Busting the myths on tax evasion More tax returns filed, among other statistics, show that we are not a country of evaders The Income Tax
Category: Income Tax
Mere 1.7% Indians paid income tax in assessment year 2015-16: Official data–Business Today–26.12.2017
Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year (AY) 2015-16, according to data
Income Tax: You can shift residence, fudge address but you can’t avoid income tax notice anymore – The Economic Times–23.12.2017
Any of the following databases can be used to get your correct address to send you the communication. Avoiding income tax notices by fudging addresses
Upfront cash criteria to bid for stressed assets not feasible: Bidders | Business Standard News–21.12.2017
The new evaluation criteria laid down by lenders for stressed assets have put bidders in the bind as more weight is being given to upfront
Government recovered less than 9% service tax arrears in FY 2017, says CAG – The Financial Express–20.12.2017
The CAG audit said the special cells that were mandated with the task of identifying potential assessees were non- existent/non-functional in all the selected Commissionerates.
Brief case: Small-scale unit that grows loses I-T benefit | Business Standard Column–11.12.2017
The Supreme Court last week ruled that a small-scale industry cannot claim income tax benefits given to it earlier if it ceases to be one.
Paying your taxes honestly? How GST data may be used to track tax evaders | Business Standard News–07.12.2017
With GST, it may now be tough to evade the taxman. Finance secretary Hasmukh Adhia said on Tuesday that goods and services tax (GST) will
A US lesson on how not to do tax reform–Economic Times–04.12.2017
The euphoria over the US Senate clearing a sweeping tax overhaul that includes a permanent cut in the corporate tax rate to 20% from 35%
Income Tax: Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh – Times of India–29.11.2017
Highlights The tax department has slapped notices on individuals and firms who made cash deposits in bank accounts post note ban “There are 1.16 lakh
Recovery of dues: SC ruling allows CBDT to withdraw court cases with retrospective effect | Business Line–28.11.2017
Providing major relief to corporates and small businesses, a Supreme Court ruling minimises pending disputes with tax authorities. The court has ruled that the notifications
I-T returns: All revised I-T returns post demonetisation under lens – The Economic Times–26.11.2017
In the days after demonetisation, thousands handled their hidden cash by dumping the currency in banks, filing a revised income-tax return, and forking out a
Income tax returns (ITR): On sale of property, here is what you should know – The Financial Express–22.11.2017
• My mother will sell her house, which I want to buy. She will take only 50% of the market price of the flat from
‘With increasing use of data analytics tools, tax department’s capabilities of data mining have increased manifold’–08.11.2017
What’s the impact on tax base and tax collection as a result of demonetisation? Cash held in old high denomination notes lost its anonymity as
Form factor | Business Line–02.10.2017
Why taxmen want you to fill out more forms Usually, statistics on direct tax receipts come with a narrative on the reason for increase or
Various Income Tax related queries and answers thereto– The Economic Times–30.09.2017
In recent times, the Supreme Court and several high courts have come to the rescue of investors who have booked flats in projects that were
Why raise companies’ compliance burden; raise penalty on delayed advance tax dues–Economic Times–25.09.2017
The Central Board of Direct Taxes wants companies to voluntarily disclosure their estimated current income and advance tax liability. This is a bad idea, and
I-T self-assessment filings under lens | Business Standard News–25.09.2017
The income-tax (I-T) department is suspecting that taxpayers are understating their advance tax liabilities under self-assessment in the early quarters of the year and showing
Income Tax Department: I-T department asks taxpayers to update their information on e-filing portal – The Economic Times–23.09.2017
The Income Tax Department has asked taxpayers, who file ITRs and conduct other I-T businesses online, to update their profiles and vital details on the
I-T dept asks taxpayers to update self info on e-filing portal | Business Line–23.09.2017
The Income Tax Department has asked taxpayers, who file ITRs and conduct other I-T businesses online, to update their profiles and vital details on the
For capital gains relief, flat possession date counts – The Economic Times–22.09.2017
The date of possession of a new house, and not that of the purchase/sale agreement, will be considered for calculating the eligibility period for claiming
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