Page 10 - Latest Updates on Income tax
Income tax returns cross 58 million hours before deadline, shows data
In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past
 "Income tax returns cross 58 million hours before deadline, shows data")
Special units created in I-T dept for probe into undisclosed foreign assets
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad
 "Special units created in I-T dept for probe into undisclosed foreign assets")
Realtors' body CREDAI seeks tax sops in Budget to boost housing demand
CREDAI suggested government to increase tax exemptions in upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans
 "Realtors' body CREDAI seeks tax sops in Budget to boost housing demand")
I-T refunds worth Rs 1.64 trn issued to 10.4 million taxpayers till Jan 4
The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 trillion to over 10.4 million taxpayers so far this fiscal
Banking on Budget: Hope and reforms amid pandemic and fiscal deficit
The government has taken laudable steps to support and propel the economy in these difficult times, but a lot more still needs to be done, writes Vikas Vasal
 "Banking on Budget: Hope and reforms amid pandemic and fiscal deficit")
I-T dept records Robert Vadra's statement for 2nd day in benami assets case
The I-T dept questioned Robert Vadra for about four hours on the second consecutive day on Tuesday in connection with its probe against him under the benami assets law, official sources said
 "I-T dept records Robert Vadra's statement for 2nd day in benami assets case")
ITAT omits inadvertent observations made against Cyrus Mistry in its order
The tribunal's corrigendum comes after it made strong remarks against Mistry while restoring the tax exemption of the three major Tata Trusts
 "ITAT omits inadvertent observations made against Cyrus Mistry in its order")
Covid impact: Govt extends deadline for filing income tax and GST returns
Individual must now file return by January 10, 2021; due date for ITR filing for companies extended by 15 days to February 15, 2021
 "Covid impact: Govt extends deadline for filing income tax and GST returns")
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.
Around 43.7 million income tax returns for FY'20 filed till December 28
Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday
Over 42.3 million ITRs for fiscal 2019-20 filed till December 27
Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday.
Over 41.5 million ITRs for fiscal 2019-20 filed till December 26
As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush
CAIT urges FM Nirmala Sitharaman to defer rollout of Rule 86B in GST
This restriction will not apply where the managing director or any partner has paid more than Rs 1 lakh as income tax
 "CAIT urges FM Nirmala Sitharaman to defer rollout of Rule 86B in GST")
Start making those tax-saving investments right away if you haven't already
If you make them in haste at the last moment, you are likely to end up with the wrong choices
 "Start making those tax-saving investments right away if you haven't already")
I-T refunds worth Rs 1.45 tn issued to 89 lakh taxpayers: Finance ministry
This includes personal income tax (PIT) refunds during this period
 "I-T refunds worth Rs 1.45 tn issued to 89 lakh taxpayers: Finance ministry")
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
 "Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme")
Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme
Declarations under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can be revised till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable
 "Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme")
I-T refunds worth Rs 1.40 tn issued to about 6 mn taxpayers in 8 months
This includes personal income tax (PIT) refunds amounting to Rs 38,105 crore
I-T refunds worth Rs 1.36 lakh cr issued to 4.1 mn taxpayers till Nov 24
This includes personal income tax refunds and corporate tax refunds
Why the govt's economic package cannot be classified as stimulus
Real stimulus would be to tax people less because spending is as much about feeling good, as it is about having the money and depressed people don't go out shopping
