Taxpayers | The Asian Age

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Govt taking serious steps to plug the loop holes, it would be good for you to stop making wrong HRA and other claims to get a few additional tax benefits.

Taxpayers beware! Claiming false HRA through ITR may land you in problem

The format of Form-16 has been changed to make it in sync with the format of Income Tax return (ITR).

17 Jul 2019 2:58 PM

No change has been made in any of the ITR forms including ITR-2 and ITR-3 since the notification made on the April 1, the first day of the assessment year 2019-20, on April 1, said Income Tax Department. (Photo: File)

No change in ITR forms, only utility software updated: CBDT

IT Dept issued a statement saying the updating process of these forms' utility software does not hamper filing of returns.

16 Jul 2019 10:10 PM

The survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, suggested propagating the social norm that 'paying taxes honestly is honourable' by displaying signboards showing 'tax money at work' in construction projects.

Honour, privileges await top tax payers

The idea behind the initiative is to create exclusive membership to clubs that exude not only social status but also honour.

05 Jul 2019 1:54 AM

The appellate authority has been mandated to pass order within 90 days of the filing of an appeal.

GST Council may consider national bench of AAAR next month

Industry is of the view that since both the AAR and AAAR only have tax officers as members.

19 May 2019 12:03 PM

During April-December 2018, 3,626 cases of GST evasion/violations involving Rs 15,278 crore were detected.

FinMin brings in changes in e-way bill system to check GST evasion

Electronic way or e way bill was rolled out in 2018, for moving goods worth over Rs 50,000 from one state to another.

24 Apr 2019 8:51 PM

CBIC has notified the simplified 'statement for payment of self-assessed tax' in Form GST CMP08 to be filed by taxpayers who have opted for composition scheme, under which businesses have to pay lower rate of tax on their turnover.

Composition scheme biz to now file simplified 'self-assessed' GST return quarterly

Composition scheme businesses will file the April-June quarter returns in July as per the new format.

24 Apr 2019 7:26 PM

Several documents were recovered during the simultaneous searches conducted at the residential and business premises of these companies.

GST officials detect tax fraud of Rs 224 crore by 8 companies

The fake invoices generated by them involved about Rs 1,289 crore of value and input tax credit of about Rs 224 crore.

13 Mar 2019 12:07 PM

The communication added taxpayers can check if their bank account is linked with their PAN by logging onto the e-filing website of the department--"https://www.incometaxindiaefiling.gov.in/"https://www.incometaxindiaefiling.gov.in. (Representional Image)

Link your PAN with bank for refunds: I-T to taxpayers

The department said refunds will be sent to bank accounts as it will issue only e-refunds from March 1, 2019.

28 Feb 2019 11:26 AM

Central Board of Direct Taxes chairman Sushil Chandra. (Photo: File)

Only 1.5 lakh persons declared income above Rs 1 crore

Above 1.5 lakh persons have declared their annual income over Rs 1 crore till now during in the assessment year 2018-19: Sushil Chandra.

08 Feb 2019 12:52 PM

Goyal said the GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers.

Budget 2019: Direct tax collection shoots up to Rs 12L cr from Rs 6.38 lakh cr

GST collections in January 2019 has crossed Rs 1 lakh crore.

01 Feb 2019 1:43 PM

The taxpayer can import data in his GSTR-1 form or import the same and use it with GSTR-1 offline tool to create his GSTR-1 Return Form. (Photo: ANI)

GSTN develops system to fetch e-way bill data to curb evasion

In last 18 months, around 90 per cent of taxpayers have reported up to 50 B2B and B2C large invoices in a month.

30 Jan 2019 5:08 PM

The task force to redraft the 50 year old Income Tax laws would submit its report by February 28, 2019.

Panel to redraft direct tax laws to focus on simplification

The recommendations of the panel is likely to be included in the final budget for 2019-20.

19 Dec 2018 4:32 PM

The GST help desks will have nodal officers for trade facilitation who would guide the small businesses on their queries surrounding the GST.

CBIC to daily monitor MSME grievance on GST, sets up help desks to resolve queries

The move benefited about 93 per cent of the GST registered taxpayers.

05 Nov 2018 5:46 PM

Prime Minister Narendra Modi. (Photo: ANI | Twitter)

Modi calls for 'tax-plus one' system of honest tax payment

During 2017-18 fiscal, the direct tax to GDP ratio at 5.98 per cent is the best in the last 10 years.

25 Oct 2018 11:12 AM

This is the second time that Prime Minister Narendra Modi has stood up for corporate India. (Photo: PTI)

Don't believe in culture of criticising industry, corporates: PM

PM Modi said he wanted citizens to not just pay their taxes honestly but do their bit for social transformation.

25 Oct 2018 8:34 AM

The Income-Tax department, in coordination with their foreign counterparts, is investigating offshore bank deposits and purchase of assets by “thousands of Indians”.

Crorepati count up 60 per cent in 3 years, shows tax data

Average declared income rises 19% during the period.

23 Oct 2018 1:05 AM

CBDT Chairman Sushil Chandra said these numbers were a result of the Income Tax Department putting in a number of legislative, administrative, informative and enforcement efforts over the last few years to educate the taxpayers for paying their due taxes. (Representational image)

India's crorepati count up at 81,000; expands 68 per cent in 3 years: CBDT

The policy-making body of the IT department said the total number of crorepati taxpayers has also seen a growth of about 60 per cent.

22 Oct 2018 6:14 PM

French taxpayers lost out to the tune of "at least 17 billion euros.

Massive tax scam cost Europe 55 billion euros: report

The stock changes hands so quickly that the tax authorities are unable to identify who is the true owner.

18 Oct 2018 3:38 PM

Finance Minister Arun Jaitley. (Photo: File)

Number of direct taxpayers may double to 7.6 cr during 5 yrs: Jaitley

The number of direct taxpayers was 3.8 crore when the Modi-led government took office in May 2014.

12 Oct 2018 12:35 PM

The government on Monday extended by a fortnight till October 15 the deadline for filing Income Tax Return (ITR) and audit report for financial year 2017-18.

Govt extends deadline for filing I-T Return, audit report till October 15

However, there shall be no extension of the due date for the purpose of section 234A (Explanation 1) of the I-T Act, 1961.

24 Sep 2018 5:37 PM

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Shobhaa De