Page 12 - Latest Updates on Income tax
Faceless I-T appeal system kicks off today, leaves out fraud and evasion
FinMIn says will benefit both assessees and I-T department, critics say personal hearing required in complex cases
 "Faceless I-T appeal system kicks off today, leaves out fraud and evasion")
In pics: All about faceless income tax assessment starting from today
While Faceless Assessment and Taxpayers Charter came in force from August 13, income-tax appeals are all set to go faceless from today, September 25
 "In pics: All about faceless income tax assessment starting from today")
Faceless income tax assessment starts today: Here is all you need to know
Faceless assessment enables an assessing officer, who is physically located in a particular jurisdiction, to assess a Bill of Entry pertaining to imports made at a different Customs station
 "Faceless income tax assessment starts today: Here is all you need to know")
Faceless regime: Appeals will be filed in assessee's state, clarifies CBDT
Dept attempts to allay apprehensions over faceless appeals, which start tomorrow
Investors must prepare tax-filing checklist early to avoid hiccups
With the task turning more complex, procrastinating will compound your problems
 "Investors must prepare tax-filing checklist early to avoid hiccups")
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
Govt looks to extend faceless assessment scheme to 8 more I-T proceedings
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, is introduced in the Lok Sabha on Friday
Taxes taking a bite out of your salary? Use Section 197 to manage cash flow
Only payments made after submission of this certificate are eligible for lower or nil tax rate
 "Taxes taking a bite out of your salary? Use Section 197 to manage cash flow")
From arbitration to pulses importers lose case, here're key court orders
The Supreme Court ruled last week that the police cannot file FIR or investigate a case of violation of the Drugs and Cosmetics Act
 "From arbitration to pulses importers lose case, here're key court orders")
I-T authorities can share info with scheduled commercial banks: CBDT
The CBDT has said IT authorities can share information with scheduled commercial banks, a move that would ease the lenders' hassle of deciding TDS deductibility on various payments to their customers.
 "I-T authorities can share info with scheduled commercial banks: CBDT")
Taxpayers' charter: Expect more fairness
The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise
 "Taxpayers' charter: Expect more fairness")
I-T dept to intimate taxpayers under scrutiny about faceless assessment
A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act
Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme
Only central government staff looking for debt-oriented schemes should go for it
 "Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme")
Faceless tax appeals may lead to rise in litigation, say officials
Consultants say they won't get fair chance to explain case
IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers
This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers
Compliance cost
Tax authorities must explain their data demands
 "Compliance cost")
Anonymous, at a distance: How faceless assessment will help taxpayers
Taxpayers will be selected for assessment and other procedures through a system that uses data analytics, artificial intelligence and machine learning.
 "Anonymous, at a distance: How faceless assessment will help taxpayers")
WFH could mean higher tax for some, altering pay structure may give relief
But many expenses incurred during WFH can't be treated as non-taxable until law is amended
 "WFH could mean higher tax for some, altering pay structure may give relief")
Not taken into confidence for faceless assessment scheme: Tax officers
In a letter to the CBDT Chairman P C Mody, the association has highlighted the unease among 97 per cent of the I-T department workforce with respect to the implementation of the scheme
FinMin defends proposal to bring some expenditures under I-T scanner
Sources say burden on reporting transactions will not fall on assessees
 "FinMin defends proposal to bring some expenditures under I-T scanner")
