Page 2 - Latest Updates on Income tax
Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double
Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department
 "Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double")
Tax dept simplifies compounding offence process with lower penalties
New guidelines will help businesses, individuals in rectifying mistakes in taxation
 "Tax dept simplifies compounding offence process with lower penalties")
Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion
Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago
 "Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion")
Donald Trump vows to eliminate income taxes on Americans living abroad
No-taxes-on-Americans-abroad pledge is the latest in a series of Trump plans to cut personal tax bills, he's also floated exempting tipped wages, overtime pay and Social Security benefits from taxes
 "Donald Trump vows to eliminate income taxes on Americans living abroad")
CBDT forms an internal committee for full review of Income-Tax Act
Public feedback invited to help make the Act concise and easy to understand
 "CBDT forms an internal committee for full review of Income-Tax Act")
Tax dept invites public inputs for I-T Act review to simplify provisions
The Finance Minister in the 2024-25 Budget presented in July had proposed that the I-T law review will be completed in six months
SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021
Over 9,000 pleas were filed in different high courts challenging the re-assessment notices and several judgements were passed in favour of the taxpayers leading the revenue department to move to SC
 "SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021")
FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons
The minister has also asked the department to prepare a list of "expert" tax law advocates so that they can represent the I-T Department or the revenue side effectively at judicial forums
 "FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons")
Govt extends income tax audit report deadline to Oct 7: Check details
The move comes in response to challenges taxpayers faced with electronic submission
 "Govt extends income tax audit report deadline to Oct 7: Check details")
Income tax audit report deadline extended to Oct 7: What you need to know
This extension provides taxpayers, including individuals and companies, additional time to meet their compliance obligations
 "Income tax audit report deadline extended to Oct 7: What you need to know")
Mechanism to control GST fraud in ITC claims expected in November
In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore
 "Mechanism to control GST fraud in ITC claims expected in November")
Lesser settlement amounts for those who file tax declaration by Dec 31
Scheme also provides that Form-1 shall be filed separately for each dispute only where appellant and income-tax authority have filed an appeal, single Form-1 shall be filed in such case
No tax rate reductions for old regime, clarifies Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime
 "No tax rate reductions for old regime, clarifies Nirmala Sitharaman")
Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS
The company said associates who received the notices will get a rectification intimation in due course and are not required to pay any demand amount
 "Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS")
Looking into vacancies in income tax appellate tribunals: Supreme Court
We are seized of the matter... we will look into the issue of pending vacancies, the CJI said and assured an early hearing
 "Looking into vacancies in income tax appellate tribunals: Supreme Court")
Congress seeks ICICI Bank's clarification on Sebi chief's retiral benefits
Congress spokesperson Pawan Khera on Tuesday issued a statement questioning ICICI Bank's explanation over retirement benefits allegedly received by Sebi Chief Madhabi Puri Buch
 "Congress seeks ICICI Bank's clarification on Sebi chief's retiral benefits")
Panel headed by V K Gupta to simplify decades-old direct tax laws
More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review
 "Panel headed by V K Gupta to simplify decades-old direct tax laws")
New database on registration status of charities for taxation clarity
Cancellations of registration must be uploaded on I-T website by August 31
 "New database on registration status of charities for taxation clarity")
CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated
The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961
 "CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated")
Tax dept issues 10,000 reopening notices to various entities so far
Initial data suggest undisclosed income to the tune of Rs 15,000 cr
 "Tax dept issues 10,000 reopening notices to various entities so far")
