Page 8 - Taxpayers

IT dept closely monitoring implementation of faceless assessment scheme

Since August 13, all Income Tax returns picked up for scrutiny, except those relating to search and seizure and international tax, are being assessed under faceless assessment

IT refunds worth Rs 98,265 cr issued to 2.62 mn taxpayers in 5 months

This include personal income tax (PIT) refunds amounting to Rs 29,997 crore issued to 2.45 million taxpayers

I-T dept to intimate taxpayers under scrutiny about faceless assessment

The income tax department will soon start sending out intimation to assessees undergoing scrutiny that such cases would now be handled under faceless assessment, a tax official said

I-T refunds of Rs 95,853 cr issued to 2.55 million taxpayers this fiscal

The Income Tax department on Wednesday said it has issued refunds worth Rs 95,853 crore to over 25.55 lakh taxpayers in the current fiscal. This include personal income tax refunds amounting to Rs 29,361 crore issued to 23.91 lakh taxpayers and corporate tax refunds amounting to Rs 66,493 crore to over 1.63 lakh taxpayers during this period. "CBDT issues refunds of over Rs 95,853 crore to more than 25.55 lakh taxpayers between 1st April, 2020 to 25th August, 2020. Income tax refunds of Rs 29,361 crore have been issued in 23,91,517 cases & corporate tax refunds of Rs 66,493 crore have been issued in 1,63,272 cases," the I-T department tweeted. The government has emphasised on providing tax-related services to taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.

GST reduced tax rates, doubled taxpayer base to 12.4 million: FinMin

The number of assessees covered by the GST at the time of its inception were about 6.5 million

Taxpayers don't need to mention high-value transactions in ITR form: Report

Government is not considering any modification in the ITR form

Taxpayer charter, faceless assessment may not always reduce torment: Expert

Unreasonable collection targets, mainly towards year end, often prompt tax official to make aggressive demands; in case of disputes, the official may favour the dept's view

Modi unveils Taxpayers' Charter: Faceless assessment and faceless appeals

While faceless assessment and Taxpayers' Charter came into effect from Thursday itself, the facility of faceless appeals will be rolled out from September 25

Experts give taxpayers' charter a thumbs up, want govt to walk the talk

Say more needs to be done to develop trust between assessees and authorities

No timelines in Taxpayers' Charter; vague compared to Citizens' Charter

The Taxpayers' Charter has left tax officers puzzled whether they will still need to abide by the timelines mentioned in the Citizens' Charter

Taxpayers' Charter sends right message to investors on regulation: Experts

Experts said the push to ensure honest taxpayers have certainty and a non-adversarial or soft-touch regime would help put energy and effort of businesses into operations

Legal heirs not bound to inform I-T dept about assessee's death, rules HC

The court reasoned that there might be instances where the deceased assessee was estranged from legal representatives or the deceased assessee might have bequeathed their wealth to charity

Faceless tax scrutiny will ease compliance burden, increase fairness: FM

In a series of tweets, the Finance Ministry said the I-T department has taken up several reforms to make tax compliance easier for taxpayers

PM Modi to unveil friendly measures for honest taxpayers ahead of I-Day

Steps may include a taxpayer charter to empower assessees by outlining their right to get time-bound services and expansion of scope of faceless assessment to prevent harassment

PM Modi to launch 'transparent' scheme tomorrow to honour honest taxpayers

In the Budget, Finance Minister Nirmala Sitharaman had announced that CBDT will adopt a "taxpayer charter" which will ensure trust between a taxpayer and the administration

Taxpayers deserve better services, they are nation-builders: Sitharaman

There are only a few countries in the world, like Australia, the UK and US, where there is a Charter of Rights for the taxpayer, she said

Covid-19 impact: July GST collections down 14.6% YoY to Rs 87,422 cr

GST collections in July were 4 per cent lower than June 2020 as well

Investment consultants RVK who advise on trillions scored taxpayer loans

The Portland, Oregon-based company, known as RVK, disclosed in the filing that it had been helped by some extra cash: a forgivable loan of between $2 million and $5 million

New Form 26AS is faceless hand-holding of taxpayers to e-file returns: CBDT

Taxpayers will see an improved Form 26AS carrying some additional details on taxpayers' financial transactions as specified in the statement of financial transactions (SFTs) in various categories

Income Tax dept adds new features in 26AS Form to help taxpayers

The new variant of 26AS Form will have taxpayers' details as specified statements of financial transactions (SFTs) in various categories