A taxpayer-friendly interface for India Inc: Is it tough proposition?
Bring in technology to cut interfacing between tax assessment officer (AO) and taxpayer.
Govt revises target for GST collections again
Target has been raised to Rs 1.15 lakh crore over the next two months and Rs 1.25 lakh crore in...
Man earning Rs 7,000 gets tax notice to explain Rs 134 core transactions
“I was hardly 21 when these transactions were made. I had not been t...
ETRise Dialogues: How to raise money during economic uncertainty? Join panel discussion
Experts believe the best way to survive in this situation is evaluate new options of raising credit, make better use of the existing options and make practical projections.
Budget 2020 proposal for salaried professionals: PPF, NSC sops on cards to increase taxpayers' savings
Finance Ministry may allow tax exemptions of up to Rs 2.5L for savings and up to Rs 50,000 for NSC.
Govt taking steps to simplify taxation; curb harassment of honest taxpayers: FM
Addressing an event organised by Confederation of All India Traders (CAIT), the finance minister said the government is open to suggestions for the betterment of GST filing system.
Large taxpayers yet to take benefits of Sabka Vishwas amnesty scheme
As per sources, 161,214 taxpayers out of the total 1.84 lakh eligible taxpayers have already availed the scheme.
Simple ITR-1 form not for those paying Rs 1 lakh in electricity bill, owning house jointly
Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh, while Form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
All communications to taxpayers to bear document identification number: CBIC
Earlier in November, the DIN system was made mandatory only for search authorisation, summons, arrest memo, inspection notices and letters issued by the Central Board of Indirect Taxes and Customs (CBIC) in the course of any enquiry. The government has already executed the DIN system in the direct tax administration from October 1.
'New registrations by taxpayers being verified by GST council'
"The new taxpayers, who are 66.7 lakh in number, hardly pay 15% of tax. So, whatever taxes we are getting from them is only 15% of taxes, which is about Rs 10,000 crore. Hence, we are strictly monintoring the new taxpayers to ensure they are not fake," he told reporters after the his meeting with the GoM.
Budget 2020 should hike tax breaks for house property income to boost realty: EY
In the context of the global scenario, the cost of housing is much higher in India, hence, a higher tax break on financing costs would bring India's housing sector at par with many developed countries like the US and European nations.
5 taxpayer friendly initiatives taken by tax department in 2019
A look at five important steps introduced this year by the I-T dept to make the life of the taxpayer easier.
Govt extends last date for Sabka Vishwas scheme till Jan 15
"Keeping in view the response of the taxpayers to the Scheme, the Central Government extended it for a period of fifteen days, till January 15, 2020. This is one-time and final extension in view of taxpayers' response," an official statement said. Those taxpayers who availed the Scheme have committed to paying tax dues of Rs 30,627 crore.
Air India will keep on running till it is privatised: Aviation minister
"Air India is running. Air India will keep on running. But Air India has to be privatised because it is incurring a daily loss of Rs 20-26 crore. This is taxpayer's money that can be more profitably spent," Aviation Minister told reporters. While disinvestment-bound Air India's net loss in 2018-19 was around Rs 8,556 crore, its current total debt is around Rs 80,000 crore.
Eye on 2020: All you need to know about the changes & updates in GST
Since the introduction of GST in India in 2017, it has seen several changes. Aimed typically at making things simpler and plugging leakages,...
Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service