Clipped from: https://economictimes.indiatimes.com/news/india/several-cos-individuals-get-tax-notices-as-data-analytics-uncovers-gaps-in-filings/articleshow/84738929.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The government has used statistics of the last two financial years to create the audit checklist. Tax department have used big data analytics
Category: Income Tax
Income Tax Return filing: 10 important things individual taxpayers must know before filing ITR – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-filing-10-important-things-individual-taxpayers-must-know-before-filing-itr/2296840/ Here are a few important things which individual taxpayers should know before filing their income tax return for AY 2021-22. Taxpayers are required
Targeting taxpayers | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/targeting-taxpayers-121072201549_1.html Tax department should not issue notices indiscriminately The latest dispute between the Income-Tax Department and some assessees is a good example of the
Delhi HC orders CBI probe over mail from ‘DONOTREPLY@incometaxindiaefiling.gov.in’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/national/delhi-hc-orders-cbi-probe-over-mail-from-donotreplyincometaxindiaefilinggovin/article35413539.ece Assessment Officer denies sending mail from that ID The Delhi High Court ordered a CBI enquiry in a case where an e-mail was
Govt considering options to counter tax-assessment litigations – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/govt-considering-options-to-counter-tax-assessment-litigations/article35441297.ece Delhi HC had stayed operation of I-T reassessment notices issued after March 31 The government is considering various options to counter tax-assessment litigations.
90 unique problems related to new income tax e-filing portal reported: Govt – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/personal-finance-news/90-unique-problems-related-to-new-income-tax-e-filing-portal-reported-govt/articleshow/84615488.cmsSynopsis This was stated by the minister of state for finance Pankaj Chaudhary in a written reply in Rajya Sabha on July 20, 2021.
Your Queries (Income Tax): Report mutual fund dividends as ‘income from other sources’ in ITR – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-report-mutual-fund-dividends-as-income-from-other-sources-in-itr/2293614/ Income from dividends is classified as income from ‘Other Sources’, accordingly, for AY 2021-22, the same may be reported in ‘Schedule OS’, under
Delhi HC orders CBI probe over mail from ‘DONOTREPLY@incometaxindiaefiling.gov.in’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/national/delhi-hc-orders-cbi-probe-over-mail-from-donotreplyincometaxindiaefilinggovin/article35413539.ece Assessment Officer denies sending mail from that ID The Delhi High Court ordered a CBI enquiry in a case where an e-mail was
Relief to small companies: Relaxations in compliance with accounting standards – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/policy-trends/relief-to-small-companies-relaxations-in-compliance-with-accounting-standards/articleshow/84542985.cmsSynopsis The new rules will replace existing rules issued in the year 2006 and are applicable from accounting periods commencing on or after 1st
Tax Query: Will unlinked NRI PAN cards become inoperative? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-will-unlinked-nri-pan-cards-become-inoperative/article35385654.ece The Central Board of Direct Taxes has announced that all unlinked PAN cards by June 30, 2021 will be declared as “inoperative”. Does
All you wanted to know about 54EC bonds – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/all-you-wanted-to-know-about-54ec-bonds/article35381540.ece?homepage=true Investments can help you get exemptions of up to ₹50 lakh per year in capital gains tax A popular option for saving long-term capital
Maximise tax benefit on interest income from savings accounts: Analysts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/maximise-tax-benefit-on-interest-income-from-savings-accounts-analysts-121071501573_1.html For non-senior citizens, the maximum benefit can go up to Rs 17,000 using Section 80TTA and Section 10(15)(i) The maximum benefit an individual
Haven’t been issued Form 16? Here is how you can still file your tax return | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/haven-t-been-issued-form-16-here-is-how-you-can-still-file-your-tax-return-121071600839_1.html The last date for issuing Form 16 extended till July 31 The last date to file your income tax return (ITR) for financial year 2020-21 has
Minimum Tax Rate: A tale of great expectations – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/minimum-tax-rate-a-tale-of-great-expectations/2290490/ The proposed global minimum tax rate likely won’t adversely affect India’s recently-announced concessional rate of 17% for new manufacturing companies An effective MTR
Proposed global tax regime will benefit India: Pascal Saint-Amans, director-tax, OECD – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/proposed-global-tax-regime-will-benefit-india-pascal-saint-amans-director-tax-oecd/articleshow/84429083.cms SynopsisEarlier this month, 130 countries and jurisdictions signed an agreement to reform international tax rules and ensure that multinational enterprises (MNEs) pay their
Demonetisation, a success – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/demonetisation-a-success/article35326808.ece?homepage=true With ED turning the screws, the game has just begun It is reported that the Enforcement Directorate (ED) has filed a charge sheet
Quess Corp counters I-T dept, denies ‘concealing’ income of Rs 880 cr | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/quess-corp-counters-i-t-dept-denies-concealing-income-of-rs-880-cr-121071400682_1.html Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around
Can an NRI continue investing in an existing PPF account? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/invest/can-an-nri-continue-investing-in-an-existing-ppf-account/articleshow/84166223.cmsSynopsis Remember, any person who is a non-resident Indian cannot open a PPF account. NRI status disqualifies an individual from opening, operating and managing
Corporates, individuals challenge taxman’s move to dig out past assessments under old law – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/corporates-individuals-challenge-taxmans-move-to-dig-out-past-assessments-under-old-law/articleshow/84379632.cmsSynopsis Under the new law which came into effect from April 1, 2021, the revenue department, while reopening old accounts of a taxpayer, can
Income Tax Return filing: 5 benefits of filing ITR even if your income is not taxable – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-filing-5-benefits-of-filing-itr-even-if-your-income-is-not-taxable/2289106/ There are many benefits pursuant to filing the tax return even if you earn below the taxable limit. Income-tax return is a key
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