Page 5 - Latest Updates on Income tax
To avoid notice, align your tax return with TDS on freelance income
The income earned through moonlighting can be received as a salary, or as professional fees/business income
 "To avoid notice, align your tax return with TDS on freelance income")
Budget 2024: Will the govt provide income tax relief to salaried class?
A report by a leading national-daily claim the upcoming Budget for FY25 may emphasise tax reductions for low-income earners rather than increasing welfare expenditures
 "Budget 2024: Will the govt provide income tax relief to salaried class?")
I-T relief for those in lowest slab may be considered in Budget: CII
The industry body also said it does not see compulsions of coalition politics hampering the reforms in the third term of Prime Minister Narendra Modi
 "I-T relief for those in lowest slab may be considered in Budget: CII")
NITI Aayog proposes tax exemption to boost state universities R&D
Concerns include lack of an incentive system for faculties to pursue research, the dominance of R&D from central universities rather than private and state institutions, and funding constraints
 "NITI Aayog proposes tax exemption to boost state universities R&D")
I-T department set to complete 170,000 reassessments by next March
CBDT reopened total 600K cases between March 2021 and March 2024
Is the Centre planning to decriminalise minor I-T offences in 100 days?
The industry has long suggested that minor Income Tax offences incur penalties rather than criminal prosecution. This would garner more trust and boost ease of doing business
 "Is the Centre planning to decriminalise minor I-T offences in 100 days?")
Restrictions on cash transaction: Know details before making any payment
The government's intention is to curb black money, promote digital transactions, and ensure tax compliance
 "Restrictions on cash transaction: Know details before making any payment")
Russia's wealthy elite may face higher tax as govt proposes new system
The proposal involves a progressive tax on personal incomes and represents a change of course from the current flat-rate tax that was credited with bringing order and improving tax collections
 "Russia's wealthy elite may face higher tax as govt proposes new system")
PE funds partly behind the 62% drop in India's net FDI? Samir Arora's view
The ace fund manager was reacting on 'X' to a Business Standard story that quotes a Reserve Bank of India (RBI) data on gross FDI flows into the country in FY24
 "PE funds partly behind the 62% drop in India's net FDI? Samir Arora's view")
WATCH: Sitharaman's viral reply on broker's tough question on tax burden
During a BSE event held in Mumbai on Tuesday, Finance Minister Nirmala Sitharaman faced tough questions from a stockbroker on the heavy taxation regime in India
 "WATCH: Sitharaman's viral reply on broker's tough question on tax burden")
I-T officer died in fire at CR building at ITO in Delhi: Tax dept
The income tax department said there was no data loss pertaining to taxpayers due to the fire and condoled the death of the officer
 "I-T officer died in fire at CR building at ITO in Delhi: Tax dept")
FM's clarification on capital gains tax could see markets recover on Monday
Ambareesh Baliga, an independent market analyst believes the markets want 'more of the same' in terms of income tax-related policies - continuity amid a stable regime
 "FM's clarification on capital gains tax could see markets recover on Monday")
Income tax calendar for May 2024: Check out full list of deadlines
Taxpayers should use the calendar for financial and tax planning
 "Income tax calendar for May 2024: Check out full list of deadlines")
Tax dept extends deadline for charitable trusts' registration till June 30
CBDT had earlier extended the due date for filing Form 10A, Form 10AB till September 30, 2023
 "Tax dept extends deadline for charitable trusts' registration till June 30")
Congress plans to target middle class with inheritance tax: Sitharaman
Sam Pitroda argued that his remarks were merely a discussion on policies in the US and not a proposal for India
 "Congress plans to target middle class with inheritance tax: Sitharaman")
Save income tax with health insurance under Section 80D: Here's how
Taxpayers can secure deductions on the premiums paid for themselves, their spouses, dependent children, and parents under Section 80D
 "Save income tax with health insurance under Section 80D: Here's how")
Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC
The Environics Trust had filed a petition in the Delhi High Court, contesting the notice issued to it under Section 148 of the Income Tax Act, 1961
 "Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC")
15G/15H or Section 197 to avoid TDS? Choice depends on your income
Individuals with income below basic exemption limit should opt for the former, those exceeding this limit may go for the latter
 "15G/15H or Section 197 to avoid TDS? Choice depends on your income")
I-T dept allays apprehensions on reopening of large cases of HRA claims
Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the financial year 2020-21
 "I-T dept allays apprehensions on reopening of large cases of HRA claims")
Mismatch in HRA claims: No drive launched to reopen cases, clarifies CBDT
"Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the FY 2020-21
 "Mismatch in HRA claims: No drive launched to reopen cases, clarifies CBDT")
