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News INCOME TAX

  • Sep 25, 2018
  • Govt extends deadline for filing ITR, audit report to 15 October

    Businesses have got more time to file their income tax returns (ITRs) and audit reports with the Central Board of Direct Taxes (CBDT), extending the 30 September deadline to 15 October. The due date has been extended as per representations from various stakeholders, said CBDT. For companies and partnerships, the extension of deadline is a relief as it gives them enough time to reconcile the sales figures and indirect tax liability reported in the goods and service tax (GST) returns with their financial statements, experts said. This is the first instance of businesses filing their income tax returns (for FY18) after GST was rolled out in July 2017. However, the 15-day extension for ITR filing does not apply to payment of any outstanding taxes.

  • Sep 19, 2018
  • Income tax on your gold and real estate investments

    Real estate and gold have traditionally formed a large chunk of Indian investors’ portfolios. However, over the past few years, returns from them have been poor to negative. Apart from keeping gold or real estate for self-use, investments in these two asset classes doesn’t make much economic sense. But if you choose to reduce exposure to gold and real estate, do pay attention to the tax rules that will apply. Here is a look at the taxes that will apply to short-term and long-term gains from these two asset classes.

  • Sep 13, 2018
  • Income tax return (ITR) filing: Pay tax on this PF account withdrawal

    The withdrawal amount of an account consists of the investment/principal portion and the interest earned on it. The taxability of the two differs based on the time of withdrawal. If the withdrawal is made before five years of continuous service, the entire contribution made by employer will be taxable and tax would be deducted if it exceeds Rs 50,000. The tax so deducted can be claimed as a credit while filing the return of income. Further, if deduction has been claimed under Section 80C while making such investment over the tenure of service, then the entire contribution will be taxed.

  • Sep 04, 2018
  • Direct tax collections grow at 6.6% and corporation tax barely 1%

    The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer. The numbers released by the Controller General of Accounts (CGA) on Friday revealed that direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. The growth was the lowest when compared with corresponding periods of the past three years.

  • Sep 01, 2018
  • I-T returns filing up 76%; over 52 mn file returns 5 hrs before deadline

    Filing of income tax returns surged 75.98 per cent in the current assessment year, with as many as 52.97 million people filing returns till about five hours before the deadline. The previous year, 30.1 million had filed returns. The high number, which might still go up, may help the government defend its decision to demonetise Rs 500 and Rs 1,000 in November 8, 2016. The government had extended the deadline to file return till August 31. For Kerala, affected by floods, it has been extended by another fortnight.

  • Sep 01, 2018
  • Tax returns filed before deadline surges 70% to Rs 5.42 crore

    With a fine for delayed filing kicking in, income tax returns filed at the expiry of the 31 August deadline have gone up by over 70% this year to 5.42 crore from a year ago. Last year, 3.17 crore returns were filed before deadline, said a tax department official who spoke on condition of anonymity. On 31 August itself, 34,95,093 returns were filed when the deadline expired. The improvement in compliance is on account of gentle and sustained persuasion of potential taxpayers, said the official. “We have been urging people through text messages and emails to file their tax returns on time. Now both return filing as well as tax payment are easy. Taxpayers also get refunds as early as 15 days after return filing,” said the official.

  • Aug 29, 2018
  • ITR filing deadline extended to 15th September for Kerala assessees

    Due to disruption caused by severe floods in Kerala, the Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITR) for all income tax assessees in Kerala to September 15, 2018, as per an official release here today. The original deadline for filing income tax returns for assessees whose returns are not liable to audit was July 31, 2018 for financial year 2017-18. This deadline was earlier extended to August 31, 2018 by the CBDT for all assessees to whom the July 31 deadline was applicable. The extended deadline of August 31 has now been extended further for assessees in Kerala.

  • Aug 27, 2018
  • Income-tax scrutiny all set to go electronic

    The Central Board of Direct Taxes (CBDT) has mandated ‘e-proceeding’ for all income-tax scrutiny in 2018-19. It has also specified seven situations where e-proceeding will not be mandatory this year. These include search cases, cases where returns were filed in paper mode and the assessee doesn’t have an e-filing account, and geographical areas with limited bandwith. ‘E-proceeding’ refers to the communication of data and documents between the Income-Tax Department and assessees through electronic mode, and where the assessments are done electronically.

  • Aug 21, 2018
  • Finance Ministry proposes to ease process of getting no tax deduction certificate

    The finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimising human interface and reducing compliance burden. The tax department proposes to make changes in Form No 13 and related rules under the Income Tax Act.In order to rationalise and make the process of issuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, the existing Form No 13 and relevant IT Rules are required to be amended," said the revenue department.This is vital for minimising the human interface and reducing the compliance burden on the applicant," the department added while seeking comments from stakeholders by September 4 on the draft notification in this regard.

  • Aug 21, 2018
  • IBC wins against taxman, yet again

    The Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) will override Income-Tax rules on claims.“Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-Tax Act,” the Bench comprising Justice Rohinton Fali Nariman and Justice Indu Malhotra ruled recently, in a case between the PR Commissioner of Income Tax-6, New Delhi, and Monnet Ispat & Energy Limited.The apex court thus upheld a Delhi High Court ruling that had held that a moratorium under the IBC will apply to the order of the Income-Tax Appellate Tribunal.The court relied on the Dena Bank vs Bhikhabhai Prabhudas Parekh and Co & Ors (2000) 5 SCC 694 and its progeny, making it clear that income-tax dues, being in the nature of Crown debts, do not take precedence even over secured creditors, who are private persons.

  • Aug 18, 2018
  • Income Tax collection at record Rs 10.03 lakh crore: CBDT

    Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) today said. Addressing a two-day conference of Income Tax Administrators of Eastern Zone here, Shabri Bhattasali, Member of CBDT said that during 2017-18, a record number of 6.92 crore I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed in 2016-17. The I-T Department added 1.06 crore new return filers during 2017-18 and aims to add 1.25 crore new filers for the current year. In the North East region, this number was 1.89 lakh, she said. L C Joshi Ranee, Principal Chief Commissioner of Income Tax, North Eastern Region said that Rs 7,097 crore tax was collected from the region during 2017-18.

  • Aug 10, 2018
  • I-T department to scrutinise 0.35% of returns filed for FY18

    In what would make the income tax department less intrusive, it would scrutinise only 0.35% of returns filed for the last fiscal, down from 1% earlier. While the department would repose faith in taxpayers, the enforcement action would be severe on tax evaders, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), said on Thursday. “We have increased the tax base and have full faith on taxpayers. Last year, we got 6.86 crore returns and I have picked up only 0.35% cases for scrutiny. This means that 99.65% of the returns filed can be at peace,” Chandra said at an event oraganised by Assocham.

  • Aug 08, 2018
  • Over 200,000 'non-filers' filed ITR in FY18, paid Rs 64-bn tax: Govt

    As many as 209,000 'non-filers' filed income tax returns in last fiscal and paid taxes worth Rs 64.16 billion, Minister of State for Finance Shiv Pratap Shukla said on Tuesday. In a written reply to a question in the Rajya Sabha, he said the I-T department issued notices to 3,04,000 persons who had deposited cash of more than Rs 1 million post demonetisation but had not filed their return of income till the due date. "As a result, returns were filed by 2,09,000 of such identified non-filers who have paid self assessment tax of Rs 64.16 billion," Shukla said.

  • Jul 31, 2018
  • Assessee has to prove tax exemption: Supreme Court

    The onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefit of any such ambiguity in provisions, a constitution bench of the Supreme Court said. Experts said the ruling would completely alter precedents as also the principle of law where the assessee was given the benefit of doubt. This will have significant ramifications for taxpayers and influence decision on past as well as future litigation over tax disputes, they said.

  • Jul 27, 2018
  • Income tax return filing deadline extended to August 31

    The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31, 2018. The tweet says "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers." Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.

  • Jul 23, 2018
  • I-T department to collect over Rs 60,000 crore from Andhra Pradesh, Telangana alone in FY19

    The Income Tax Department today said it is set to collect Rs 60,845 crores during this financial year against Rs 49,775 crores mopped up last yer from Andhra Pradesh and Telangana. Principal chief commissioner of income-tax in the two States S P Choudhury said State-owned NMDC Limited and Andhra Bank have been the top corporate tax payers in the region. “For 2018-19, the target for the region is Rs 60,845 crores as against Rs 49,775 crores during 2017-18. As many as 8,13,759 new returns were received from the region and the target for the current fiscal is 10.13 lakhs,” he told newsmen. The region had 36.1 lakh tax payers last year.

  • Jul 21, 2018
  • Income Tax to add 1.25 crore tax filers this fiscal

    The Central Board of Direct Taxes (CBDT) has set a target of adding 1.25 crore income tax return filers for the current fiscal. This was declared by the policy-making body for the income tax department (ITD) as part of its central action plan for 2018-19. The document said the department had added about 1.06 crore filers (persons who were not included in the filer base at the beginning of the year and had filed returns during the year) during the fiscal year 2017-18. According to the ITD website, 6.74 crore taxpayers filed returns in FY18.

  • Jul 12, 2018
  • HSBC Geneva a/c case: ITAT sends back case involving NRI for further investigation

    The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has sought further investigation into one of the cases linked to HSBC’s Geneva branch involving a US-based NRI, Rahul Rajnikant Parikh. A list of people of Indian origin having bank accounts in Geneva was handed to India by France in 2011. More than 1,000 deposit holders of Indian origin in HSBC’s Geneva branch are under the scanner of tax and other investigating agencies for holding black money.

  • Jul 10, 2018
  • I-T dept sells part of Cairn Energy's shares in Vedanta to recover tax dues

    The Income Tax department has sold a portion of Cairn Energy’s shares in Vedanta Ltd in a bid to recover some of the tax dues. In a statement to the exchanges, Cairn Energy said, “Cairn has now been notified by the IITD (Indian Income Tax Department) that it has sold part of Cairn’s shareholding in VL (Vedanta Ltd), realising and seizing proceeds of $216 million. Following this sale, Cairn’s retained holding in VL is now approximately 3 per cent. It is possible that the IITD may make further sales.”

  • Jul 05, 2018
  • I-T refunds worth Rs 70,000 crore issued, 99% claims processed: CBDT

    Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today. The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later extended to June 30 in certain regions, to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due.

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