Clipped from: https://www.businesstoday.in/current/economy-politics/sc-asks-cbdt-to-decide-on-exemption-to-nris-from-paying-income-tax-in-india/story/430869.html Several NRIs, stuck in the country due to Covid-19 travel restrictions, have been seeking relief from paying income tax under the residency criteria
Category: Income Tax
Tax on partnership firms: Budget change to put real estate, infrastructure consultancy firms in a fix – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/tax-on-partnership-firms-budget-change-to-put-real-estate-infrastructure-consultancy-firms-in-a-fix/articleshow/80779879.cmsSynopsis After these assets appreciated, they would bring in a new partner and old partners would exit or retire from the partnership after taking
I-T refunds worth Rs 1.91 lakh crore issued between April 1 – Feb 8 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/i-t-refunds-worth-rs-1-91-lakh-crore-issued-between-april-1-feb-8/articleshow/80788118.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Of this, personal income tax refunds of Rs 67,334 crore have been issued to over 1.84 crore taxpayers and corporate tax refunds of
Home buyers to be asked for KYC, info on source of funds by real estate agent – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/real-estate/home-buyers-to-be-asked-for-kyc-info-on-source-of-funds-by-real-estate-agent/articleshow/80326908.cms Synopsis–The government has issued two notifications dated December 28, 2020, making it mandatory for real estate agents to maintain records of transactions facilitated
Towards decriminalising minor offences – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/towards-decriminalising-minor-offences/article33794159.ece?homepage=true The Centre’s move to separate good-faith errors or omissions from mala fide ones will bolster ease of doing business Assurance as a part
PF interest rate: Tax on PF interest will change the way we invest in it: How the Budget hits your PF – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/invest/tax-on-pf-interest-will-change-the-way-we-invest-in-it-how-the-budget-hits-your-pf/articleshow/80720630.cmsSynopsis This is not the first time the government has proposed to tax Provident Fund money. A significant number of salaried employees use the
Faceless ITAT – a premature experiment – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/faceless-itat-a-premature-experiment/article33775171.ece Virtual assessment, which seeks to eliminate human interface, is welcome, provided the principles of fairness and equity are not eroded Virtual assessments and
Tax on PF interest will change the way we invest in it: How the Budget hits your PF – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/invest/tax-on-pf-interest-will-change-the-way-we-invest-in-it-how-the-budget-hits-your-pf/articleshow/80720630.cmsSynopsis This is not the first time the government has proposed to tax Provident Fund money. A significant number of salaried employees use the
Budget 2021 rationalises tax rules, removes difficulties faced by taxpayers–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/columns/budget-2021-rationalises-tax-rules-removes-difficulties-faced-by-taxpayers/story/430501.html The focus on self-reliance, innovation, research and development, infra capex and digital payments in Union Budget 2021 would definitely help in lifting the
Unfair tax on savings – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/the-budget-proposal-to-tax-pf-contribution-over-a-certain-limit-is-retrograde/article33752232.ece The proposal to tax PF contribution over a certain limit is retrograde The 2021-22 Budget is notable for not imposing fresh taxes, but
‘No retro taxation on interest earned for EPF/GPF contributions of over ₹2.5 lakh’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/no-retro-taxation-on-interest-earned-for-epfgpf-contributions-of-over-25-lakh/article33762741.ece?homepage=true Interest of more than ₹2.5 lakh earned annually from contribution to Employees Provident Fund (EPF) or Government Provident Fund (GPF) will not be
Vivad se Vishwas attracts a quarter of all disputed cases – The Financial Express
Clipped from: https://www.financialexpress.com/economy/vivad-se-vishwas-attracts-a-quarter-of-all-disputed-cases/2188948/ “Vivad se Vishwas was brought by the government in March last year just before the Covid-19 outbreak and has received an overwhelming response
Vivaad Se Vishwas scheme more successful than previous govt initiatives: Source – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/vivaad-se-vishwas-scheme-more-successful-than-previous-govt-initiatives-source/articleshow/80710483.cmsSynopsis So far 125,144 cases have opted for the scheme which is 24.5% of the entire long pending 510,491 cases that were in various
Faceless assessment bucket has 2 lakh cases; 35,000 completed: CBDT chief – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/faceless-assessment-bucket-has-2-lakh-cases-35000-completed-cbdt-chief/articleshow/80707059.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Calling the faceless assessment scheme of cases brought under scrutiny a step towards ensuring “better” taxpayer services, the top-ranking officer said the necessity
Ease of business in self-reliant India – Indirect tax budgetary changes – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/policy-trends/ease-of-business-in-self-reliant-india-indirect-tax-budgetary-changes/articleshow/80702962.cmsSynopsis It would not be an exaggeration to term this budget as balanced and progressive insofar as it has aimed to cater to the
Working to change people’s perception about I-T dept to being ‘tax facilitators’ : CBDT chief – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/working-to-change-peoples-perception-about-i-t-dept-to-being-tax-facilitators-cbdt-chief/articleshow/80688047.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Central Board of Direct Taxes (CBDT), the apex decision making body in matters of income tax, has taken up various taxpayer-friendly moves, including
Seniors over 75 with multiple accounts still need to file tax returns – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/multimedia/video/seniors-over-75-with-multiple-accounts-still-need-to-file-tax-returns/article33741357.ece?homepage=true Senior citizens over 75 with multiple bank accounts will not get any exemption from filing Income-Tax returns. Also, those who want refund will
PF interest Tax: Will tax on PF interest also cover contribution to PPF account? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/will-tax-on-pf-interest-also-cover-contribution-to-ppf-account/articleshow/80676396.cmsSynopsis On the plain reading of the budget documents, it appears that tax will apply to the interest earned on contributions made to Employees’
No rethink on Google tax, clarity on NRI tax residency once travel resumes: CBDT chief
Clipped from: https://www.businesstoday.in/current/economy-politics/no-rethink-on-google-tax-clarity-on-nri-tax-residency-once-travel-resumes-cbdt-chief/story/430217.html On the direct tax collection targets for 2021-22, CBDT Chairman PC Mody said that the projections are “realistic and not ambitious”; we are
Budget move to tax PF contributions of over ₹2.5 lakh/year ‘raises retrospectivity questions’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/budget/budget-move-to-tax-pf-contributions-of-over-25-lakhyear-raises-retrospectivity-questions/article33742595.ece?homepage=true Experts say it is no clear how the past contributions will be treated The Budget proposal to tax provident fund contributions above ₹2.5
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