TAXPAYERS
Taxpayers expect taxes to work for them, Siddaramaiah tells finance commission; CM cautions against skewed weightage to equity
Chief Minister Siddaramaiah has urged the Finance Commission to cap cess and surcharge at 5% of gross tax revenue and include collections above that in the divisible pool for sharing with states. Karnataka has faced substantial losses due to non-sharing, and Siddaramaiah advocates for better resource allocation to economically advanced states.
The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024
Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. As per rules a late filing fee of Rs 5,000 or Rs 1000 or nil is levied for filing a belated ITR after the due date. There were about 14 lakh ITRs filed between August 1, 2024 and August 22, 2024.
No 'hard approach' with taxpayers in initial stage, FM Nirmala Sitharaman tells officials
Finance Minister Nirmala Sitharaman advised tax officials to avoid taking a "hard approach" with taxpayers at the early stages and instead focus on resolving doubts to prevent grievances. At the launch of a new GST office in Udaipur, she emphasized better communication and sector-wise outreach to address tax issues effectively before they become major problems.
No indexation benefit if property sold at a loss: Long-term capital loss to hit taxpayers harder
No indexation benefit on loss: The government has provided partial relief to the homeowners for properties bought before July 23, 2024 and sold after that. However, this relief is available only in the case of LTCG arising from the property sale. If the property is sold at a loss then there is no indexation benefit available.
I-T department processes about 4 crore ITRs in 15 days
The Revenue Secretary announced that the income tax department processed almost 4 crore income tax returns for AY 2024-25 within 15 days. By July-end, 7.28 crore returns had been filed, with 4.98 crore processed. Over the last decade, direct tax revenues increased to Rs 20 lakh crore, and the tax-to-GDP ratio rose to 6 percent.
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Review of Income Tax Act to be completed in given timeframe: CBDT Chairman
CBDT Chairman Ravi Agrawal stated that the review of the Income Tax Act of 1961 would be completed within six months, as announced by Finance Minister Nirmala Sitharaman. The goal is to simplify tax laws and reduce litigation. Notably, 72% of taxpayers have opted for the new regime for Income Tax Returns.
The Commissionerate of Taxes, Assam launches software module on "SGST Reimbursement Scheme"
On August 20, 2024, Assam's Commissionerate of Taxes introduced a software module for the SGST Reimbursement Scheme. This tool enables eligible units to submit online applications for entitlement certificates and reimbursement claims. The new system aims to simplify the process, promote transparency, and improve the ease of doing business in the state.
Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG
The Comptroller and Auditor General (CAG) has recommended that the Finance Ministry periodically identify high-risk taxpayers within the GST composition scheme and verify their sales data from various sources to prevent tax evasion. An audit of 8.66 lakh taxpayers from 2019-20 to 2021-22 revealed that many had a high risk of exceeding the scheme's turnover threshold.
There needs to be better alignment between patient, hospital, health insurer. The word ‘claim’ is a challenge: Sarbvir Singh, PB Fintech
"One of the practical things the regulator could do is talk more about claims. In health insurance, the claims data is a mix of corporate and retail, and it’s impossible to disaggregate it and understand what is happening. If we can focus on retail claims and give confidence to the customer, it would be good," says Sarbvir Singh, Joint Group CEO, PB Fintech.
Customs academy, ICAI join hands for capacity building of GST officers
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) and the Institute of Chartered Accountants of India (ICAI) recently signed an MoU to work together on enhancing the skills of GST officers. NACIN provides officer training under CBIC, while ICAI specializes in GST knowledge dissemination. The collaboration promises to improve tax administration and benefit taxpayers. Rajendra Singh of NACIN and Jai Batra of ICAI formalized the agreement. ICAI’s Sushil Kumar Goyal expressed readiness to fully support NACIN with their expertise and resources for better tax management.
ITR refund scam FY2023-24: Don’t fall prey to this income tax refund scam, warns tax department
Income tax refund: ITR filers should exercise caution and authenticate all communications from the IT department using official channels. Taxpayers may receive communication from the Income Tax Department via the email address they have provided.
Realty LTCG: Taxpayers get to choose regime
The Lok Sabha approved the Finance Bill with amendments to the long-term capital gains tax rules, letting taxpayers choose between a new lower tax rate or the old higher rate with indexation. Finance Minister Nirmala Sitharaman defended these changes, highlighting their aim to simplify taxation and benefit the middle class.
Last date to file ITR: Will government extend ITR filing deadline for these taxpayers?
Some taxpayers from certain states are hopeful for an extension due to the difficulties they have faced or are facing due to natural calamities like floods and landslides. Here is a look at a few of the times in the recent past when the ITR deadline was extended for specific states.
5 crore ITRs filed till July 26; but tax filers still faced with e-filing portal glitches, voice concerns on social media
ITR filing last date:The deadline to submit income tax returns for the financial year 2023-24 is approaching. The last date to file ITR is July 31, 2024. According to the Income Tax Department, more than 5 crore ITRs had been filed by July 26, 2024. This is an increase of over 8.5% compared to last year. However, many taxpayers are facing technical issues on the e-filing portal.
Budget 2024 expectations: 8 expectations of salaried, individual taxpayers from FM Nirmala Sitharaman today
Budget 2024 income tax expectations: Let's delve into the various expectations that both salaried individuals and taxpayers have from Budget 2024.
Budget 2024 income tax expectations: Move all exemptions, deductions to new tax regime, say salaried taxpayers
Income tax expectations Budget 2024: When it comes to the rationalisation of income tax slabs, over 53 per cent want the government to move Indians to the new tax regime with exemptions for income up to Rs 15 lakh.
Budget 2024 should allow professionals to switch between new and old tax regimes annually like individual taxpayers: Expert view
Budget 2024 expectations: Option to choose tax regime every year while filing income tax return, reduction of income tax rate, simplification of TDS — here are the key things small and medium businesses in India want from Budget 2024.
Budget 2024: Higher income tax on F&O trading income and a TDS on trading will necessitate taxpayers to revisit their tax plan
Budget 2024: Under the current Income-tax Act, 1961, F&O trading has been specifically excluded from the definition of "speculative transaction". Hence, if F&O trading by individuals is categorized as 'speculative business income'.
Will ITR filing deadline be extended beyond July 31, 2024? ICAI writes to tax department with 9 issues regarding Form 26AS, TIS, AIS, e-filing income tax return forms
Will the ITR filing deadline be extended? Various associations of chartered accountants have contacted the tax department to highlight the challenges faced by taxpayers and professionals when using the e-filing ITR portal.
Last date to file ITR is July 31; Taxpayers take to social media to complain about issues with e-filing portal
Glitches on e-filing ITR portal: It's important to keep in mind that if you wait until closer to the deadline to file, you may experience technical difficulties on the e-filing portal and encounter other issues. Therefore, it's advisable to complete your filing well before the due date to avoid potential problems.
6 things salaried taxpayers want from Budget 2024: Hike in standard deduction, HRA exemption, work from home benefits and more
Budget 2024 expectations: The upcoming budget is expected to address salary taxation to benefit salaried individuals and boost the economy. Taxpayers expect revisions in areas like standard deduction, tax slabs, and HRA limits to ease their burden and encourage spending. Here are some of the key changes that salaried taxpayers want from Finance Minister Nirmala Sitharaman in Budget 2024.
Relief for stock market investors? Why double taxation of dividends should be removed in Budget 2024
Budget 2024 expectations: The abolition of dividend distribution tax has affected taxpayers in India. Resident shareholders are now taxed on dividends at their income tax slab rates, leading to a higher effective tax burden compared to the previous system. Such dual taxation distorts investment decisions as it incentivises companies to retain earnings rather than distribute them as dividends. To address this challenges, rationalisation of the tax treatment of dividends is crucial. Here's how Budget 2024 should address it.
Income Tax Bonanza in Budget 2024: Will FM Sitharaman make new tax regime attractive in Budget? Changes taxpayers want
Budget expectations 2024 of taxpayers: The Finance Minister, Nirmala Sitharaman, needs to make the new tax regime more attractive to taxpayers while ensuring that key benefits are retained. These benefits, such as the exemption for House Rent Allowance, deduction for housing loan interest, and provident fund contributions for salaried individuals, have been crucial for tax planning.ax planning.
More tax savings from NPS in Budget 2024? Expect employer's share to rise to 12%, additional Rs 50,000 NPS deduction in new tax regime
NPS changes in Budget 2024: Currently, the deduction in respect of the employer’s contribution (capped at 10%) to NPS is allowed under both the old tax regime and the new tax regime. The government may consider at increasing this limit to 12% (aligned with the exemption of employer’s PF contribution up to 12%). Another proposal is to introduce the additional deduction of Rs 50,000 under the new tax regime. Will Budget 2024 make NPS and new tax regime more attractive for investors? Read on
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
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