Page 20 - Latest Updates on Income tax
Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme
These taxpayers have declared tax dues of around Rs 79,968 crore and after availing the various reliefs and amnesty as per the rules of the scheme, they would pay around Rs 35,094 crore, sources said
 "Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme")
Budget 2020: I-T Act may allow seizure of trustees' personal assets
The new provision is likely to come in Budget next month
 "Budget 2020: I-T Act may allow seizure of trustees' personal assets")
ITR-1 form not for those paying Rs 100K in power bill, owning house jointly
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21
Revenue Secy asks tax officials to put special efforts to check evasion
Direct tax collection target for the current fiscal has been pegged at Rs 13.35 lakh crore despite corporate tax relief of 1.45 lakh crore
Top 10 biz headlines: Rs 1 trn GST mop up, surge in new projects, and more
From pharma sector getting 'green' signal to IndiGo fleet size, here are the top 10 business headlines for the day
 "Top 10 biz headlines: Rs 1 trn GST mop up, surge in new projects, and more")
CBDT wants taxmen to fastrack redressal of grievances ahead of PM's review
The directive issued by the Board on Tuesday comes ahead of Prime Minister Narendra Modi's scheduled review of CPGRAMS (Centralized Public Grievance Redress and Monitoring System) on January 8
 "CBDT wants taxmen to fastrack redressal of grievances ahead of PM's review")
Dispose of 5-year-old pending cases by March, CBDT tells officials
There are about 31,000 pending cases, locking revenue worth Rs 500 crore
IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending
In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'
 "IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending")
Key policy steps taken by NDA govt this year to revive a sagging economy
Macroeconomic parameters have shown that the Indian economy is going through a rough patch. Here are the key policy decisions taken by the govt in 2019, to bring the India growth story back on track
 "Key policy steps taken by NDA govt this year to revive a sagging economy")
PFRDA likely to be sole pension regulator, seeks additional IT exemptions
At present, pensions products are sold by both insurance companies as well mutual funds, which makes Irdai and Sebi, as the regulators for those products
 "PFRDA likely to be sole pension regulator, seeks additional IT exemptions")
Ex-CEA Subramanian against tax cuts, says no space for fiscal expansion
Subramanian further said that he thinks personal income tax cuts motivated by desired increased consumption are highly inequitable
 "Ex-CEA Subramanian against tax cuts, says no space for fiscal expansion")
Budget 2020: Govt may go for income tax relief to spur demand, says report
Finance Minister Nirmala Sitharaman is expected to present the budget for 2020/21 fiscal year on February 1. She has promised a budget that will do more to boost growth.
 "Budget 2020: Govt may go for income tax relief to spur demand, says report")
Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target
Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.
 "Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target")
Use allowance like LTA, HRA, car maintenance to reduce your tax liability
There are many of them, but only a few can be used to offset the tax burden
 "Use allowance like LTA, HRA, car maintenance to reduce your tax liability")
I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019
In money terms, the income tax refunds have gone up by 27.2 per cent.
 "I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019")
Best of BS Opinion: Boosting economic growth, income tax slabs, and more
Here's a collection of Business Standard Opinion pieces for the day
 "Best of BS Opinion: Boosting economic growth, income tax slabs, and more")
Simplify I-T structure
That's the way to go for improving tax base, compliance
 "Simplify I-T structure")
FM hints at I-T rate cuts, more stimulus measures to boost slowing economy
Says govt is taking steps towards a harassment-free taxation regime
 "FM hints at I-T rate cuts, more stimulus measures to boost slowing economy")
Income tax rate cut among steps govt working on to revive growth: FM
Assuring that there will be no harassment of taxpayers, Sitharaman said the intent of the government is to further simplify taxation systems including removal of exemption.
 "Income tax rate cut among steps govt working on to revive growth: FM")
Govt moves Taxation Bill in Lok Sabha seeking changes in income tax law
The Bill was introduced in the House on November 25. Some provisions of the Bill are different from those of the Ordinance
 "Govt moves Taxation Bill in Lok Sabha seeking changes in income tax law")
