No plan to extend deadline for filing income tax returns: Revenue Secretary

• Jul 23, 2022
  
  

• The government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said on Friday. Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up. Last fiscal (2020-21), about 5.89 crore ITRs (Income Tax Returns) were filed by the extended due date of December 31, 2021.
  "People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns," he told PTI. Typically, return filers wait till the last day to file returns. "Last time 9-10 per cent filed on last day. Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns being filed on the last day)," he said. AS per I-T rules, the deadline for filing ITRs of a fiscal by individual taxpayers who do not need to get their accounts audited is July 31 of the subsequent financial year.

Income Tax

Prompt grievance redressal of taxpayers top priority: CBDT chairman Nitin Gupta

• Jul 25, 2022
  
  

• Prompt redressal of taxpayers’ grievances remains the top priority for the tax department, the newly appointed chairman of Central Board of Direct Taxes (CBDT) Nitin Gupta said on Sunday. In his message on the occasion of Income Tax Day, he said the tax department has reported the highest ever tax collection of Rs 14.09 lakh crore in the fiscal year ended March 31, 2022 due to streamlining of policies and processes that eased compliance for taxpayers.“However, we cannot rest on our laurels and need to keep working hard to maintain this momentum,” he said. “Prompt redressal of taxpayers’ grievances in the true spirit of the Taxpayers’ Charter shall remain a top priority area.” CBDT, the tax administration arm of the government, will continue to engage proactively with the taxpayers and other stakeholders and will use their feedback to keep improving processes.

Income Tax

RS 14,820 crore tax demand raised under black money law on foreign income: Modi Govt in Lok Sabha

• Jul 26, 2022

• The government on Monday said it has raised a tax demand of Rs 14,820 crore after completing assessment in 368 cases under the black money law dealing with undisclosed foreign income.In a written reply in the Lok Sabha, Finance Minister Nirmala Seetharaman said in the cases related to deposits made in unreported foreign bank accounts in HSBC, undisclosed income of more than Rs 8,468 crore have been brought to tax and penalty of over Rs 1,294 crore has been levied.

Income Tax

Income Tax Return: LTCG on equities up to Rs 1 lakh is tax free, but you may still end up paying tax

• Jul 28, 2022

• Shanta Chatterjee (name changed) is a senior citizen lady getting a family pension. To save taxes, she reduced her investments in bank fixed deposit (FD) and invested in an Equity Linked Savings Scheme (ELSS) on a regular basis for some years, till the interest on FD fell below the taxable limit.However, with the appreciation in family pension, her gross income again became over Rs 5 lakh.

Income Tax

ITR-V submission: Time limit for verifying ITR reduced to 30 days

• Aug 01, 2022

• The Central Board of Direct Taxes (CBDT) has reduced the time limit for verification of income tax return (ITR) to 30 days from 120 days earlier. The reduced time limit of 30 days applies to ITRs filed on and after August 1, 2022. The CBDT announced this via a notification issued on July 29, 2022. This notification will come into effect from August 1, 2022. For ITRs filed up till and including July 31, 2022 the earlier time limit of 120 days from date of filing of ITR continues, as per the CBDT notification.

Income Tax

TDS on large loan waivers likely to go

Aug 05, 2022

The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3,2022 the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime. Under the new SOP, an assessing officer will propose computation of income and loss after considering all aspects — differences and variations in the tax addition made by the department and responses submitted by the assesses — before passing the final order in the case.

Tax Deduction at Source

FPIs face glitches while filing I-T returns

• Aug 05, 2022
  
  

• Despite a much-improved experience, foreign portfolio investors (FPIs) continued to grapple with a host of issues while filing income tax returns this year.FPIs are required to maintain Form 10F and provide the same along with other documents when asked by the income tax officer to claim tax treaty benefits. This year, however, the CBDT issued a notification in mid-July, making it mandatory to file Form 10F electronically for tax payers claiming tax treaty benefits. A digital signature certificate (DSC) is required for furnishing Form 10F electronically, but non-corporate FPIs are typically not required to obtain a DSC.

Income Tax

Tax bill worries: No work calls or mails on Indian vacation, MNCs tell executives

• Aug 08, 2022
  
  

• A partner with a London-based Magic Circle law firm was visiting Mumbai to meet family but during his vacation he had to connect with an Indian client who's looking to raise some money from the overseas bond market. He and the client, along with another senior partner from an Indian law firm, held the meeting in Singapore. All three then flew back to India.
  As Covid-related travel curbs are lifted, many multinationals, as part of documented policy, are telling overseas employees vacationing in India to avoid taking office laptops or doing any sort of work while they are in the country. The fear is that if the employees respond to an email or attend a video conference, it could potentially end up in a large tax bill or lead to other regulatory issues.
  "Some foreign law firms that do not have an office or permanent establishment (PE) in India have a policy that their partners and employees while visiting India should not carry office laptops or should not carry out work like con-calls or respond to official email," said Sujjain Talwar, cofounder and partner at ELP. "The fear is that doing so could result in even the global revenues getting taxed in the country."

International Tax