Page 23 - Latest Updates on Income tax
Arbind Modi panel wanted no tax on income below Rs 6 lakh, 0.5% wealth tax
The panel proposed a 15% income-tax rate if income was Rs 6-20 lakh, and 30 per cent for above Rs 30 lakh
 "Arbind Modi panel wanted no tax on income below Rs 6 lakh, 0.5% wealth tax")
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")
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")
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")
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")
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")
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")
From price hikes to tax sops: How Union Budget 2019 will impact you
While fuel and gold are set to get more expensive, the Budget proposes tax sops on affordable housing and electric vehicle loans
 "From price hikes to tax sops: How Union Budget 2019 will impact you")
Hike in I-T exemption level, tax on income over Rs 10 cr in Budget: Survey
The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries
 "Hike in I-T exemption level, tax on income over Rs 10 cr in Budget: Survey")
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
Budget likely to charge up electric vehicle push with tax incentives
The govt is also examining extension of tax holiday for units operating or planning to set up operations in special economic zones
 "Budget likely to charge up electric vehicle push with tax incentives")
Share info of assets, accounts of defaulters with banks: CBDT to I-T dept
CBDT asks I-T dept to share assets, accounts info of defaulters with banks
 "Share info of assets, accounts of defaulters with banks: CBDT to I-T dept")
