In this Podcast, we discussed how the Budget will impact finances of senior citizens, non resident Indians, salaried people and the changes in taxation on Ulips and ease of ITR
The government should reinvigorate the taxpayer grievance redressal system by giving it more teeth and making it independent of the tax department to help build trust in tax admin, the Survey said
The Income Tax Department on Wednesday said it has issued refunds worth over Rs 1.73 lakh crore to more than 1.57 crore taxpayers in the ongoing fiscal till January 11. Of this, personal income tax refunds are worth Rs 57,139 crore, while corporate tax refunds are worth Rs 1.15 lakh crore. CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between April 1, 2020 to January 11, 2021, the Income Tax Department said in a tweet. "Income tax refunds of Rs 57,139 crore have been issued in 1,54,55,577 cases & corporate tax refunds of Rs. 1,15,999 crore have been issued in 2,10,150 cases," it said.
'Continued challenges' faced by people in the coronavirus pandemic prompts tax department to extend deadlines.
The new rule restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent effective January 1, 2021
With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request
GSTN and tax officials have decided to persuade 25,000 taxpayers, who have defaulted to file their GSTR-3B returns by the November 20 due date for the month of October, to file the same
A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore
The number of active taxpayer numbers have effectively doubled since the launch of GST at about 1.3 crore.
Tax payers generated 49.5 million e-invoices in the first month of the launch of the service, the ministry of electronics and IT said on Monday
The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without manual intervention
Finance secretary A B Pandey reviewed the progress under the scheme at a high-level meeting of senior officers through video conferencing
While they needn't log on to the GST portal for filing nil returns, the facility on GST portal will remain available to taxpayers
Out of the total of 1.71 million taxpayers registered under the Composition Scheme
The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.25 lakh crore to over 38 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 33,870 crore and corporate tax refunds amounting to Rs 91,599 crore during this period. "CBDT issues refunds of over Rs. 1,25,470 crore to more than 38.23 lakh taxpayers between 1st April, 2020 to 20th October, 2020. Income tax refunds of Rs. 33,870 crore & corporate tax refunds of Rs. 91,599 crore have been issued during the said period," the Central Board of Direct Taxes (CBDT) said in a tweet. The government has emphasised on providing tax related services without any hassles during the COVID-19 pandemic, and accordingly has been clearing up pending tax refunds.
Here's a look at the most important decisions and what they mean for the average taxpayer.
The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 176,966, the statement said
The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March
The income tax department on Wednesday said it has issued refunds of over Rs 1.06 lakh crore to more than 30 lakh taxpayers between April 1 to September 15. This includes personal income tax (PIT) refunds amounting to Rs 31,741 crore issued to 29.17 lakh taxpayers and corporate tax refunds worth Rs 74,729 crore to over 1.74 lakh taxpayers. "CBDT issues refunds of over Rs 1,06,470 crore to more than 30.92 lakh taxpayers between 1st April, 2020 to 15th September,2020. "Income tax refunds of Rs 31,741 crore have been issued in 29,17,169 cases & corporate tax refunds of Rs 74,729 crore have been issued in 1,74,633 cases," the Central Board of Direct Taxes (CBDT) tweeted. The government has emphasised on providing tax-related services to taxpayers without any hassles and has been clearing up pending tax refunds.
The Income Tax Department on Wednesday said it has issued refunds of over Rs 1.01 lakh crore to 27.55 lakh taxpayers between April 1 to September 8. This include personal income tax (PIT) refunds amounting to Rs 30,768 crore issued to 25.83 lakh taxpayers and corporate tax refunds amounting to Rs 70,540 crore issued to over 1.71 lakh taxpayers during this period. "CBDT issues refunds of over Rs 1,01,308 crore to more than 27.55 lakh taxpayers between 1st April,2020 to 08th September,2020. Income tax refunds of Rs. 30,768 crore have been issued in 25,83,507 cases &corporate tax refunds of Rs.70,540 crore have been issued in 1,71,155 cases," the Central Board of Direct Taxes (CBDT) tweeted. The government has emphasised on providing tax related services to taxpayers without any hassles during the COVID-19 pandemic, and accordingly has been clearing up pending tax refunds.