Income Tax
India joins OECD/G20 inclusive framework tax deal
Majority of the OECD and G20 members, including India, on Thursday adopted the Inclusive Framework on Base Erosion and Profit Shifting that contains a high-level statement outlining consensus solution to address tax challenges arising in a digitised economy. Some significant issues, including share of profit allocation and scope of subject to tax rules, remain open and need to be addressed, a Finance Ministry statement said.
Payments made in advance may not absolve you from TDS/TCS provisions
In a clarification issued by the Central Board of Direct Taxes (CBDT), it said that since the threshold of Rs 50 lakh for the payment of TDS or TCS is with respect to the previous year, calculation of sum for triggering TDS under Section 194Q shall be computed from April 1, 2021. The Finance Act, 2021 inserted a new Section -- 194Q -- in the Income-Tax Act, 1961, which took effect from July 1, 202I.
Taxmen to honour honest taxpayers for valuable contribution in GST success
"While it is widely acknowledged that the nation meets its obligations towards spending in various social sectors and welfare schemes and infrastructure development out of revenues mobilised through tax payments by millions of honest tax payers, this step marks the first effort by the government to directly communicate to the GST taxpayers for their contribution," a finance ministry statement said.
Govt announces tax relief on expenditure towards Covid treatment, extends deadlines
The government also provided relief to the family members of a taxpayer falling prey to Covid by providing income-tax exemption on the ex-gratia payment received by them from the employer or from any other person. This exemption shall be allowed without any limit for the amount received from the employer, while the exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other person, a Finance Ministry statement said.
Finance Ministry, Infosys officials to take up new I-T Portal glitches
Infosys is the agency that has put up the software backbone going into the new e-filing portal. The June 22 meeting will also be attended by other stakeholders including members from the ICAI, auditors, consultants and taxpayers. The new portal has been fraught with several technical glitches and issues leading to taxpayer inconvenience.
I-T department to launch new e-filing Portal on June 7
The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers, ministry of finance said in a statement.
Govt further extends tax compliance timelines amid pandemic
Accordingly, the Central Board of Direct Taxes (CBDT) has now extended the time limit for filing of belated return and revised return for Assessment Year 2020-21, by two months from March 31, 2021 to May 31, 2021.
Faceless assessment scheme may revert to physical mode for large taxpayers
Sources in the Central Board of Direct Taxes (CBDT) said that the trend is disturbing and this may push the I-T Department to switch to a physical model of operations that would involve the issue of exparte orders against unresponsive taxpayers who may also face raids or physical scrutiny of documents by taxmen.
FY21 net tax collection at Rs 9.45L cr, exceeds revised estimates
The net collection is around 5 per cent higher than the revised estimates for 2020-21. The net direct tax collections include corporation tax (CIT) at Rs 4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT) at Rs 4.88 lakh crore.
66% of middle-income group expected more from Union Budget 2021
To a question on being the middle class did you expect more from the budget, 66 per cent of the middle-income group said they expected more. On the other hand, the high-income group is most dissatisfied with the Budget presented by Finance Minister Nirmala Sitharaman on Monday. 52.8 per cent of respondents of this segment said no to a question on whether the Budget presented by the Finance Minister met your expectations.
Advertisement