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News Direct Tax-Income Tax

  • May 24, 2019
  • Senior citizens with taxable income up to Rs 5 lakh can seek TDS exemption on bank interest

    Senior citizens with a taxable income of up to Rs 5 lakh can now submit in banks and post offices Form 15H to claim exemption from TDS on interest income on deposits, according to a CBDT notification.Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh.The Central Board of Direct Taxes (CBDT) has issued a notification amending Form 15H to give effect to the Budget announcement. The Union Budget 2019-20 has given full tax rebate to individuals having a taxable annual income of up to Rs 5 lakh, benefitting around 3 crore middle class taxpayers The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is 'nil' after considering rebate available under Section 87A of the Income Tax Act, 1961.

  • May 21, 2019
  • Centre moves SC against HC order on Khaitan

    The Central government has moved the Supreme Court challenging a Delhi High Court decision to stay proceedings against Gautam Khaitan, an accused in the AgustaWestland VVIP chopper scam, under the Black Money Act of 2016. The HC had stayed the proceedings on the basis of a petition filed by Mr. Khaitan challenging a government notification that gave retrospective effect to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act from July 2015.

  • May 20, 2019
  • CBDT allows AMCs to directly manage offshore funds out of India

    Asset management companies (AMCs) can now graduate from being mere ‘advisors’ to offshore funds to becoming a direct, “full fledged manager” of such funds out of India. This comes after the Central Board of Direct Taxes (CBDT) removed a taxation related constraint that prevented Indian AMCs from taking up direct fund management activity for the offshore funds.

  • May 18, 2019
  • Citing confidentiality, govt declines to share black money details received from Switzerland

    The government has declined to share details on black money received from Switzerland, citing confidentiality. Replying to an RTI query, the Finance Ministry said India and Switzerland share information on black money on a case to case basis as per the investigations being carried out. It is an ongoing process, it added. “The information shared by Switzerland on black money is governed by confidentiality provisions,” it said in reply to the RTI application filed by a PTI journalist.

  • May 18, 2019
  • CBDT wants shell cos ‘revived’ to collect pending taxes

    Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the Ministry of Corporate Affairs (MCA). But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the Central Board of Direct Taxes (CBDT). The CBDT has been holding talks with the MCA over this. A senior MCA official told BusinessLine: “We have requested CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.”

  • May 17, 2019
  • Delhi HC restrains I-T dept from action against Gautam Khaitan

    The Delhi High Court Thursday restrained the Income Tax Department from taking any action against VVIP chopper deal scam accused Gautam Khaitan against whom a black money case has been lodged. A bench of Justices Siddharth Mridul and Anu Malhotra said Khaitan, an advocate by profession, has made out a "good prima facie" case for grant of interim relief and grave prejudice would be caused to him if the authorities are not restrained at this stage from proceeding further.

  • May 15, 2019
  • I-T dept again defers GST, GAAR reporting in tax audit report till March 2020

    The income tax department May 14 deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR. The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31, 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020.

  • May 14, 2019
  • CBDT says officers to meet assessees in second half of May to clear pendency

    In what could bring cheer to taxpayers who are struggling to resolve pending issues with the income tax department, the Central Board of Direct Taxes (CBDT) has designated the last two weeks of this month for expeditious disposal of taxpayers’ claims for appeal and rectification. In a letter to zonal heads of its field formations, the CBDT has directed assessing officers to meet applicants and counsels who seek explanation for their cases. I-T further said special attention should be given to demands on account of TDS mismatch and demands disputed by taxpayers in response to proceedings under Section 245 of IT Act, a source of widespread discontent among assessees.

  • May 07, 2019
  • Tax returns in FY19 seem low because of delayed filing barred, says CBDT

    The Central Board of Direct Taxes (CBDT) on Monday said that income-tax (IT) e-returns filed in FY18 and the previous few years were inflated as these included returns for not just the assessment year concerned but for substantial number of returns belonging to earlier years as well. However, Finance Act, 2017 was amended in April last year to mandate that a revised return for an earlier year could be furnished only up to the end of the subsequent assessment year and not further. This meant that in FY19, taxpayers could file returns for that year and a smaller number of returns belonging to the previous year. Due to this, the e-filing numbers recorded in FY19 are not comparable with those filed in FY18, CBDT said in a statement.

  • May 06, 2019
  • Forgot to file income tax returns? Know your options

    The deadline for filing income tax returns (ITR) is July 31 for every assessment year. If you miss the deadline, you can always file a belated return by up to March 31 of the following year. If you have also missed the deadline for filing a belated return for the year 2016-17 and 2017-18, you cannot file a belated return anymore. Now, you can file return only on the direction of the income tax officer, i.e., if you receive a notice for not filing the return. In that case, an ITR can be filed in response to the notice. In the same manner, we can also file a condonation of delay request to the assessing officer. If the income tax officer is satisfied, he can allow us to file the ITR.

  • May 06, 2019
  • Tax tribunal rejects I-T department’s valuation tax math

    Can a loss making company sell its stake at a valuation higher than the fair market value? Yes, if the valuation is computed through the discounted cash flow method, or DCF, as per a tax tribunal ruling. Many companies, including startups, were questioned by the income-tax department for high valuations that were based on future projections even as they were suffering losses in the present.

  • May 04, 2019
  • Tax filing falls 1% in FY19,indicating overall slowdown:Report

    The number of people filing income tax returns has declined by a full 1 percent in fiscal 2019, despite the increased government focus to broaden the base, indicating a deepening slowdown in the overall economy, says a brokerage report. It can be noted that the government has been pointing to the enlarged tax base as a benefit of the controversial demonetisation move it undertook in 2016, which had a debilitating impact on the economy.

  • May 03, 2019
  • Income tax returns shrink in FY19 as demonetisation effect wanes

    After clocking steep growth rates over the last few years (an average of 25% in the three years to FY18), the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18. Though e-returns for a year continue to trickle in during the subsequent few years and so the FY19 e-filing figure could slightly look up over time, it is clear from the latest data released by the Central Board of Direct Taxes.

  • May 03, 2019
  • Centre's tax revenue at Rs 13.2 trillion in FY19, missed target by 11%

    The central government missed its tax revenue target by 11 per cent in 2018-19. There was lower than expected collection from the central goods and services tax, personal income tax and Union excise duties. However, the customs collection target, raised during the year by 15 per cent over what was initially budgeted, was fully realised.This was perhaps also due to increases in tariffs on a range of items. Similarly, the target for corporation tax, also revised upward during the year by a steep Rs 50,000 crore, was almost met. Net tax revenue for 2018-19 (the financial year ended ...

  • May 02, 2019
  • Tax filing dips 1% in FY19: Report

    Income Tax E-filing SHARE SHARE SHARE EMAIL COMMENT The number of people filing income tax returns has declined by a full 1 per cent in fiscal 2019, despite the increased government focus to broaden the base, indicating a deepening slowdown in the overall economy, says a brokerage report. Citing official data, a report by brokerage Kotak Securities said that only 66.8 million returns were filed in FY19 as against 67.5 million in the previous fiscal.

  • May 01, 2019
  • CBDT and GSTN sign pact to nab evaders, reduce black money generation

    To nab tax evaders and reduce black money generation, the income tax department and Goods and Services Tax Network (GSTN) signed an agreement to facilitate exchange of data between the two. The I-T department will share key financial information, including status of I-T return filings, turnover of business, gross total income, and turnover ratio among others with GSTN, the information technology backbone of the two-year-old indirect tax regime.

  • Apr 30, 2019
  • India, US to check tax evasion by MNCs

    India has notified the inter-governmental agreement with the US for exchange of country-by-country (CbC) reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion. The agreement, which was signed by Central Board of Direct Taxes Chairman P C Mody and US ambassador to India Kenneth Juster in March, was notified by the revenue department on April 25.

  • Apr 30, 2019
  • Accredited startup investors may get angel tax exemption

    Funds received by startups from accredited investors may be exempted from angel tax, subject to complying with certain net worth criteria, an official said. This provision is considered by the government as part of an exercise to define 'accredited investors' with a view to increase investment flow in startups. The Department for Promotion of Industry and Internal Trade (DPIIT) is working on the definition, which would be submitted to the finance ministry for approval.

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