Page 16 - Latest Updates on Income tax
How to deduct TDS against salary under new rules from April? CBDT clarifies
The circular also addresses the confusion that there cannot be a change in option by the employee during the year, coming as a relief for employers
 "How to deduct TDS against salary under new rules from April? CBDT clarifies")
I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately
The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers
 "I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately")
Treat coronavirus-related tax concerns as exceptional, says OECD
The work scenario has changed across the world due to Covid with most employees working from homes while others may have got stuck in foreign countries because of the lockdown
 "Treat coronavirus-related tax concerns as exceptional, says OECD")
Six changes in tax rules that come into effect today
Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today
 "Six changes in tax rules that come into effect today")
Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund
The Ordinance also amended the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund
 "Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund")
From Finance Bill to Termination of Pregnancy, Bills passed by Parliament
Here are a few Bills passed by Parliament in the Budget session
 "From Finance Bill to Termination of Pregnancy, Bills passed by Parliament")
Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes
Change in financial year for I-T purposes expected amid Covid-19 outbreak
 "Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes")
Vivad se Vishwas: IT dept begins implementation, taxpayers await rules
The scheme is open till June 30 and an additional 10 per cent needs to be paid for taxes paid after March 31
 "Vivad se Vishwas: IT dept begins implementation, taxpayers await rules")
Govt needs Rs 3.06 trillion in 20 days to meet direct tax target
The data showed that the government has collected 73.8 per cent of direct tax target as given in RE by March 10 and 88.71 per cent of indirect tax mop-up projection by February 29
 "Govt needs Rs 3.06 trillion in 20 days to meet direct tax target")
Govt approves tax reimbursement scheme for exporters, MEIS to be phased out
These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not exempt or refunded under any other existing mechanism.
 "Govt approves tax reimbursement scheme for exporters, MEIS to be phased out")
To provide clarity on Vivad se Vishwas scheme, CBDT releases FAQs
'Vivad Se Vishwas' scheme was announced during the Union Budget, 2020 to provide for dispute resolution in respect of pending income tax litigation
 "To provide clarity on Vivad se Vishwas scheme, CBDT releases FAQs")
Taxmen threaten to stall work in protest if working conditions don't change
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
 "Taxmen threaten to stall work in protest if working conditions don't change")
I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme
Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme
 "I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme")
Vivaad Se Vishwas scheme to help save time, money in fighting disputes: FM
As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals
 "Vivaad Se Vishwas scheme to help save time, money in fighting disputes: FM")
Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told
Declarants will need to attach the application on withdrawing cases from the CIT (A), the IATA, High Court, or the Supreme Court, along with the Vivad se Vishwas form.
 "Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told")
Pay taxes honestly to generate funds for development works: Prasad
"Only two crore people in a country with a population of 130 crore fall in the category of tax-paying professionals. Is this fair where people are prospering?" Prasad asked.
 "Pay taxes honestly to generate funds for development works: Prasad")
Reduce regulatory risk for growth
The recognition of this problem is a welcome development. Regulatory overreach and higher risk perceptions are a major concern, constraining business growth that need to be addressed.
Make an evidence-based choice between the old and new income tax regimes
Those who can cross certain thresholds of deduction will be better off sticking to the old regime
 "Make an evidence-based choice between the old and new income tax regimes")
When concession is a penalty
The new optional tax regime is likely to become the only one available in a few years. This will affect real estate
Vivad se Vishwas scheme: Revised tax Bill addresses fears over tax on loss
The revised Bill makes the scheme attractive by expanding its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs)
 "Vivad se Vishwas scheme: Revised tax Bill addresses fears over tax on loss")
