Page 23 - Latest Updates on Income tax
I-T dept 'elephant' running amok to meet revenue shortfall: Rahul Gandhi
Gandhi also shared media reports alleging that 'tax terrorism' was hurting India's growth
 "I-T dept 'elephant' running amok to meet revenue shortfall: Rahul Gandhi")
Surcharge hike may stop overseas fund managers from shifting to India
Several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain
 "Surcharge hike may stop overseas fund managers from shifting to India")
Dividend income, partnership firms two ways to reduce income tax liability
Most tax experts and chartered accountants say their high-net-worth clients are rattled
 "Dividend income, partnership firms two ways to reduce income tax liability")
ITR 2019-20: A simple step-by-step guide to filing your income-tax return
Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019
 "ITR 2019-20: A simple step-by-step guide to filing your income-tax return")
Reader's corner: How to check status of refund from income tax department
You will not be able to claim a credit of such TDS until the tenant completes the formalities
 "Reader's corner: How to check status of refund from income tax department")
In pictures: July 24 celebrated as annual Income Tax Day from this year
Income tax was introduced for the first time in India on July 24, 1860, by James Wilson to compensate for the losses made by the British during the first war of independence
 "In pictures: July 24 celebrated as annual Income Tax Day from this year")
New deduction on affordable homes benefits loans with longer tenures
Joint owners would not be able to get the additional tax deduction due to caveats
 "New deduction on affordable homes benefits loans with longer tenures")
FAQs: 10 key things you must know about income-tax return (ITR) filing
What are income-tax returns? Must you file them? What if you did not? What are the benefits of filing an ITR? How do you get a refund for any excess tax deducted? Find answers to all your questions
$30 billion wiped off stock in 3 sessions as doubts on higher tax lingers
The realisation that the new tax rate applies not just to the super rich but also to trusts - a structure of choice for a large number of foreign funds that invest in the nation
 "$30 billion wiped off stock in 3 sessions as doubts on higher tax lingers")
Google, Facebook made Rs 10,000 crore; paid Rs 200 crore as tax in India
Modi government plans to bring companies that derive revenues from Indian users but pay taxes elsewhere into the corporate tax net
If it moves, tax it: Desperation creeps into Indian economic policy-making
As with its tax grab, India's desperate focus on short-term fiscal fixes risks doing greater damage in the long term
 "If it moves, tax it: Desperation creeps into Indian economic policy-making")
I-T dept eyes NRIs' residential status, reopens tax assessments of 5 years
The department has pulled up people who evaded tax and were sent notices a month ahead of Budget 2019
 "I-T dept eyes NRIs' residential status, reopens tax assessments of 5 years")
India's highest personal tax rate still lower than those in China, US: Govt
Following the increase in surcharge, the effective income tax rate for individuals with taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent
 "India's highest personal tax rate still lower than those in China, US: Govt")
Budget impact: Super-rich tax hits 1,000 executives in corporate India
Overall, 901 listed companies had 1,720 officials earning more than Rs 1 crore in FY18
 "Budget impact: Super-rich tax hits 1,000 executives in corporate India")
CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base
A new filer is defined as a person who is not included in the base at the beginning of the year
 "CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base")
Union Budget 2019: Tax hike on rich will also hurt global companies
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
 "Union Budget 2019: Tax hike on rich will also hurt global companies")
Budget 2019: Five key income-tax related announcements FM made today
Tax slabs left untouched; Aadhaar good enough for filing returns in case you don't have PAN
Govt raises income tax on super-rich to support state lenders, small biz
The new rate will include 25% surcharge on income between Rs 2 crore and Rs 5 crore, and 37% on income exceeding Rs 5 crore in a year
 "Govt raises income tax on super-rich to support state lenders, small biz")
I-T dept extends deadline for employers to issue Form 16 till July 10
Individual taxpayers, who do not have to get their accounts audited, have to file income tax returns for financial year 2018-19 by July 31, 2019
Assocham roots for raising tax exemption limit to Rs 5 lakh in Budget 2019
The government is scheduled to present its first full Budget on July 5, for the current financial year
