INCOME TAX NEWS

Fake rent receipt won’t help you lower tax burden anymore
Govt notifies simplified ITR form; e-filing to start from tomorrow
Are you an honest taxpayer? Find out
I-T Dept yet to comply with CBDT order on publishing names of tax-exempt charities
Concealed income by mistake? No I-T penalty
Income tax department to pay interest on TDS refund
Choose the correct income tax return form
Rules regarding quoting of PAN for specified transactions amended
More …

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Fake rent receipt won’t help you lower tax burden anymore

Timesofindia.indiatimes.com
Apr 05, 2017

MUMBAI: For as long as anyone can remember, producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden. Such cavalier disregard for tax rule was overlooked by most employers as well as taxman, who possibly felt it was a minor transgression. Perhaps, not anymore. …

Govt notifies simplified ITR form; e-filing to start from tomorrow

Timesofindia.indiatimes.com
Mar 31, 2017
NEW DELHI: The government on Friday notified a simplified income tax return form for individuals which will be available for filing ITR for assessment year 2017-18 from Saturday.
Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.
The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets). …

Are you an honest taxpayer? Find out

Economictimes.indiatimes.com
Jul 04, 2016
Prime Minister Narendra Modi believes that “Indians are inherently honest”, but a recent survey indicates that if given a chance, 58% of taxpayers will under-report their income to save tax. The online survey conducted last week by ET Wealth got 953 respondents across age groups and income levels. On the face of it, the results of the survey validate Modi’s words. Over 82% of taxpayers have never knowingly given incorrect information in their tax returns and 13.6% have done it just “once or twice.

A mere 4.4% are the bad apples who have under-reported their income many times in their returns. …

I-T Dept yet to comply with CBDT order on publishing names of tax-exempt charities

Moneylife.in 
24 June 2016
Following repeated directions from the Central Information Commission (CIC), the Central Board of Direct Taxes (CBDT) had asked the Income Tax (I-T) Department to place in the public domain names of all organisation and entities that enjoyed tax exemption. However, the I-T department has not yet complied with the directions. …

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Concealed income by mistake? No I-T penalty   

Timesofindia.indiatimes.com
Apr 28, 2016
MUMBAI: The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT), in a recent order, has taken a benevolent view and dismissed the penalty levied by income-tax officials for ‘concealment of income’ in the hands of a salaried employee. …

Income tax department to pay interest on TDS refund   

Timesofindia.indiatimes.com
Apr 26, 2016
NEW DELHI: The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said. …

Choose the correct income tax return form   

Deccanchronicle.com 
Apr 26, 2016
Every year the government notifies the tax return forms applicable for the current assessment year. This year the tax return forms have been notified well in time just before the close of the financial year on March 3oth. The newly notified forms for the financial year 2015-16 do carry some changes over the previous year’s forms. …

Rules regarding quoting of PAN for specified transactions amended   

Business-standar.com
December 16, 2015
The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. …

I-T dept to use email for issuing notices

Timesofindia.indiatimes.com
Sep 20, 2015
NEW DELHI: In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. …

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