Page 21 - Latest Updates on Income tax
Oriental India Group admits Rs 3,000-cr black money after I-T raids: CBDT
Last week, searches and surveys were conducted at over 25 premises of the group that has interests in infrastructure, mining and real estate
 "Oriental India Group admits Rs 3,000-cr black money after I-T raids: CBDT")
Tax cuts aimed at attracting investment, generating jobs: Sitharaman
The Bill seeks to replace the Ordinance which was promulgated by the President in September
 "Tax cuts aimed at attracting investment, generating jobs: Sitharaman")
Corporate tax cut impact? Direct taxes mop up down 17% in October
Brings down April-October growth to 2%, amidst slowdown
 "Corporate tax cut impact? Direct taxes mop up down 17% in October")
Maharashtra's Sangli royals under scanner for Swiss bank accounts
Vijaysingh and Rohini Patwardhan are listed as the only two directors of the company, while the RoC records show its status as 'active'
 "Maharashtra's Sangli royals under scanner for Swiss bank accounts")
Paying your income tax may soon become as easy as swiping a card at a shop
UPI is an instant, real-time payment instrument developed by the National Payments Corporation of India
 "Paying your income tax may soon become as easy as swiping a card at a shop")
ITAT orders withdrawal of tax exemption to Congress-controlled Young Indian
An appeal to restore the withdrawal of exemption from income tax was made by Young Indian before the ITAT
 "ITAT orders withdrawal of tax exemption to Congress-controlled Young Indian")
Govt may tighten presumptive taxation norms, do away with some deductions
The slab rationalisation exercise will cost the exchequer Rs 70,000-80,000 crore
 "Govt may tighten presumptive taxation norms, do away with some deductions")
Tax evasion: I-T makes highest cash seizure of Rs 9.55 cr in Pune
The policy-making body of the department said the action was undertaken on November 4. It did not identify the entity.
 "Tax evasion: I-T makes highest cash seizure of Rs 9.55 cr in Pune")
Rs 12,000-cr tax blow: I-T dept cancels registration of 6 Tata Trusts
The Trusts further clarified that this order of cancellation is a culmination of the decision taken by these six Trusts in 2015 to surrender, of their own volition, their registration under the Income
 "Rs 12,000-cr tax blow: I-T dept cancels registration of 6 Tata Trusts")
Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 trillion
 "Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress")
Job confidence, not tax cuts, will help boost consumption spend: DBS
The govet had last month announced a ten percentage point cut in corporate taxes, to get Indian levies at par with others, to spur investments.
 "Job confidence, not tax cuts, will help boost consumption spend: DBS")
Markets abuzz with speculation on personal income tax rate cut: Report
Markets are divided on the timing of such a move, said DBS report
 "Markets abuzz with speculation on personal income tax rate cut: Report")
Govt mulls personal I-T relief while scrapping some exemptions: Report
If the government tinkers with personal taxes, it will add to the list of measures taken in recent months to boost growth that's expanding at the slowest pace in nearly six years
Income-tax officials give thumbs down to govt's faceless assessment move
Dubbed an important initiative in tax reforms, the government launched the faceless assessment scheme in a bid to eliminate the interface between the assessee and the tax officer
Analysing revenue information-II
Tax administration advances, though continuing improvement remains paramount
 "Analysing revenue information-II")
Stock mkt more polarised after tax cut; 91% of gains cornered by 13 firms
RIL, HDFC Bank account for 32.4% of total BSE 500 m-cap gains since the cut in tax; 91% of gains cornered by 13 firms
 "Stock mkt more polarised after tax cut; 91% of gains cornered by 13 firms")
Journey of faceless e-assessment starts; I-T dept identifies 58,322 cases
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing
 "Journey of faceless e-assessment starts; I-T dept identifies 58,322 cases")
Don't leave tax planning for fourth quarter, spread financial burden
Spread out your financial burden by investing in tax-saving instruments throughout the year
 "Don't leave tax planning for fourth quarter, spread financial burden")
Why not a states income tax?
India's 'normal' tax rate has been between 40 and 55 per cent for almost 800 years
 "Why not a states income tax?")
Extend the tax-cut logic to infrastructure
A judicious lowering of input costs can increase productivity
 "Extend the tax-cut logic to infrastructure")
