Page 2 - Tax Returns
Govt leans heavily on nominal revenue growth to beat fiscal blues
If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore
 "Govt leans heavily on nominal revenue growth to beat fiscal blues")
Income Tax Dept starts investigation against UP businessman Piyush Jain
The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain.Notably, the Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December last.A joint team of DGGI and local Central GST had taken Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold.The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.An official told ANI that the seized money has been kept in the State Bank of India. Now a warrant will be issued against Jain by the department. Department will also match his income tax returns .
 "Income Tax Dept starts investigation against UP businessman Piyush Jain")
Top Headlines: Wheat export push, CBDT's ITR guidelines, and more
Here are the top Business Standard headlines on Friday
 "Top Headlines: Wheat export push, CBDT's ITR guidelines, and more")
Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000
In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21
 "Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000")
I-T Dept issues over Rs 1.67-trn refunds to 18.7 mn taxpayers till Feb 7
The Income Tax Department has issued refunds of more than Rs 1.67 lakh crore to 1.87 crore taxpayers so far this fiscal
 "I-T Dept issues over Rs 1.67-trn refunds to 18.7 mn taxpayers till Feb 7")
What Budget 2022 holds for the individual taxpayer and the investor
While there was no change in the slabs and no deductions whatsoever, there was some relief for taxpayers who make a mistake in filing income-tax
 "What Budget 2022 holds for the individual taxpayer and the investor")
UK government borrowing falls as economic recovery boosts tax revenues
British public borrowing fell in May from sky-high levels of a year earlier when the government was ramping up a huge spending response to the coronavirus crisis
 "UK government borrowing falls as economic recovery boosts tax revenues")
Bidens paid 25.9% rate and earned $607,336 in 2020, tax returns show
President Joe Biden restored a long-standing presidential tradition by releasing his tax returns, showing that 25.9% of the first couple's income went to the federal government in 2020
 "Bidens paid 25.9% rate and earned $607,336 in 2020, tax returns show")
US Supreme Court refuses to step in to halt release of Trump's tax returns
The court's action is the apparent culmination of a lengthy legal battle that had already reached the high court once before
 "US Supreme Court refuses to step in to halt release of Trump's tax returns")
Delhi govt sends notices to over 5,500 firms for not filing tax returns
The Aam Aadmi Party (AAP) government will strictly scrutinise the reasons behind these companies not filing tax returns, Sisodia said
 "Delhi govt sends notices to over 5,500 firms for not filing tax returns")
Indian-origin businessman banned over false tax returns in Britain
Hardip Singh Khaira, from Coatbridge in North Lanarkshire, will be disqualified for nine years starting Thursday, after which the 43-year-old is banned from acting as a director
 "Indian-origin businessman banned over false tax returns in Britain")
New York prosecutors subpoenaed Deutsche Bank in Trump probe: Report
The prosecutors issued the subpoena last year, seeking financial records that the Republican president and his company had provided to the bank, the Times said, citing four unnamed people
 "New York prosecutors subpoenaed Deutsche Bank in Trump probe: Report")
Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC
Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit
 "Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC")
Top 1.5% account for 19% of total earnings: Tax returns data show disparity
This is a rise from 17 per cent in 2015-16 and highlights an increase in inequality
 "Top 1.5% account for 19% of total earnings: Tax returns data show disparity")
Trump not immune from investigation, must produce tax returns: US judge
In a 75-page ruling, Judge Victor Marrero rejected Trump's argument, saying such vast immunity would "operate to frustrate the administration of justice"
 "Trump not immune from investigation, must produce tax returns: US judge")
Ambiguity over classification of rental income makes filing returns tricky
How return is filed will depend on whether you rent it on apps like Airbnb or simply let it out
 "Ambiguity over classification of rental income makes filing returns tricky")
The puzzle over the 10 per cent drop
Decline in non-individual returns & rising cost of collections are trends that need to be examined
Govt extends last date for filing I-T returns
The decision has been taken in view of the day-long strike at public sector banks
 "Govt extends last date for filing I-T returns")
