Page 17 - Latest Updates on Income tax
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")
Budget 2020 was disappointing for lacking vision, says Ashima Goyal
However, the finance minister has achieved a "balancing act" through her moves, Goyal said
 "Budget 2020 was disappointing for lacking vision, says Ashima Goyal")
Why the new optional tax regime could adversely affect dwindling savings
Commenting on the proposal, eminent economist and former Union Minister Yoginder Alagh said, "it (proposal) will definitely reduce savings incentives".
 "Why the new optional tax regime could adversely affect dwindling savings")
Yes, only 15 million Indians pay tax; but who is to blame for this?
It is Mr Modi's govt that has added to the problem, and it can resolve it, only if it has the stomach to ignore the inevitable howls of protest from a very vocal middle class, writes T N Ninan
Withdraw income tax on overseas tours, travel agents petition PM Modi
The government introduced five per cent TCS on overseas tour packages with an aim to plug revenue leakag
 "Withdraw income tax on overseas tours, travel agents petition PM Modi")
I-T Dept to help Sebi in market manipulation probe, share taxpayers' PAN
The sharing of information will be under three broad heads: request-based exchange of data, suo moto and automatic.
 "I-T Dept to help Sebi in market manipulation probe, share taxpayers' PAN")
Govt wants continuous engagement with businesses, industries: FM Sitharaman
She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration"
 "Govt wants continuous engagement with businesses, industries: FM Sitharaman")
India's insurance is one of Asia's better long-term stories: Chris Wood
In September 2019, he had bought SBI Life Insurance and HDFC Life Insurance, which now account for 5 per cent and 4 per cent weight in the above-mentioned portfolio
 "India's insurance is one of Asia's better long-term stories: Chris Wood")
TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal
Agarwal was talking about the Budget proposal to introduce a new section in the Income Tax Act
 "TDS on e-commerce deals to hurt SMEs' working capital: Amazon's Agarwal")
Govt should consider exempting expatriates from Rs 7.5 lakh limit: Expert
Expatriates invest a high amount to comply with PF regulations. The government should consider exempting them from the Rs 7.5 lakh limit
 "Govt should consider exempting expatriates from Rs 7.5 lakh limit: Expert")
Letter to BS: Ease of paying tax is important for living, doing business
Nobel prize-winning economist Richard Thaler would approve - if you want people to do something, make it easy, he said
 "Letter to BS: Ease of paying tax is important for living, doing business")
Why a growth rate falling below 5% is a clear and present danger for India
At 5 per cent, GDP growth in the current year would be an 11-year low. Worse, this will also mark a deceleration for a third straight year, writes A K Bhattacharya
 "Why a growth rate falling below 5% is a clear and present danger for India")
Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT
Income tax collection target for next fiscal is pegged at Rs 6.38 trillion and corporate tax collection at Rs 6.81 trillion
 "Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT")
Middle Class 'trained enough' to pick right Income Tax option: Rajiv Kumar
Rajiv Kumar was commenting on the Budget proposal of FM Sitharaman to give the option to personal income taxpayers to remain in the existing tax scheme or opt for a new simplified tax regime.
 "Middle Class 'trained enough' to pick right Income Tax option: Rajiv Kumar")
Budget 2020 is indeed a 'bold' Budget; you cannot fault Sitharaman here
If doing away with tax exemptions is not 'bold', what is? It has annoyed savers which is as good a definition of 'bold' as you will ever get. Structural reform is like that only
Ball is now in your court: FM Sitharaman exhorts India Inc to invest more
Says govt spending alone can't be enough
 "Ball is now in your court: FM Sitharaman exhorts India Inc to invest more")
Letter to BS: Lowering of interest rates for small savings not a wise move
This is not a wise move at a time when the rate of household savings is falling. India has practically no social security system for the old and the unemployed
 "Letter to BS: Lowering of interest rates for small savings not a wise move")
'Too radical': Centre likely to implement direct tax code in parts
The new income tax regime is modelled on the task force's recommendations
 "'Too radical': Centre likely to implement direct tax code in parts")
New tax structure will leave more cash in the hands of people: Revenue Secy
He said the Budget gives an option to individuals to migrate to a new regime by foregoing their existing exemptions and deductions for a lower tax rate
 "New tax structure will leave more cash in the hands of people: Revenue Secy")
Not all NRIs need to pay tax, here's what FM clarified post budget speech
Finance minister clarified that only Indian income of NRIs is proposed to be taxed under the new provision
 "Not all NRIs need to pay tax, here's what FM clarified post budget speech")
