Page 5 - Latest Updates on Income tax
Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT
This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases
 "Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT")
Income tax dept detects blackmoney abroad after raids on textile group
The CBDT has claimed that the Income Tax Department has detected black money worth crores stashed abroad after it raided a leading business group involved in manufacture of textile and filament yarn.
 "Income tax dept detects blackmoney abroad after raids on textile group")
Every rupee in my foundation awaiting its turn to save a life: Sonu Sood
Every rupee in his foundation is awaiting its turn to be used to reach the needy and save precious lives, actor Sonu Sood said in a statement on Monday
 "Every rupee in my foundation awaiting its turn to save a life: Sonu Sood")
Chipping away at EPFO's benefits
If the Centre only enforces mobility between the EPFO and NPS, the subscribers will settle the argument by voting with their feet
 "Chipping away at EPFO's benefits")
Taxpayers still need to pay interest despite extension of filing dates
Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh
IT dept widens probe against actor Sonu Sood; searches multiple premises
The Income Tax Department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said.
I-T portal continues to face glitches; deadline to Infosys draws to a close
The new income tax e-filing portal, which was unveiled with much fanfare, is not completely glitch-free even as the deadline set by the government for Infosys to fix the problems expired on Wednesday.
 "I-T portal continues to face glitches; deadline to Infosys draws to a close")
Loss-making PSUs more attractive for buyers after income tax tweak
Investor must retain at least 51% stake to take the benefit
 "Loss-making PSUs more attractive for buyers after income tax tweak")
ITR filing extension: No relief to taxpayers on interest liability
ITR filing has increased to 320,000 daily in September 2021
Probe attempt to stifle independent journalism: Newslaundry, Newsclick
Online news platform Newslaundry on Saturday said it does business "honestly and with integrity"
 "Probe attempt to stifle independent journalism: Newslaundry, Newsclick")
Strategic divestment to get tax deduction for previous losses
However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment
 "Strategic divestment to get tax deduction for previous losses")
Things to keep in mind while filing your income tax return this year
Ensure you file your returns ahead of time, in case you need to make changes
 "Things to keep in mind while filing your income tax return this year")
I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses
As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling
 "I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses")
Income tax portal's tech issues being progressively addressed: CBDT
The income tax department on Wednesday said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.
 "Income tax portal's tech issues being progressively addressed: CBDT")
Top headlines: Cairn makes peace with India; Sebi to speed up settlements
Business Standard brings you the top headlines of the day
 "Top headlines: Cairn makes peace with India; Sebi to speed up settlements")
Tax portal 2.0 to integrate with bourses to track trade transactions
Will take stock of discrepancies in assessee disclosures in ITR
 "Tax portal 2.0 to integrate with bourses to track trade transactions")
Taxpayers can file settlement claims till September 30: Check details here
This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1
 "Taxpayers can file settlement claims till September 30: Check details here")
Faceless assessment: Rules for authentication of e-records submission eased
The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC
 "Faceless assessment: Rules for authentication of e-records submission eased")
FinMin notifies rules for calculating taxable interest in PF account
The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum.
 "FinMin notifies rules for calculating taxable interest in PF account")
FM urges young tax officers to give ideas to amplify tech use in I-T dept
Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.
 "FM urges young tax officers to give ideas to amplify tech use in I-T dept")
