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Saturday, April 04, 2020

income tax

INCOME TAX NEWS

All the tax changes that take effect with the start of new fiscal year 2020-21

April 01, 2020 3:25 pm

From new tax regimes to abolition of dividend distribution tax (DDT) and merger of public sector banks, we take a look at all the changes which come into effect from today with the start of the new fiscal year.

Govt says financial year 2019-20 not extended; clarifies on income tax compliance

March 31, 2020 2:15 pm

The Ministry of Finance has issued a clarification after some reports claimed that the fiscal year was going to get extended.

Coronavirus: Income Tax Employees Federation asks CBDT for longer window to process tax returns

March 23, 2020 3:14 pm

Apart from the Vivad se Vishwas scheme, the deadline for filing the revised income tax returns for 2019-20 is on March 31. The deadlines for various GST returns also fall between March 20 and March 31.

Vivad se Vishwas scheme: Top lawyer calls for extension of deadline to April 30

March 21, 2020 2:52 pm

Under the Vivad se Vishwas scheme, designed for settlement of tax disputes pending in appeal as of January 31, 2020 or where the time for filing appeal has not expired, an assessee can make a declaration electronically under the prescribed form, and within 15 days the government will verify the tax payable and raise demand.

2,547 entities caught for wrongfully claiming input tax credit in 2 years: Gujarat Govt

March 13, 2020 3:09 am

The ITC wrongfully claimed in the last two years is estimated to be Rs 607.75 crore, of which Rs 67.32 crore has been recovered from the erring entities, the state government told the House.

Budget proposals on tax slabs and dispute resolution are unlikely to gain traction

February 28, 2020 10:26 am

Loss expected from lower tax rates may be countered by gains from the settlement of cases, higher dividend taxes on top incomes, and the wider scope for taxing international incomes.

Past records under I-T scanner, over 2 lakh NGOs, trusts set to register again

February 20, 2020 3:18 am

The whole exercise of re-validation/re-registration following the recent amendment to I-T laws has raised concern among both NGOs and the already overburdened tax officials, sources said.

'Haven't made up our minds as yet': Sitharaman on removal of I-T exemptions

February 16, 2020 10:12 pm

"We have not made up our minds as yet (on the removal of all exemptions)... We are trying step by step, move forward and no particular timeline given," she said when asked if there is any timeframe for removing all income tax exemptions," Nirmala Sithartaman said.

I-T is given a target to collect: Rs 2 lakh crore by March end

February 15, 2020 7:22 am

Originally, the Bill proposed that a taxpayer would be required to pay 100 per cent of amount of the disputed taxes and get complete waiver of interest and penalty provided he pays by March 31, 2020. Now, the Cabinet has passed this amendment to include two rates to quickly meet targets under the scheme.

Cabinet clears move: Changes in ‘Vivad se Vishwas’ Bill to cover disputes pending in DRTs

February 13, 2020 4:37 am

The Bill was introduced in the Lok Sabha earlier this month with the aim to reduce litigations related to direct taxes.

INCOME TAX VIDEOS

Explained: Here's how the Modi govt budgeted for elections

February 01, 2019 8:55 pm

Budget 2019: Indian Express Rural Affairs Editor Harish Damodaran and Consulting Editor Shaji Vikraman take a deep dive and explain fine prints of the Union Budget presented by Finance Minister Piyush Goyal in Lok Sabha today.

Budget 2019 could give tax reliefs to make it popular

January 30, 2019 1:25 pm

Poorva Prakash, Senior Director, Deloitte India, says that the upcoming Vote on Account could give multiple personal tax concessions in order to make it a popular. She explains what can be expected on February 1.

Budget 2019 could give tax breaks for home buyers, rented properties

January 30, 2019 11:10 am

Poorva Prakash, Senior Director, Deloitte India, explains what can be expected in the upcoming Vote on Account to make it a populist one.

Budget 2019 could raise basic tax exemption limit to Rs 3 lakh

January 29, 2019 5:55 pm

Poorva Prakash, Senior Director, Deloitte India, explains that as a trend Finance Ministers don't make any major personal tax changes in a Vote on Account. However, she expects the Finance Minister to lay a roadmap for tax sops in this.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 3)

February 29, 2016 4:47 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 1)

February 29, 2016 4:45 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.