Tag: taxpayers

The challenges that taxpayers face on PF and NPS

Last year, the government had brought in a move to tax an employer’s contribution towards various retirement funds vide Finance Act, 2020. This sought to...

Pre-filled returns of income could prove to be a headache for taxpayers

In her budget speech, the finance minister announced that pre-filled income tax returns, which so far came filled in with details of salary, tax payments...

Status quo signals stability in tax regime: Experts

MUMBAI: Taxation experts have opined that making no major changes in the tax structure signal a strong resolve to have stability in the tax regime...

income tax returns: 5% more income tax returns filed this year

NEW DELHI: Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed...

Commerce and industry minister reviews ‘Vivad Se Vishwas’ scheme

MUMBAI: Commerce and industry minister Piyush Goyal recently interacted with large corporates and top tax professionals on ways to make the ‘Vivad Se Vishwas’ scheme...

Taxpayers have to give details of each MF, stock that they sold: What it means?

If you redeemed your mutual funds or sold shares in the financial year 2019-20, you will have to give the details of each sale transaction...

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

Initial cost of foreign remittance to go up

Budget 2020 introduced the provision for tax collected at source (TCS) at the rate of 5% on all remittances above ₹7 lakh under the Liberalized...

What taxpayers can expect from faceless assessment scheme

The government recently launched faceless assessment scheme (FAS). Under this, a computer picks cases for scrutiny and randomly allots them to a team of tax...

Widening the scope of SFT can affect taxpayers in many ways

The government is planning to widen the scope of the statement of financial transactions (SFT). It is an initiative under which various institutions report specified...

Catching elusive taxpayers still a work in progress

A tweet from a government handle, now deleted, was the cause of much upset with social media going a little nuts on the increasing compliance...

The big-ticket transactions that can bring you under the radar of the I-T dept

To widen the tax net, the income tax department is using analytics to scrutinize data to find out people who haven’t filed income tax returns...

Deadlines for tax compliances extended, but there’s little scope to relax

As part of the covid-19 pandemic-related relief measures, and due to the lockdown in the country, the government on 31 March promulgated an ordinance, relaxing...

CBDT introduces separate table for investments in April-June

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms for the assessment year 2020-21. The ITR forms will have...

Govt announces 25% cut in TDS/TCS rate for non-salary payments

Finance minister Nirmala Sitharaman introduced measures to provide more funds at the disposal of the taxpayers as part of her first tranche of the Rs...

Director’s salary exempt from GST: Karnataka AAR ruling

New Delhi: The salary of a director in a company is not liable to be taxed under Goods and Services Tax (GST), the Karnataka Authority...