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News INCOME TAX

  • Mar 26, 2019
  • No country for evaders: This April 1, India enters uncharted tax territory

    The taxation scene could change radically as India enters uncharted territory from April 1. On Day 1 of the new financial year, the taxman will begin looking into comprehensive, 360-degree profiles of Indian taxpayers. Life is now all set to change drastically for taxpayers whose spending patterns don't match their earnings declarations.

  • Mar 16, 2019
  • Govt banking on advance tax collection to meet direct tax target of Rs 12 lakh cr

    With fiscal math under pressure due to lower buoyancy in tax collection, the government is eyeing advance tax payment to meet the revised Budget target of Rs 12 lakh crore for the current fiscal. According to sources, efforts are being made to make up for the shortfall in direct tax collection, but the revised target seems to be daunting. The government had earlier estimated Rs 11.5 lakh crore mop-up from direct tax collection. The increase of Rs 50,000 crore in the interim Budget 2019-20 has made the task of achieving the revised target a difficult proposition for the Central Board of Direct Taxes (CBDT), sources said adding the shortfall seems to be imminent.

  • Mar 13, 2019
  • Angel Tax Breather: Scheme to Accredit Investors in Works

    India is eyeing a new framework for recognising investors so that they won’t be subject to the so-called angel tax provisions on their funding of startups. The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to put in place such a regime so that investors will be able to fund startups without any limit. “We are examining if a mechanism can be created for accrediting investors,” said a government official aware of the matter, details of which are being discussed.

  • Mar 13, 2019
  • CBDT chairman P C Mody holds review meet on advance tax payment

    Staring at a shortfall in direct tax collection, Central Board of Direct Taxes (CBDT) Chairman P C Mody took a meeting of senior tax officials in Mumbai on Tuesday to review collection figures ahead of the deadline of advance tax payment this Friday. So far the tax department has collected a little less than Rs 8 trillion against the target of Rs 12 trillion for the current financial year. According to sources, the CBDT has directed principal chief commissioners and chief commissioners to observe major advance taxpayers of the Mumbai region and to provide day-to-day updates to the apex body, besides seek explanation from companies if there is negative advance tax outgo. The Mumbai zone is home to 45 of the top 100 companies and is responsible for one-third of direct tax collections.

  • Mar 08, 2019
  • SC directions may disarm CBDT concession to start-ups

    Even though the Central Board of Direct Taxes (CBDT) wants to relax its regime for start-ups to accept Rs.25-crore investment from “angel investors”, the Supreme Court has advised “careful scrutiny” in the practice of conversion of un-accounted money particularly so in the case of private placement of shares. The CBDT just days ago allowed start-ups to avail full angel tax concession on investments worth up to Rs.25 crore from an earlier set threshold of Rs.10 crore.

  • Mar 05, 2019
  • Income tax returns witness 30% growth in Apr-Feb, over 3 lakh visit website to check notices from I-T dept

    The income tax e-returns filed for the April-February period has grown nearly 30% compared with the corresponding period in FY18. While almost 6.4 crore taxpayers filed returns in the first 11 months of the fiscal, the government is expecting 7.6 crore returns to be filed by the end of FY19 against 6.7 crore in FY18. In the last three fiscals, March alone has seen 0.8 crore (FY16), 1.1 crore (FY17) and 1.85 (FY18) crore e-returns being filed. The surge is seen after the I-T department started sending notices to people who are involved in high-value transactions but don’t file returns.

  • Mar 01, 2019
  • Link your PAN with bank for refunds: Income tax department to taxpayers

    The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue "only e-refunds from March 1, 2019." Link your PAN (permanent account number) with your bank account to get your refund directly, swiftly and securely, the department said in a public advisory issue Wednesday.

  • Feb 20, 2019
  • Bonanza for government employees, centre increases dearness allowance by 3%

    The union cabinet today approved an additional dearness allowance (DA) of 3 per cent over the existing rate of 9 per cent for government employees and pensioners which will be effective from January 1, 2019. This will cost the government around Rs 9,200 crore per year. The move is expected to benefit more than one crore central government employees and pensioners. The hike will benefit about 48.41 lakh central government employees and 62.03 lakh pensioners.

  • Feb 14, 2019
  • CBDT forms panel to examine issues and suggestions for better litigation management

    The Central Board of Direct Taxes (CBDT) has constituted a five-member committee to examine the suggestions and issues on litigation management that emanated from a judicial conference held in January.The committee has been tasked with examining cases where the appellate tribunal (ITAT) has passed perverse or irregular orders. Additionally, it will also examine the feasibility of creating a separate bench of the ITAT for international tax in places where the pendency is high.

  • Feb 13, 2019
  • Outstanding tax demand rose 45% in last 4 years

    The total outstanding tax demand payable to exchequer has risen by nearly 45% to Rs 10.7 lakh crore in the April-December period of the current fiscal from the FY16 level, minister of state for finance Shiv Pratap Shukla said in a written reply in Parliament on Tuesday. The outstanding demand includes both direct and indirect taxes. The reply, however, cited a confidentiality clause in I-T Act to a deny information on outstanding liability of specific taxpayers in the corporate sector. “General disclosure of tax information of specific taxpayers is prohibited under section 138 of the I-T Act,” the minister said.

  • Feb 13, 2019
  • People with income up to Rs 9.5 lakhs can escape tax liability: Piyush Goyal

    Stressing that tax concessions have been provided with a view to help poor and middle class people living on a tight budget, Finance Minister Piyush Goyal on Tuesday said that now individuals earning up to Rs 9.5 lakh can escape liability by taking advantage of saving schemes. Replying to the debate on the Finance Bill in Lok Sabha, the Minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.

  • Feb 13, 2019
  • Centre collects Rs 550 crore from equalisation levy in FY18

    The Centre has collected more than Rs 550 crore in FY18 from the equalisation levy, MoS for finance Shiv Pratap Shukla said in in Parliament on Tuesday. Currently, a 6% tax is charged on consideration exceeding Rs 1 lakh in a year for digital services provided to Indian resident by a firm not having permanent establishment (PE) in the country. “Further, the introduction of taxation based on significant economic presence is also expected to increase tax collection as it seeks to widen the tax base in India by establishing business connection and charging to tax income earned by digital businesses which operate out of jurisdictions with which India has not entered into a Double Taxation Avoidance Agreement (DTAA),” he said.

  • Feb 11, 2019
  • Taxman target indirect investments in overseas companies

    Many well-heeled Indians who own stocks and properties abroad or are beneficiaries of offshore trusts may come under the glare of the income tax (I-T) department for failing to spell out their ‘indirect investments’. Indirect investments are the next level investments — or, holdings in other overseas companies — by the entity in which the resident Indian is a stakeholder. Consider an individual holding 15% equity interest in an unlisted offshore firm (A) in Dubai, which in turn is a shareholder in three US companies (B, C and D).

  • Feb 06, 2019
  • Income tax returns filings rose over 37 per cent in April-January

    The income tax e-returns filed for the April-January period has risen over 37 per cent against the corresponding period in FY18. While over 6.3 crore taxpayers filed returns in the initial ten months of the fiscal, the government is expecting Rs 7.6 crore returns to be filed by the end of FY19 against Rs 6.9 crore in FY18.Between April to January period of the last two financial year, the growth was more subdued at 17 per cent and 20 per cent, respectively. At the end of FY14, merely an amount of Rs 3.8 crore e-returns was filed. The government has often categorised demonetisation as one of the primary reasons for doubling of I-T returns.

  • Feb 04, 2019
  • I-T assessments to be completely faceless in few years: CBDT chairman

    Income tax assessments will be “completely faceless”, without the taxpayer having to face the taxman, in about two years and assessees will be provided pre-filled return forms as part of the government’s initiative to simplify procedures, a senior government official said Sunday. Central Board of Direct Taxes Chairman Sushil Chandra told PTI in a post-Budget interview that about 2.06 lakh income tax assessment cases were handled online by the department last year, as part of the ‘nameless and faceless’ delivery of service to taxpayers . He added that the recent government sanction to create the advanced Centralised Processing Centre 2.0 in the I-T Department is a precursor to these futuristic proposals.

  • Feb 02, 2019
  • Good news! Income Tax rebate limit up at Rs 5 lakh, standard deduction at Rs 50,000

    Middle-CLASS households will have a little more to spend in 2019-20 with the tax rebate (Section 87A) threshold for the levy of income tax having been raised to Rs5 lakh. The change in the limit will save middle-class individual assessees Rs10,000 a year each; the total relief, across three crore individuals, is around Rs18,500 crore. That’s not all. Salaried individuals will now get the benefit of Rs50,000 per annum as standard deduction, higher by Rs10,000 than the earlier Rs40,000. Across three crore salary earners and pensioners, this amounts to a benefit of Rs4,700 crore.

  • Jan 23, 2019
  • Non-filers will have 21 days to file I-T returns, submit response: CBDT

    Individuals who have carried out high value transactions but have not filed their income tax returns for the assessment year 2018-19 would get 21 days time to submit their responses, the CBDT said on Tuesday. The 21-day time period would be from the date of receiving e-mail or SMS from the I-T Department regarding non-filing of tax returns. In cases where no return is filed or no response is received for Assessment Year (AY) 2018-19 within the stipulated time, the department would consider initiating proceedings under the Income Tax Act 1961. The Central Board of Direct Taxes (CBDT) said data analysis has identified "several potential non-filers" who have carried out high value transactions in 2017-18 but have still not filed returns for AY 2018-19.

  • Jan 23, 2019
  • Companies face action over TDS non-payment

    The government has cracked the whip on several large companies, which had either failed to deposit tax deducted at source (TDS) with the income tax (I-T) department or delayed the payment, with claims against top 10 such entities adding up to nearly Rs 350 crore. I-T authorities have gone ahead and launched prosecution action, while some of the companies have come forward to settle the cases. Under the law, individuals as well as companies have to deduct tax for several payments — ranging salaries to rent and payments to contractors above a specified threshold.

  • Jan 17, 2019
  • Angel Tax: A third of start-ups got tax notices in 2018

    Over 38% of the start-ups in the country — 39,000 at last count — have received one or more ‘angel tax’ notices in 2018, causing critical capital infusion in these firms at the seed stage to go down by 21% year-on-year. This was highlighted by iSPIRT, a think-tank for the Indian software products industry, in a recent letter to Prime Minister Narendra Modi seeking his immediate intervention to halt these tax notices. The Start-up India movement is under serious threat and will slide further if immediate structural policy measures are not taken to halt the tax notices, Nakul Saxena of iSPIRT wrote.

  • Jan 17, 2019
  • Get income tax refund in one day from 2020

    The Cabinet on Wednesday cleared an ambitious Rs 4,242 crore project for e-filling and centralised processing of income tax return, which will allow taxpayers to get a refund in one day through a pre-filled tax return form, the Times of India reported. Currently, the average time taken for return processing and giving a refund is 63 days, which will get reduced to one day, the daily quoted railway minister Piyush Goyal as saying.

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