Page 29 - Latest Updates on Income tax
IDS: Income Tax dept rejects disclosures of over Rs 2 lakh cr
Probe is on to determine the intention behind false claims
 "IDS: Income Tax dept rejects disclosures of over Rs 2 lakh cr")
No tax on legitimate gold: What you should know about I-T Amendment Bill
With effect from April 1, 2016, in case of unexplained asset/cash a 60% tax plus 25% of tax as surcharge plus 3% of tax as cess will be levied
 "No tax on legitimate gold: What you should know about I-T Amendment Bill")
New income declaration scheme explained
Govt has proposed a total tax, penalty and surcharge of 50% on amount deposited since demonetisation
 "New income declaration scheme explained")
Unaccounted deposits disclosed to taxman face 50% tax, lock-in
Govt will introduce amendments to the I-T Act giving effect to this in the ongoing session of Parliament
 "Unaccounted deposits disclosed to taxman face 50% tax, lock-in")
Income tax notices to religious, charitable trusts
The notice also advises the management of such institutions not to deal with Rs 1,000 and Rs 500 notes
I-T Dept to keep record of deposits over Rs 2 lakh
Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent
 "I-T Dept to keep record of deposits over Rs 2 lakh")
India has 47,000 <i>crorepatis</i>, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh
Among those who filed I-T returns for 2014-15, more people in the Rs 5.5 lakh to Rs 9.5 lakh bracket than those in the Rs 3.5 lakh to Rs 5.5 lakh bracket
 "India has 47,000 <i>crorepatis</i>, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh")
SMS alert service on TDS deductions for salaried class launched
CBDT will soon offer this facility on a monthly basis
 "SMS alert service on TDS deductions for salaried class launched")
I-T department collects Rs 6,750 cr
Expects disclosures worth Rs 25,000-30,000 cr by Sept 30
 "I-T department collects Rs 6,750 cr")
I-T raid on half-a-dozen jewellers at Zaveri Bazaar
In an effort to curb black money from the system, govt has discovered an innovative way to force jewellers declare their additional gold stocks
 "I-T raid on half-a-dozen jewellers at Zaveri Bazaar")
Black money: 300 pc rise in raids, seizures
I-T department seized over Rs 330 crore of alleged tainted cash, jewellery and other movable and immovable assets
 "Black money: 300 pc rise in raids, seizures")
IT dept to 'name & shame' chronic crorepati defaulters
It was decided to name all category of taxpayers who have a default of Rs 1 crore and above by March, 31 i.e end of 2016-17 financial year
 "IT dept to 'name & shame' chronic crorepati defaulters")
Income tax collection from Mumbai rises 9% to Rs 67,185 crore
Mumbai region officials are confident of meeting the target of Rs 2.79 lakh crore by the end of the year
 "Income tax collection from Mumbai rises 9% to Rs 67,185 crore")
Deduction benefit under section 35AC only till March 31
Section 35AC of the Income Tax Ac, provides for a deduction in computing the business income of an assessee
Only 1.4 million individuals fell in 30% tax bracket in 2012-13
They accounted for 75% of the total personal income tax collection
 "Only 1.4 million individuals fell in 30% tax bracket in 2012-13")
Online tax refunds reduce hardships of I-T assesses: Modi
Tax refunds of Rs 14,332 crore have been issued this year till August 5
 "Online tax refunds reduce hardships of I-T assesses: Modi")
1.36 crore non-filers identified under NMS: Govt
Total number of taxpayers of income tax in the country for the financial year 2015-16 is 5,24,38,971
 "1.36 crore non-filers identified under NMS: Govt")
E-returns jump 10% in assessment year 2016-17
According to the finance ministry, 226.98 lakh e-returns have been filed in 2016-17, compared to 206.55 lakh in 2015-16
Rs 1.23 lakh crore of income tax refund pending
Minister of State for Finance said Rs 97,825 crore are pending due to proceedings for scrutiny assessment
Why you must file I-T returns on time
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries
