Page 11 - Latest Updates on Income tax
I-T relief to help developers liquidate unsold inventory, says FinMin
The Aatmanirbhar Bharat 3.0 package included income tax relief measures for real estate developers and homebuyers
 "I-T relief to help developers liquidate unsold inventory, says FinMin")
Atmanirbhar Bharat 3.0: Prudent measures to boost job creation, stem capital destruction
The government is hoping that the green shoots visible in high-frequency data will further translate into a GDP uplift. And the latest measures - pragmatic and specific - will aid that
 "Atmanirbhar Bharat 3.0: Prudent measures to boost job creation, stem capital destruction")
Tax sops to help firms clear unsold housing units; boost demand: Realtors
For homebuyers, it is a clear added financial benefit to round off the existing offers and discounts
 "Tax sops to help firms clear unsold housing units; boost demand: Realtors")
Modi to inaugurate office-cum-residential complex of I-T Appellate Tribunal
Income Tax Appellate Tribunal, also known as ITAT, is an important statutory body in the field of direct taxes and its orders are accepted as final, on findings of fact
 "Modi to inaugurate office-cum-residential complex of I-T Appellate Tribunal")
15th FC submits report to President, keeps tax devolution to states at 41%
Report, submitted on Monday, addresses fears of southern states on population criteria
 "15th FC submits report to President, keeps tax devolution to states at 41%")
No relief in interest levied: Don't wait until last minute to file ITR
Interest charged under Section 234A will increase if you delay
 "No relief in interest levied: Don't wait until last minute to file ITR")
Bihar elections: I-T raids BJP's game to corner Nitish, says RJD leader
The opposition RJD on Saturday claimed that the income tax raids on certain contractors due to the alleged scam in the tap water supply project were meant to corner Chief Minister Nitish Kumar
 "Bihar elections: I-T raids BJP's game to corner Nitish, says RJD leader")
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
I-T exemption under LTC cash voucher scheme: All you need to know
The Income Tax Department has extended the I-T exemption available under the LTC cash voucher scheme to employees of state governments, state-owned enterprises and private sector
 "I-T exemption under LTC cash voucher scheme: All you need to know")
People opting for lower tax regime not eligible for LTC stimulus: Govt
LTC incentive expanded to employees of the private sector, the public sector units and state governments.
Receiving pricey diwali gifts from your non-relatives will attract taxes
Section 2 (24) of the Income-Tax (I-T) Act deals with gifts received that will be treated as a person's income, while Section 56 (2) deals with both the taxation and exemptions on them
 "Receiving pricey diwali gifts from your non-relatives will attract taxes")
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
 "Taxpayers can make payments under 'Vivad se Vishwas' scheme till March 31")
I-T survey to be conducted only after approval of senior officers: CBDT
The income tax department on Friday issued new guidelines to restrict intrusive or coercive action for recovery of tax demand by Assessing Officer (AO)/Tax Recovery Officer
 "I-T survey to be conducted only after approval of senior officers: CBDT")
I-T department keeps tolerance range for transfer pricing unchanged
This implies that there will be no taxation relief for businesses dealing in related-party transactions
PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%
His comment was in contrast to economist Joseph Stiglitz's, who wanted the rich to be taxed more under the current circumstances
 "PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%")
Donald Trump paying $750 in income tax shows why he's a billionaire
His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known
 "Donald Trump paying $750 in income tax shows why he's a billionaire")
Top revelations from Donald Trump's decade-long hidden tax information
It is important to remember that the returns are not an unvarnished look at Trump's business activity
 "Top revelations from Donald Trump's decade-long hidden tax information")
Trump's firms paid $750 in taxes in US, $145,400 in India in 2017: NYT
Speaking at a news conference at the White House, Trump dismissed the report as fake news and said he has paid taxes, though he gave no specifics
 "Trump's firms paid $750 in taxes in US, $145,400 in India in 2017: NYT")
3/4th of demand raised by I-T after searches not upheld, says CAG
This was because additions were made related to transactions based on the documents found, which were disclosed by the assessee
 "3/4th of demand raised by I-T after searches not upheld, says CAG")
Scrip-wise info in ITR must only for those seeking LTCG exemption: CBDT
Direct tax body denies reports that stock or day traders are required to furnish scrip wise details in return of income for AY 2020-21
