The amendment operates retrospectively, so this benefit is available to all FTC claims filed during the current financial year, it added. Nangia Andersen LLP Partner- Direct Taxation, Sachin Garg said the amendment has provided much-needed relief to taxpayers who can now claim F

CBIC directs GST officers to not summon senior execs in first instance

Also instructs them to not arrest a person if he has a different interpretation of law

GST rates could change to correct inverted duty, exemptions: Report

Group of ministers headed by Karnataka Chief Minister Basavaraj Bommai is working on the second round of GST rate changes, a news report said

FinMin plans to review exemption-free tax regime to make it more attractive

The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources said

Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt

Social security scheme should reach the poor and underprivileged, says official

States' share in central taxes come down to 29-32% against recommended 41%

The previous five years saw the states' share, except for 2019-20, in between 34.5% and 37%, whereas the recommendation was to give them a 42% share

Faceless assessment: Fresh SOPs issued to address taxpayers' conflicts

The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime

If you've missed July 31 deadline, file a belated ITR: What you should know

However, you will have to pay a penalty and won't be able to carry forward losses under certain heads

India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22

There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

Taxpayers fear notices due to AIS discrepancies; CBDT says unfounded

The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on Sunday

ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this