Page 5 - Taxpayers

FM hits back at Rahul's comments, says UPA 'privatised taxpayers money'

Govt will protect the interests of employees in plans to sell state-owned companies, says Finance Minister

Parliament passes Arbitration Amendment Bill to protect taxpayer money

Section 36 of the (Arbitration) Act says the arbitration award be set aside if it is against public policy, said Law Minister Ravi Shankar Prasad in Rajya Sabha

How will Budget 2021 impact senior citizens, NRIs and salaried people

In this Podcast, we discussed how the Budget will impact finances of senior citizens, non resident Indians, salaried people and the changes in taxation on Ulips and ease of ITR

Taxpayer grievance redressal system needs more teeth: Economic Survey

The government should reinvigorate the taxpayer grievance redressal system by giving it more teeth and making it independent of the tax department to help build trust in tax admin, the Survey said

Tax refunds worth Rs 1.73 trn issued so far this fiscal: Income Tax dept

The Income Tax Department on Wednesday said it has issued refunds worth over Rs 1.73 lakh crore to more than 1.57 crore taxpayers in the ongoing fiscal till January 11. Of this, personal income tax refunds are worth Rs 57,139 crore, while corporate tax refunds are worth Rs 1.15 lakh crore. CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between April 1, 2020 to January 11, 2021, the Income Tax Department said in a tweet. "Income tax refunds of Rs 57,139 crore have been issued in 1,54,55,577 cases & corporate tax refunds of Rs. 1,15,999 crore have been issued in 2,10,150 cases," it said.

Deadline for filing income tax returns by individuals extended to Jan 10

'Continued challenges' faced by people in the coronavirus pandemic prompts tax department to extend deadlines.

45K entities to come under mandatory 1% cash payment of GST liability ambit

The new rule restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent effective January 1, 2021

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

25,000 defaulting taxpayers to be persuaded to file GST returns by Nov 30

GSTN and tax officials have decided to persuade 25,000 taxpayers, who have defaulted to file their GSTR-3B returns by the November 20 due date for the month of October, to file the same

Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme

A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore

GSTN infrastructure upgraded to handle up to 300,000 users concurrently

The number of active taxpayer numbers have effectively doubled since the launch of GST at about 1.3 crore.

Tax payers generate 49.5 million e-invoices in first month: Govt

Tax payers generated 49.5 million e-invoices in the first month of the launch of the service, the ministry of electronics and IT said on Monday

Rs 1.27 trn I-T refunds made to individuals, businesses: Finance secretary

The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without manual intervention

Taxpayers can make payments under 'Vivad se Vishwas' scheme till March 31

Finance secretary A B Pandey reviewed the progress under the scheme at a high-level meeting of senior officers through video conferencing

Composition taxpayers can now file 'nil' GST statement through SMS

While they needn't log on to the GST portal for filing nil returns, the facility on GST portal will remain available to taxpayers

Composition taxpayers with 'NIL' liability can file returns via SMS: GSTN

Out of the total of 1.71 million taxpayers registered under the Composition Scheme

I-T refunds worth Rs 1.2 trn issued in FY21 to 3.8 mn taxpayers till Oct 20

The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.25 lakh crore to over 38 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 33,870 crore and corporate tax refunds amounting to Rs 91,599 crore during this period. "CBDT issues refunds of over Rs. 1,25,470 crore to more than 38.23 lakh taxpayers between 1st April, 2020 to 20th October, 2020. Income tax refunds of Rs. 33,870 crore & corporate tax refunds of Rs. 91,599 crore have been issued during the said period," the Central Board of Direct Taxes (CBDT) said in a tweet. The government has emphasised on providing tax related services without any hassles during the COVID-19 pandemic, and accordingly has been clearing up pending tax refunds.

Decoded: What GST Council decided for taxpayers, big and small

Here's a look at the most important decisions and what they mean for the average taxpayer.

CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April

The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 176,966, the statement said

Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March