Page 15 - Latest Updates on Income tax
Securities transaction tax mop-up rises 14% despite sharp sell-off
The department collected Rs 2,568 crore against Rs 2,262 crore in the corresponding period a year ago.
 "Securities transaction tax mop-up rises 14% despite sharp sell-off")
New ITR forms call for filing return even if your income isn't taxable
Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions
 "New ITR forms call for filing return even if your income isn't taxable")
Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax
Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.
 "Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax")
Tax devolution to states to be 30% lower than Budget estimates: Icra study
The projected figure to be 16.2 per cent lower than even FY20 numbers
 "Tax devolution to states to be 30% lower than Budget estimates: Icra study")
FM Sitharaman launches scheme for instant allotment of online PAN
In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.
 "FM Sitharaman launches scheme for instant allotment of online PAN")
Govt notifies revised Form 26AS, to have purchase info of shares, property
Easing taxpayer compliance, the annual information statement has been subsumed in the Form 26AS
 "Govt notifies revised Form 26AS, to have purchase info of shares, property")
Re-evaluate the tax regime you've chosen if your salary has changed
For different income levels, there are different break-even deduction points. If you can avail of higher deductions than that, stick to the old regime
 "Re-evaluate the tax regime you've chosen if your salary has changed")
Time to boost P2P lending
As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders
Covid-19 impact: TDS revenue collection in first 10 days of May down 22%
The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown
 "Covid-19 impact: TDS revenue collection in first 10 days of May down 22%")
Tax-burden on India's GDP to rise further, hitting consumption and savings
In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP up from 9.3 per cent a year ago and low of 6.1 per cent in FY10
Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19
Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister
 "Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19")
Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962
It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days
 "Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962")
Govt may extend 'Vivad se Vishwaas' tax settlement deadline to September
Hopes for bettwe results post Covid-19 as revenue dept has not seen a single deposit owing to the disease outbreak
 "Govt may extend 'Vivad se Vishwaas' tax settlement deadline to September")
Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea
Telecom company had sought tax refunds for four years but it was allowed for 2014-15.
 "Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea")
IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled
The committee has argued the 'super-rich' have a higher obligation towards ensuring public good and recommended either raising income-tax rate for the highest slab or re-introducing wealth tax
 "IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled")
Pharma traders seek IT rule exemption as retailers pay stockists in cash
They fear scrutiny by tax authorities at a later date, assure that the relaxation will not be misused
 "Pharma traders seek IT rule exemption as retailers pay stockists in cash")
Old income tax regime or new? Work out the math before you make your choice
Compute your income-tax liability twice, under the old system and the new. Factor in likely events like job loss of pay cuts
Arrears' collection will be tricky
We need to understand the nature of the astronomical tax arrears' figure of Rs 9 trillion
Centre seeks India Inc's view on economic revival amid Covid-19 outbreak
Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny
 "Centre seeks India Inc's view on economic revival amid Covid-19 outbreak")
Income tax staff in a fix over 'informal' reporting orders amid lockdown
While some are stuck in towns other than their place of work, others are finding it difficult to commute as they have to rely on public transport
 "Income tax staff in a fix over 'informal' reporting orders amid lockdown")
