Page 19 - Latest Updates on Income tax
Shares bought on January 31 cannot be sold on the Budget day. Here's why
NSE, BSE to conduct a special trading session on February 1; settlement of trades on February 4
 "Shares bought on January 31 cannot be sold on the Budget day. Here's why")
'Feel good' Budget may see cut in tax rate, sops for social sectors
To cushion the impact on collections, these tweaks might be accompanied by rationalisation in tax rebates
 "'Feel good' Budget may see cut in tax rate, sops for social sectors")
Budget 2020: CAIT calls for a special income-tax slab for traders
CAIT has been at the forefront of the protest against the discount policy on e-commerce sites
 "Budget 2020: CAIT calls for a special income-tax slab for traders")
Budget 2020 likely to raise spending to revive economic growth: Report
India is facing its worst economic slowdown in a decade
 "Budget 2020 likely to raise spending to revive economic growth: Report")
Budget 2020: Govt may consider tax sops, easier norms to boost investments
Revenue projections may be realistic this time
 "Budget 2020: Govt may consider tax sops, easier norms to boost investments")
Budget 2020: Time for govt to reintroduce wealth tax, says Abhijit Banerjee
India had passed the Wealth Tax Act, 1957 which was levied on an individual, a Hindu Undivided Family and a Corporate entity on its valuation, which was repealed in April 2016
 "Budget 2020: Time for govt to reintroduce wealth tax, says Abhijit Banerjee")
Budget 2020: Toyota seeks scrappage policy, income tax relief on vehicles
The auto industry is willing to share its portion towards realising such scrappage policy, which will eventually have a more sustainable impact on the environment, he added.
 "Budget 2020: Toyota seeks scrappage policy, income tax relief on vehicles")
GST arrest provisions: Need for an urgent review
What GST urgently deserves is a re-orientation, for which a leaf out of the 'nudge theory' in behavioural economics may definitely help
 "GST arrest provisions: Need for an urgent review")
Budget 2020: Govt unlikely to offer relief in income tax, here's why
Expectations were that Sitharaman, who had in September last year cut corporate tax rates to their lowest to boost economic growth, would announce similar sops for individual taxpayers
Tweak slabs, put more money in tax payers' hands to boost consumption
Altering personal tax rates with this goal in mind will help boost consumption
 "Tweak slabs, put more money in tax payers' hands to boost consumption")
Budget wishlist: Insurance industry expecting more tax incentives
Life Insurance Council has sought a separate deduction in personal taxes or an increase in the present limit for the premium paid for individual life policies
 "Budget wishlist: Insurance industry expecting more tax incentives")
'Tax evasion social injustice': CJI calls for speedy resolution of disputes
The Chief Justice said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases
 "'Tax evasion social injustice': CJI calls for speedy resolution of disputes")
BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget
According to party, meeting fiscal deficit not the real economic issue for the government
 "BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget")
FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report
"This year, there will be a realistic assessment of the nominal GDP," said a source.
 "FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report")
Moral hazard
Instead of immunity, India needs simpler tax laws
 "Moral hazard")
Can Budget find ways to tackle tax disputes? India Inc is waiting
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business
 "Can Budget find ways to tackle tax disputes? India Inc is waiting")
Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works
Dept plans to include more complicated cases in second phase of scheme
 "Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works")
Amid revenue shortage, govt begins audit of GST returns for FY 2017-18
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three
 "Amid revenue shortage, govt begins audit of GST returns for FY 2017-18")
Dealing with GST fraud
Balance between ease of doing business and compliance is tricky
 "Dealing with GST fraud")
Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr
If travelling abroad, keep a copy of bank statement which has details of payments made for buying tickets and hotel expenses
 "Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr")
