Page 25 - Latest Updates on Income tax
'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept
Bank accounts of TravelKhana seized and Rs 33 lakh withdrawn as tax liability on funds raised from angel investors
 "'Shocking beyond words': Start-ups allege angel tax 'terrorism' by I-T dept")
Dorabji Tata Trust challenges I-T dept's decision to withdraw tax exemption
The Trust is learnt to have contested the findings of the assessing officer, saying the 87-year old Trust deed provides for the compensation to its trustee
 "Dorabji Tata Trust challenges I-T dept's decision to withdraw tax exemption")
1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT
Income tax filers' data maintained by the tax department showed that the number of crorepatis was only marginally higher than nearly 140,000 returns by crorepatis filed in the AY 2017-18
 "1.2 bn Indians, but just 150,000 declared income of over Rs 1 crore: CBDT")
Cabinet approves abolition of ombudsman for direct, indirect taxes
Taxpayers now prefer alternate methods of grievance redressal
 "Cabinet approves abolition of ombudsman for direct, indirect taxes")
I-T dept raids 74 places in Tamil Nadu in connection with tax evasion
The department had last month conducted large-scale raids on a number of popular eateries of the state including Saravana Bhawan outlets
 "I-T dept raids 74 places in Tamil Nadu in connection with tax evasion")
I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms
High-value refunds of corporates, public sector undertakings likely to be issued in April
 "I-T dept holds back Rs 20,000 crore in tax refunds to private, PSU firms")
How you can sell multiple long-term assets and also claim tax deductions
Even if you sell long-term assets in different financial years and invest in one residence, Section 54F benefit will still apply
Direct tax collection rises 13.6% to Rs 7.43 trn in Apr-Dec, refunds up 17%
Refunds worth Rs 1.3 trillion paid during the period, 17% higher than previous year, reveals CBDT data
Tax collection numbers 'matter of serious concern': CBDT chief
CBDT Chairman Sushil Chandra has shot off a letter to the I-T dept officials, asking them to pull up their socks as only three months are left for the current financial year to close on March 31
I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu
The residences and offices of the directors of these food-joint chains are being raided by a team of over 100 I-T sleuths
 "I-T raid on Saravana Bhavan, 30 other popular food chains in Tamil Nadu")
Resident, NRI taxpayers allowed manual filing for nil TDS certificate
Resident applicants can file manual application in Form 13 till December 31, 2018, says Income Tax department.
 "Resident, NRI taxpayers allowed manual filing for nil TDS certificate")
Richie Rich or Peter the Pauper? This calculator tells you where you stand
This Business Standard tool, created on the basis of tax data, allows you to figure out how many people in India make more money than you, and how many make less
 "Richie Rich or Peter the Pauper? This calculator tells you where you stand")
ITR filing up 50%; will meet Rs 11.5-trn direct tax target: CBDT chairman
He also said that so far 70 countries are sharing information with India under Automatic Exchange Of Information
Regular salary vs consultancy: Here's how the tax treatment differs
Financial and tax compliance plays a significant role in deciding which option is more suitable for you. These have been discussed in this article.
 "Regular salary vs consultancy: Here's how the tax treatment differs")
The number of salaried taxpayers increased 37% in last 3 years: CBDT
During the same period, it said, there has also been a growth of 19 per cent in the number of non-salaried individual taxpayers from 19.5 million to 23.3 million
 "The number of salaried taxpayers increased 37% in last 3 years: CBDT")
Despite monetary cap of Rs 2 mn, taxmen can still file appeal in all cases
Despite the raised monetary limit for filing tax appeals in place, taxmen, according to a report, still have the option to pursue any case
Deduct TDS when buying property from NRI or else face penalties, fines
With the income tax department deciding to focus on property transactions involving NRIs, non-compliance can result in penalties and fines
 "Deduct TDS when buying property from NRI or else face penalties, fines")
Letter to BS: Fine on late filing of Income Tax returns is illogical, harsh
The provision is unmindful of the difficulties faced by senior citizens and the differently-abled
CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn
I-T dept can now concentrate on fewer but larger cases
 "CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn")
Woman techie highest tax payer in AP, Telangana with Rs 300 million salary
CBDT has said that nearly 13 million income tax filers are likely to be added during the current financial year
 "Woman techie highest tax payer in AP, Telangana with Rs 300 million salary")
