income tax

Returning to settle in India? Be aware of the tax angle

There are some important tax considerations to be cognisant of when you return to India

Needed: Lowering of personal income tax as proposed in the DTC

The slab rates proposed would rationalise the present ones and do away with surcharges.

I-T uncovers Rs 4,000-crore tax evasion through LTCG route: Sources

The agency, which has been pursuing this case for several months now, has started a probe into 12 companies.

CBDT extends date of filing ITR for audit cases until October 31

The I-T Department said in a tweet, "On consideration of representations recd from across the country,CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 to 31st of Oct,2019 in respect of persons whose accounts are required to be audited.Formal Notification will follow."

Policy Track | Fine print on the corporate tax cuts

The ordinance throws more light on the tax cuts, the exemptions that go and what stays

CBDT asks I-T Department to handle tax issues of startups with 'utmost care'

In case of any grievance, the preliminary action taken report is to be submitted CBDT by the next day, that is within one working day of calling of the report by this office, the CBDT order to the tax department said.

Game changer | Impact of the tax cuts on investors, sectors and the economy

The tax changes are a fundamental reset in India’s corporate history

Panel to hear taxpayer before  invoking GAAR under new set of rules

New  rules mandate officials to refer a suspected case of tax avoidance to a panel of senior officials. The Income Tax (8th Amendment) Rules, 2019 specify how tax officials should refer a suspected case of tax avoidance to a panel of senior officials and what should be the role of the panel.

Uttar Pradesh not only state where state exchequer pays income tax for CM, ministers

The state treasury has been paying the taxes of the chief minister and his council of ministers in five states, besides Uttar Pradesh

Now, I-T Department turns gaze on client code modification to counter tax evasion

The Central Board of Direct Taxes (CBDT) believes that of the many client code modifications taking place on exchanges, a few may not be genuine.

Centre may tweak Income Tax Act, won’t replace it with direct tax code

File revised tax returns after rectifying errors

We may make an error due to insufficient information or lack of knowledge.

ITR Filing 2019: Over 5.65 cr income tax returns filed as deadline ended on Aug 31

Nearly 50 lakh people filed their tax returns online on August 31, the last date for ITR filing, the Central Board of Direct Taxes (CBDT) data showed.

ITR filing 2019: 5 websites to e-file tax returns before August 31 deadline

Those who fail to file tax returns by August 31 will be fined Rs 5,000 until December 2019. Post which they will have to pay Rs 10,000 as penalty.

Tax bonanza: DTC panel proposes 5-slab income tax structure

Currently, personal income is taxed at 5 percent for income between Rs 2.5 to Rs 5 lakh, at 20 percent for income between Rs 5 lakh and Rs 10 lakh, and 30 percent for an income of over Rs 10 lakh.

Direct Tax Code: Panel suggests peak income tax rate of 20%, says report

The DTC panel has suggested three tax brackets at 5 percent, 10 percent and 20 percent, the last one being the highest.

Direct Tax Code | A transformative story for India’s taxation

The 58-year old tax regime is on the cusp of a sea change that can put more money in the hands of tax payers

Income Tax Department conducts searches at Oberoi Realty, Capacite Infra

Confirming the development, a senior official of the I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi and also of a difference between the sale price of housing units shown on the books and the registered prices.

Policy | Put an end to tax terrorism

What prompts a revenue official to go overboard in his/her drive to assess taxpayers? The main culprit seems to be the government’s need to fill up its coffers.

Friendlier I-T interactions in the works as dept eyes image makeover: Report

In the new approach, text messages similar to those used for TDS updates will be sent to taxpayers, rather than jargon-heavy, intimidating notices

Jammu & Kashmir may now attract tax on Facebook, Google: Report

An equalisation levy may now be applicable in Jammu & Kashmir after the central government abrogated Article 370 on 5 August, 2019.

Budgets 2019: Take note of key provisions that bring pain and relief

This year was unique, since a number of provisions in both the Budgets (in February and in July) have significantly impacted taxpayers

Digital tax | India wants to fix loopholes in the law to tax local income of global tech giants, before it is too late

Companies like Google, Facebook and Twitter, among others do not pay tax on income generated locally, including that from advertising revenue, as they do not have permanent establishments. But, that’s going to change soon.

FPI conversion may take longer for want of Parliament green light

FPIs were aiming for the conversion to gain relief from the surcharges announced in Budget 2019

Budget 2019 tweaks taxes on insurance maturity proceeds

The rate of TDS shall be 5 per cent and it shall be deducted on the ‘income’ portion and not on the entire amount.