Page 10 - Income Tax Department

New tax regime to benefit maximum number of taxpayers: CBDT Chairman

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. "This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked th

Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

Income tax department conducts survey action against drug major Cipla

The Income Tax Department has carried out a survey action against drug major Cipla, sources said on Tuesday. The department is conducting the surprise action to check the balance sheets and other business documents of the Mumbai headquartered company as part of an alleged tax evasion investigation, they said. As part of a survey, the Income Tax Department only covers the business premises of a company and does not raid the residences and other locations of its promoters or directors. The company had last week reported, in a regulatory filing, a seven per cent increase in its consolidated net profit at Rs 808 crore in the third quarter ending December 2022, aided by robust sales in the US market.

I-T dept steps up efforts to recover tax arrears of over Rs 7.7 trillion

CBDT in Dec 21 meeting discuss measures to clear backlog; asks to focus on cash collection of Rs 2.05 trillion

An NRI without a PAN? File Form 10F manually till next March for lower TDS

You should check tax residency certificates too: If it has the required details, submit it instead

PAN not linked with Aadhaar by end of March 2023 to be rendered inoperative

The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said. The 'exempt category', according to a notification issued by the Union Finance Ministry in May 2017, are those individuals residing in the states of Assam, Jammu and Kashmir and Meghalaya; a non-resident as per the Income-tax Act, 1961; of the age of 80 years or more at any time during the previous year and a person not a citizen of India. A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said once a PAN becomes inoperative, an individual sha

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Karnataka HC sets aside I-T seizure order of Rs 3,700 crore against Xiaomi

In a major relief to Xiaomi Technology India Pvt Ltd, the Karnataka High Court has set aside Income Tax's seizure order of Rs 3,700 crore of the company's fixed deposits. Justice S R Krishna Kumar in his judgment on December 16 imposed three conditions for setting aside the August 11, 2022, order of seizure of the Deputy Commissioner of Income Tax. The first condition was that Xiaomi "shall not be entitled to make payments from the subject fixed deposits accounts in the form of royalty or in any other form to any companies / entities located outside India." Secondly, Xiaomi is "at liberty to take overdrafts from the subject fixed deposits accounts and make payments from such overdrafts to such companies / entities located outside India." And thirdly, the Income Tax Department was "directed to complete the draft assessment proceedings of the petitioner for the Assessment Years 2019-20, 2020-21 and 2021-22 on or before March 31, 2023." The IT Department had passed the order on groun

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Court lifts I-T department's block on Xiaomi's Rs 3.7K-crore funds

A court is yet to pronounce a decision on the case following Xiaomi's challenge

Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Those selling products at market rate can't claim charitable status: ITAT

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit

Income Tax dept reduces time for taxmen to decide on refund adjustment

The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation. The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said. "If the assessee either does not agree or partially agrees for adjustment, the matter shall be referred by CPC immediately to the assessing officer, who shall, within 21 days from the date of such reference, shall provide feedback to CPC as to whether the adjustment should be made or not," it added AMRG & Associates Senior Partner Rajat Mohan said in many cases involving the adjustment of refunds, the Centralised Processing Centre (CPC) noticed that wrong categorisation of demand or lack of feedback from the AO (Assessing Officer) on the assessee's response led to incorrect adjustment of refunds, resulting in needless complaints and litigations. Another concern was .

BJP uses central agencies to weaken opposition parties: Telangana Minister

Telangana Health and Finance Minister Harish Rao alleged that BJP uses agencies like Enforcement Directorate and Income Tax to weaken opposition parties when the elections are around the corner

Delhi HC directs I-T Dept to identify posts to be reserved for PwD

The Delhi High Court has directed the Income Tax Department to identify posts which can be reserved for persons with disabilities and consequential orders granting promotion to two differently-abled Income Tax Inspectors. The high court passed the judgment while setting aside a 2011 verdict of the Central Administrative Tribunal (CAT) in view of a Supreme Court decision. The high court said that in a 2020 verdict, a bench of three judges of the Supreme Court held that people with disabilities, who are entitled to benefit under the PwD Act, would be entitled to reservation even in matters of reservation by promotion. In view of the above, the judgment impugned herein, which has been passed prior to the judgment of the apex court in Siddaraju (in 2020), cannot be sustained and has necessarily to be set aside. The respondent is directed to consider the case of the petitioners and identify the posts which can be reserved for the persons with disabilities and pass consequential orders ..

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

I-T dept sends notices to firms to enquire about their foreign assets

The Income Tax department's intelligence unit has sent notices to at least eight firms in Mumbai and has also asked for information on their directors

Telangana minister accuses CRPF personnel of beating up son during raid

Telangana Labour Minister Ch Malla Reddy on Wednesday accused CRPF personnel, who accompanied the Income Tax department officials during the searches carried out at his residence and educational institutions here, of 'beating up' his son. Mahender Reddy, son of Malla Reddy, was admitted to the hospital after he complained of chest pain this morning. Speaking to reporters at the hospital, Malla Reddy claimed that their family doctor was not allowed to visit his son. I-T officials were not immediately available for comments. The CRPF police have beaten my elder son the entire night and he has been admitted to hospital. They are not allowing my son's doctor to visit him. They are not even allowing me to see him. Even if they get some (unaccounted) money, what's wrong in it? They will have to do their job, he said. Calling the searches 'political vendetta,' Reddy said he and the TRS government were being targeted by the BJP. Replying to a query, the Minister asserted that there wer

Supreme Court to set up separate special Bench to hear tax matters

Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench

Common ITR form for all proposed by govt, here's what you need to know

It is expected that the proposed ITR form will be applicable from FY 2022-23 onwards