Page 24 - Latest Updates on Income tax
I-T dept issued Rs 64,700-cr refund between April 1-June 18: Sitharaman
Sitharaman further said that 269 million SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time
 "I-T dept issued Rs 64,700-cr refund between April 1-June 18: Sitharaman")
Govt may raise income-tax threshold in Budget to revive economy
Any tax exemptions will add stimulus to an economy that's slowed sharply this year, with growth reaching a five-year low of 5.8 per cent in the first three months of the year
 "Govt may raise income-tax threshold in Budget to revive economy")
J&K bank case: I-T dept initiates probe into irregularities, conducts raids
The action is linked to the recently unearthed alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB)
 "J&K bank case: I-T dept initiates probe into irregularities, conducts raids")
Govt sacks 12 senior I-T officers including a senior officer for corruption
It also includes an IRS officer in the post of Commissioner (Appeal) in Noida, who was accused of sexual harassment to two lady IRS officers of Commissioner rank
 "Govt sacks 12 senior I-T officers including a senior officer for corruption")
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
 "Assocham roots for raising tax exemption limit to Rs 5 lakh in Budget 2019")
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
Pay high income tax? Govt may call you to have tea with the PM or FM
The idea is to encourage taxpayers to willingly pay more
 "Pay high income tax? Govt may call you to have tea with the PM or FM")
Income tax returns to exemptions: Expert answers your taxation questions
For taxpayers having taxable income not exceeding Rs 5 lakh, it is Rs 1,000
E-filing of tax returns saw 19% growth in AY19, says Finance Ministry
The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19
 "E-filing of tax returns saw 19% growth in AY19, says Finance Ministry")
In a first, income tax e-filers fall by more than 660,000 in FY19
Registered filers were just 2.7 crore at the end of March 2013 which almost doubled to 5.2 crore in March 2016 and to 6.2 crore in March 2017
Income-tax dept likely to propose using calendar as financial year
The dept has to submit its recommendations for the July Budget by May 15
 "Income-tax dept likely to propose using calendar as financial year")
CBDT identifies 20.4 million non-filers, asks I-T dept to take action
The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers
 "CBDT identifies 20.4 million non-filers, asks I-T dept to take action")
Tax dept may pitch for lower I-T target when next govt presents Budget
CBDT feels 30% growth in income-tax not feasible
 "Tax dept may pitch for lower I-T target when next govt presents Budget")
I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13
The identified taxpayers have been asked to provide income details along with profit and loss for AY2012-13 within 30 days
I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi
 "I-T detects Rs 281-cr racket of slush funds in MP raids; recovers Rs 15 cr")
Income Tax return forms for AY 2019-20 out; last date of filing July 31
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal
 "Income Tax return forms for AY 2019-20 out; last date of filing July 31")
Income from renting out property cannot be claimed as business income
To classify income from letting out property as business income, the taxpayer needs to exploit the property commercially by providing furniture, facility management, amenities and security
 "Income from renting out property cannot be claimed as business income")
Linking PAN with bank mandatory for refunds from March: I-T to taxpayers
Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers
 "Linking PAN with bank mandatory for refunds from March: I-T to taxpayers")
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply
Standard deduction has also been raised from Rs 40,000 to Rs 50,000, besides a host of tax benefits to home buyers
 "No tax liability if your income is up to Rs 9.5 lakh, but conditions apply")
Suspicious income tax refund claims to face I-T department's scrutiny
The number of suspicious refund claims selected for scrutiny stood at 20,874 in 2018-19, 11,059 in 2017-18 and 9,856 in 2016-17
 "Suspicious income tax refund claims to face I-T department's scrutiny")
