Page 26 - Latest Updates on Income tax
Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations
The move will result in 41 per cent reduction in overall tax cases, Finance Minister Piyush Goyal said
 "Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations")
Readers' Corner: Taxation
Rental income from a house property is liable to tax in the hands of the owner of the property
 "Readers' Corner: Taxation")
I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection
The I-T department filed for prosecutions under Section 276 C2 of the Income Tax Act in the cases where the tax demand was not paid
 "I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection")
Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how
Income Tax Informants Reward Scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties
 "Want to earn up to Rs 50 mn? Be an informer to Income Tax dept; here's how")
Income-tax appeal limits may be raised to cut litigation
The CBDT is planning to increase the limit for appeals to the Income Tax Appellate Tribunal from Rs 1 million to Rs 2 million
 "Income-tax appeal limits may be raised to cut litigation")
I-T dept warning to salaried taxpayers: Hoodwinking the taxman is difficult
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected
If recipient fails to pay supplier in 180 days, he loses ITC and interest
So, you lose the credit if you don't pay within 180 days but can take the credit if you pay later
 "If recipient fails to pay supplier in 180 days, he loses ITC and interest")
Haven't filed returns yet? I-T offices open till Mar 31 despite festivals
While March 29 and March 30 are government holidays on account of Mahavir Jayanti and Good Friday respectively, March 31, the last day of the 2017-18 financial year, is a Saturday
 "Haven't filed returns yet? I-T offices open till Mar 31 despite festivals")
Pay of employees deputed abroad isn't taxable in India, TDS doesn't apply
A new AAR ruling provides relief to employees deputed overseas and who receive salaries abroad as well as in India
I-T dept issues new disclosure norms for trusts changing their objectives
The new registration process requires additional details from a trust, a certified copy of registration with the authorities and Aadhaar number of trustees, etc
Panel may pitch for lower corporate tax following US tax cuts
India's corporation tax rate stands at 30% against 21% proposed in the US tax bill
 "Panel may pitch for lower corporate tax following US tax cuts")
I-T raid cases not to be processed under e-assessment system: CBDT
If an assessee objects to electronic assessment, it may be 'kept on hold' for the time being
 "I-T raid cases not to be processed under e-assessment system: CBDT")
Indirect Tax: Budget on customs could have been more positive
A highly retrograde measure has been proposed in the Section 125 of the Customs Act
Refund fraud: Employees of 50 prominent Bengaluru companies under I-T net
The firms include Infosys, IBM, Vodafone and Biocon; employees accused of forming a nexus with chartered accountants
Only 1.7% Indians paid income tax in AY 2015-16: Official data
In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax
 "Only 1.7% Indians paid income tax in AY 2015-16: Official data")
Faceless I-T e-assessment from next year; CBDT forms committee
The initiative was launched to reduce visits by taxpayers to I-T offices and their interface with the taxman, thereby curbing corruption.
 "Faceless I-T e-assessment from next year; CBDT forms committee")
Task force on income tax law will read it chapter by chapter: Hasmukh Adhia
The Task force will be reading 'chapter by chapter' the IT act and recommend changes
 "Task force on income tax law will read it chapter by chapter: Hasmukh Adhia")
Why it pays to pay your income tax
Idea is to widen tax base; target to add 12.5 mn in FY18
<b>Readers' Corner:</b> Taxation
Kuldip Kumar, partner and leader, Personal Tax, PwC India, answers your questions
 "<b>Readers' Corner:</b> Taxation")
I-T self-assessment filings under lens
Officials say many firms, individuals are postponing advance tax payment to last quarter of FY18
 "I-T self-assessment filings under lens")
