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An internal committee of the <keyword id="19903456" type="General" weightage="20" keywordseo="Income-Tax-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Income Tax Department" meta.hostid="153" meta.entityid="Income Tax Department">Income Tax Department</keyword> will review the 1961 <keyword id="22868046" type="General" weightage="20" keywordseo="direct-tax-law" source="keywords">direct tax law</keyword> to eliminate redundant clauses, and adopt best global practices to simplify it for taxpayers for better compliance, <keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword> chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working on identifying areas of improvement in the Income Tax Act, 1961, he said, and added that the exercise is being conducted under a central government-mandated comprehensive review of the law, which was mentioned by FM Nirmala Sitharaman in the recent <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> presented on July 23rd, 2024. <keyword id="19942037" type="General" weightage="20" keywordseo="Central-Board-of-Direct-Taxes" source="keywords" meta.keywordsubtype="org" meta.entityname="Central Board of Direct Taxes" meta.hostid="153" meta.entityid="Central Board of Direct Taxes">Central Board of Direct Taxes</keyword> (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted, as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working on identifying areas of improvement. This is a work in progress," he told PTI on Wednesday during an event to mark 165 years of income tax in India. He said the committee is looking at the "problem statement" given to it in the recent Budget. It is trying to find the "best way forward" in giving the country a new direct tax law, Agrawal said. During the event, the CBDT chief assured Union Finance Minister Nirmala Sitharaman that the work of reviewing the Act will be done within the stipulated time-frame of six months, as announced by her in the Budget presented last month. The minister, during the Wednesday event, asked the I-T department to use simple language in its notices and communications with taxpayers, so that they are able to understand these quickly without getting intimidated. Agrawal said this factor is also a part of the I-T law review. The committee is trying to make tax communication simple and easy to understand to encourage compliance of rules by taxpayers, he said. The Income Tax Act, 1961, started its journey in 1922. It contains 298 sections and 23 chapters and other provisions in its current form of 1961. Sitharaman, while presenting the 2024-25 Union Budget, had announced a "comprehensive" review of the Income Tax Act. The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months, she had said. Agrawal also said the CBDT will "put more officers" within the next 10-15 days to "expeditiously" clear the "substantial" number of appeals pending at the Income Tax Department level.

CBDT forms committee for IT Act review; 'sunset' clauses to be eliminated

The government has relaxed provisions of <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword>/<keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords">TCS</keyword> in the event of the death of the deductee/collectee before the linkage of PAN and <keyword id="19898107" type="General" weightage="20" keywordseo="aadhaar" source="keywords">Aadhaar</keyword> card. TDS is Tax Deducted at Source and TCS is Tax Collected at Source in India. The Central Board of Direct Taxes (CBDT), has issued a circular dated August 5, in view of genuine difficulties being faced by taxpayers. Through the circular, the government said it has relaxed the provisions of TDS/TCS, as per the Income-tax Act, in the event of death of deductee/collectee before linking of PAN and Aadhaar. In order to redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before May 31, 2024 and before the option to link PAN and Aadhaar could have been exercised, the circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under the relevant section of <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">income tax act</keyword>, pertaining to the transactions entered into up to March 31, 2024. On April 23, 2024, CBDT extended the date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into up to March 2024) to avoid higher TDS/ TCS, as per the income tax act. Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017 and is eligible to obtain <keyword id="20030312" type="General" weightage="20" keywordseo="Aadhaar-Number" source="keywords">Aadhaar Number</keyword>, is required to intimate his Aadhaar to the prescribed authority, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the income tax act. As per government, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative and the consequences during the period that PAN remains inoperative will be as follows: 1. No refund shall be made against such PANs 2. Interest shall not be payable on such refund for the period during which PAN remains inoperative 3. TDS and TCS shall be deducted /collected at higher rate, as provided in the income tax act.

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

Union Finance Minister Nirmala <keyword id="19916494" type="General" weightage="20" keywordseo="Sitharaman" source="keywords">Sitharaman</keyword> on Friday urged officers of the Central Board of Indirect Taxes and Customs (<keyword id="19908147" type="General" weightage="20" keywordseo="CBIC" source="keywords">CBIC</keyword>) to proactively address <keyword id="20283921" type="General" weightage="20" keywordseo="doubts" source="keywords">doubts</keyword> and concerns raised by the public and business community regarding taxes before they escalate into grievances. Speaking at the inauguration of the new <keyword id="22890667" type="General" weightage="20" keywordseo="GST-Bhawan" source="keywords">GST Bhawan</keyword> in Udaipur, Rajasthan, Sitharaman emphasized the importance of a preventive approach in handling tax-related issues. She highlighted that government officials should prioritize solving problems at the stage where they are mere doubts, rather than allowing them to develop into full-blown grievances. "Before addressing a grievance, if we spend time through outreach to clear the doubts and suspicions in their minds, those doubts won't escalate into grievances" said Finance Minister Sitharaman. Sitharaman also highlighted the significance of effective information sharing in this process. She suggested that by engaging in sector-wise outreach and addressing any doubts that arise, officials could prevent potential issues from turning into grievances. "I request that before grievances arise, we should definitely carry out outreach sector by sector. If there are any doubts in their minds after this and some changes need to be made accordingly, we can make those changes as well. So, more than anything else, we need to focus on information sharing" added Sithraman. The Finance Minister's remarks emphasized a shift towards a more communicative and responsive approach in tax administration, aiming to foster better relationships between the government and the business community while minimizing conflicts and misunderstandings. Union Minister Sitharaman is on a two-day visit to Udaipur, On Thursday the minister chaired a meeting to review the performance of nine Regional Rural Banks (RRBs) of the states of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan. The minister asked Regional rural banks (RRBs) to ensure easy credit to Micro, Small and Medium Enterprises (MSMEs). She asked the RRBs to become more customer-friendly and leverage their local connections to further improve performance. "All RRBs have devised customised MSME products aligning with cluster activities. However, they need to regularly review their credit portfolio in that segment", she said. She also highlighted that Sponsor Banks and RRBs must recognise the challenges that lie ahead, especially maintaining asset quality, expanding digital services, and ensuring robust corporate governance are the areas that require continued focus. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Sitharaman urges tax officials to prevent doubts from escalating into grievances

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

The cost <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> index (<keyword id="6358345" type="General" weightage="80" keywordseo="cii" source="Orion">CII</keyword>) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the <keyword id="121964" type="General" weightage="100" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="50" keywordseo="cbdt" source="Orion">CBDT</keyword>) on Tuesday. The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery. The CII number for 2022-23 was 331 and for 2021-22 it was 317. CII is notified under the <keyword id="472467" type="General" weightage="20" keywordseo="income-tax-act" source="Orion">Income-tax Act</keyword>, 1961 annually. It is commonly used for calculating 'indexed cost of acquisition' while calculating capital gains at the time of sale of any capital asset. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/daphne-du-mauriers-the-birds-predicted-environmental-crisis-70-years-ago/articleshow/99398111.cms">Daphne du Maurier's The Birds predicted environmental crisis 70 years ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amul-vs-nandini-how-the-dairy-giants-compare-in-terms-of-price-product-types-and-more/slidelist/99398670.cms">Amul vs Nandini: How the dairy giants compare in terms of price, product types and more</a>

Central Board of Direct Taxes notifies cost inflation index for 2023-24

New Delhi, The Finance Ministry has notified 21 countries, including the US, UK and France, from where non-resident investment in unlisted Indian startups will not attract angel tax. The list, however, excludes investment from countries like Singapore, Netherlands and <keyword id="56022" type="General" weightage="50" keywordseo="mauritius" source="Orion">Mauritius</keyword>. The government had in the <keyword id="6358021" type="General" weightage="50" keywordseo="budget" source="Orion">Budget</keyword> brought overseas investment in unlisted closely held companies, except DPIIT recognised startups, under the Angel Tax net. Following that, the startup and venture capital industry sought exemption for certain overseas investor classes. The <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="100" keywordseo="cbdt" source="Orion">CBDT</keyword>) on May 24 notified classes of investors who would not come under the Angel Tax provision. Excluded entities include those registered with <keyword id="35210" type="General" weightage="50" keywordseo="sebi" source="Orion">Sebi</keyword> as Category-I FPI, Endowment Funds, <keyword id="148003" type="General" weightage="50" keywordseo="pension-funds" source="Orion">Pension Funds</keyword> and broad-based pooled investment vehicles, which are residents of 21 specified nations, including the US, UK, Australia, Germany and Spain, as per the notification. The other nations mentioned in the notification are Austria, Canada, Czech Republic, Belgium, Denmark, Finland, Israel, Italy, Iceland, Japan, Korea, Russia, Norway, New Zealand and Sweden. The CBDT notification comes into effect on April 1. Nangia Andersen India Chairman Rakesh Nangia said by explicitly mentioning this list of countries, the government aims to attract more foreign investment (FDI) into India from countries that have robust regulatory frameworks. "Surprisingly, countries such as Singapore, Ireland, Netherlands, Mauritius etc from where the majority of inbound FDI is channelised into India, do not find a mention in this notification," Nangia said. Stakeholders may still have to hold their horses on a formal notification on the valuation guidelines as rules on the same are proposed to be released after a stakeholder consultation process, he added. The CBDT is expected to come out with valuation guidelines for valuing non-resident investment in unrecognised startups for the purpose of levying income tax. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and above the fair market value. This was commonly referred to as an angel tax. The Finance Act, 2023, has said that such investments over and above the FMV will be taxed irrespective of whether the investor is a resident or non-resident. Post the amendments proposed in the Finance Bill, concerns have been raised over the methodology of calculation of fair market value under two different laws.

CBDT exempts startup investments from 21 nations including US, UK from angel tax

<keyword id="6358777" type="General" weightage="50" keywordseo="new-delhi" source="Orion">New Delhi</keyword> [India], February 17 (ANI): The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> gathered several pieces of evidence pertaining to the BBC India's operation which indicated that taxes were not paid on "certain remittances" which have not been disclosed as income in India by the foreign entities of the group, a <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (CBDT) spokesperson said in a statement on Friday. After three days, the income tax (I-T) department finished its survey at the offices of the BBC in Delhi and Mumbai on Thursday. "A survey action under section 133A of the Income-Tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai," the spokesperson said. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within its jurisdiction to verify the books of account or other documents. The group, the spokesperson without taking name of the entity said, it is engaged in the business of development of content in English, Hindi and various other Indian languages; advertisement sales and market support services. The statement added the survey revealed that despite substantial consumption of content in various Indian languages (apart from English), the income or profits shown by various group entities is "not commensurate with the scale of operations in India". "The survey operations also revealed that services of seconded employees have been utilised for which reimbursement has been made by the Indian entity to the foreign entity concerned. Such remittance was also liable to be subject to withholding tax which has not been done," it added. Further, the survey, the spokesperson said, has also thrown up several discrepancies and inconsistencies with regard to "Transfer Pricing" documentation. "The survey operation has resulted in unearthing of crucial evidences by way of statement of employees, digital evidences and documents which will be further examined in due course." The officials of the I-T depratment recorded statements of only those employees whose role was crucial including those connected to, primarily, finance, content development and other production-related functions. "Even though the department exercised due care to record statements of only key personnel, it was observed that dilatory tactics were employed including in the context of producing documents/agreements sought. Despite such stance of the group, the survey operation was conducted in a manner so as to facilitate continued regular media/channel activity," the spokesperson said. Earlier, BBC had said it was cooperating with the income tax department, which was conducting a survey at its offices in New Delhi and Mumbai. "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating," the <keyword id="16527651" type="General" weightage="50" keywordseo="bbc-news-press-team" source="Orion">BBC News Press Team</keyword> said in a statement. The Income Tax 'survey' on the British Broadcasting Corporation (BBC) offices located in Delhi and Mumbai concluded nearly after 60 hours on Thursday evening. Issuing a statement the BBC News PR had said, "The Income Tax Authorities have left our offices in Delhi and Mumbai. We will continue to cooperate with the authorities and hope matters are resolved as soon as possible." "We are supporting staff - some of whom have faced lengthy questioning or been required to stay overnight - and their welfare is our priority. Our output is back to normal and we remain committed to serving our audiences in India and beyond," the statement added. (ANI)

BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt

The income tax (I-T) department has selected 68,000 high-value transaction cases on a pilot basis pertaining to the financial year 2019-2020 for e-verification. Within six months, it has disposed of 35,000 cases, said <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> Chairman <keyword id="225455" type="General" weightage="80" keywordseo="nitin-gupta" source="Orion">Nitin Gupta</keyword>. Gupta said that the I-T department had taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administration. One such major initiative is the e-Verification Scheme, 2021, which was notified on December 13, 2021. The chairman said that the scheme provided an opportunity for taxpayers to accept the mismatch of information vis-a-vis the original income tax return (<keyword id="6374875" type="General" weightage="80" keywordseo="itr" source="Orion">ITR</keyword>) filed and it was found that many taxpayers have filed updated ITRs. The e-Verification scheme aims to share and verify such financial transaction with the taxpayer that appears to be either unreported or under-reported in the ITR filed by the taxpayer. The department has been collecting information on financial transactions from multiple sources. Earlier, a part of it was shared with taxpayers in the 26AS statement. However, with a view to effectively utilise the data collected from various sources, the entire information is now displayed to the taxpayer through the <keyword id="12452909" type="General" weightage="50" keywordseo="annual-information-statement" source="Orion">Annual Information Statement</keyword> (<keyword id="153265" type="General" weightage="80" keywordseo="ais" source="Orion">AIS</keyword>). The AIS provides a facility for the taxpayer to object to any information if the source has reported any such information. The department confirms the said information with the source and if the source states that there is no error, the said information is subjected to risk assessment for e-verification. The entire process of e-verification is digital, with notices issued electronically and responses by the taxpayers also submitted electronically. On the completion of the enquiry, a verification report is prepared electronically without any physical interface with the taxpayer. According to the department, the scheme was getting very encouraging responses as 15 lakh updated returns have been filed so far and the department has got revenue of Rs 1,250 crore from updated returns. This also includes cases of e-verification where the assessee has filed an updated return after e-Verification. The scheme is extremely beneficial to taxpayers as it enables them to explain the financial transaction with evidence. It also helps in data correction and thereby prevents the initiation of proceedings on misreported information. It provides an opportunity to correct updated income that may not have been appropriately reported in ITR filed by taxpayers. It nudges taxpayers towards voluntary compliance by providing an opportunity to the taxpayer to update the return of income tax under Section 139 (8A) of the Income Tax Act, 1961. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-mega-electronics-days-sale-best-deals-on-wearables-audio-products-and-more/articleshow/98602219.cms">Amazon Mega Electronics Days sale – best deals on wearables, audio products and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/existing-startup-founders-will-struggle-even-to-get-existing-capital-sopnendu-mohanty-of-singapore-monetary-authority/articleshow/98603636.cms">Existing startup founders will struggle even to get existing capital: Sopnendu Mohanty of Singapore Monetary Authority</a>

Income Tax dept selects 68,000 high-value transaction cases for e-verification

<keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="100" keywordseo="cbdt" source="Orion">CBDT</keyword>) chairman <keyword id="225455" type="General" weightage="50" keywordseo="nitin-gupta" source="Orion">Nitin Gupta</keyword> has said that he expects at least 50-66 per cent (two-thirds) of the taxpayers to switch over to the new tax regime in the next financial year itself. "We have left it to the taxpayers as to how many people will shift to the new tax regime. We have left it up to the taxpayers which tax regime they want to live in, but we think that at least 50 per cent to 65-66 per cent (two-thirds) of taxpayers are likely to switch over to the new tax regime in the first year itself," <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> told in an exclusive interview. The CBDT Chairman, citing the <keyword id="6358021" type="General" weightage="50" keywordseo="budget" source="Orion">Budget</keyword> announcement, said the income tax rebate limit available for salaried and individual taxpayers under the new income tax regime, introduced in 2020, has been hiked to Rs 7 lakh from the present Rs 5 lakh. Also, the government has announced five slabs in the new income tax regime. On personal income tax, the government announced that tax for income of Rs 0-Rs 3 lakh is nil, for income above Rs 3 lakh and up to Rs 5 lakh will be taxed at 5 per cent, for income of above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent and for income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 per cent and above 15 lakh at Rs 30 per cent. "Not only salaried, even non-salaried people who are also ordinary people, we have widened the slabs, reduced the tax slabs from 6 to 5 slab. We believe that many people will shift to this scheme," CBDT chief said. "I assure you that this scheme will be beneficial for anyone whose income is up to Rs 7 lakh. The person who is salaried class and earns more than 7 lakh then we have given him the benefit of standard deduction of Rs 50,000, this means that if someone's total income is 7.5 lakhs, then even after getting the deduction of 50,000, his income will remain 7 lakh and he will not have to pay any tax," he explained. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-stock-prices-fall-on-friday-due-to-hindenburg-report/articleshow/97575281.cms">Adani Group stocks rout continues, ₹93,788 crore market cap wiped out on Friday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bob-q3-profit-jumps-75-to-3853-crore/articleshow/97577932.cms">BoB Q3 profit jumps 75% to ₹3,853 crore</a>

Two-thirds taxpayers likely to shift to new regime in 2023-24 itself: CBDT chief

<ul class="summary-list"><li>Donald Trump commented on the Fed after Wednesday's interest rate cut.</li><li>As a president and a candidate, Trump has continued undermining the Fed's independence.</li></ul>Interest-rate cuts are finally here, and former President Donald Trump isn't happy about it.On Wednesday, the Federal Open Market Committee <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">announced an interest-rate cut of 50 basis points</a>, the first cut Americans have received in over four years. With the pace of inflation slowing and the job market cooling over the past few months, some experts and Democratic lawmakers have been urging Fed Chair Jerome Powell to cut rates sooner rather than later to give Americans relief from high prices.But Trump feels differently — he <a target="_blank" class="" href="https://www.youtube.com/watch?v=ZlvBFsWoXtw">said</a> during a New York campaign stop on Wednesday that the rate cut "shows the economy is very bad to cut it by that much, assuming they're not just playing politics.""The economy would be very bad, or they're playing politics, one or the other," Trump said. "But it was a big cut."He's argued in the past that the Fed would only cut rates close to the election to aid Democrats, which he reiterated leading up to the central bank's announcement."They'll do the rate cut and all the political stuff tomorrow," Trump said during a Tuesday town hall in Michigan, adding that if he wins the presidential election, "we're going to get interest rates down."Notably, the president has no influence over lowering interest rates — the Federal Reserve is politically independent and is supposed to make monetary policy decisions solely based on its dual mandate of keeping inflation low and employment high.That's something Trump wants to change — The Wall Street Journal reported in April that members of Trump's team were <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-decisions-restructure-federal-reserve-jerome-powell-wsj-2024-4">creating plans to restructure the Fed</a> and allow Trump to have a say in interest-rate decisions. He later walked those comments back, saying in an August <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-19/trump-defends-fed-criticism-weighs-providing-aid-to-home-buyers">interview</a> with Bloomberg that he doesn't need to be "calling the shot, but it does mean that I should have a right to be able to talk about it like anybody else."Senior advisors to Trump told the Journal that those plans were not finalized.Trump has also previously accused the Fed of being political — he <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">said</a> during a Fox interview in February that Powell is "going to do something to probably help the Democrats, I think, if he lowers interest rates."While Powell has not directly responded to Trump's comments, the Fed chair has repeatedly said that the Federal Reserve is an independent entity that makes decisions solely based on data and is not influenced by politics. "Our job is to support the economy on behalf of the American people, and if we get it right, this will benefit the American people significantly," Powell said during the Wednesday press conference. "It's something we all take very, very seriously. We don't put up any other filters. I think if you start doing that, I don't know where you stop."Trump sought to use his presidential power to appoint members to the Fed board who supported his unorthodox views of the central bank. Judy Shelton, a conservative economist who Trump nominated to the Board of Governors in 2019, had previously written that the Fed was "almost a rogue agency" that couldn't be trusted. Even fellow Republicans balked at her nomination, culminating in a 47-50 failed floor vote exacerbated by GOP absences related to COVID-19."In her past statements, Ms. Shelton has called for the Federal Reserve to be less independent of the political branches and has even questioned the need for a central bank," Sen. Susan Collins, a Maine Republican, said of her at the time. "This is not the right signal to send, particularly in the midst of the pandemic."Shelton was one of a series of Trump loyalists whose nominations ran aground. Former 2012 GOP presidential candidate Herman Cain and conservative commentator Stephen Moore both withdrew their respective nominations in the face of opposition. Trump was able to get former Kanas banking commissioner Michelle Bowman and economist Christopher Waller confirmed to the Fed Board.Trump has flip-flopped his views on his most important appointment to the Fed: Powell."He's strong, he's committed, he's smart," Trump said about Powell in 2017 when he nominated him to lead the Fed.In February, the former president said he would not reappoint Powell to lead the Fed. Earlier this summer, Trump told Bloomberg News that he would let Powell serve out his term. Trump's tepid support of Powell underlines just how mercurial he can be when it comes to the central bank."There are few more important positions than this, believe me, in our Government," Trump said in 2017 with Powell looking on.On that point, Trump hasn't wavered.

The Fed's interest-rate cut put Trump even more at odds with the central bank

New Delhi [India], December 13 (ANI): A bill to align provisions of the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> with the <keyword id="12034100" type="General" weightage="50" keywordseo="tribunal-reforms-act" source="Orion">Tribunal Reforms Act</keyword> to initiate the administrative process for operationalisation of the <keyword id="6359833" type="General" weightage="100" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> Appellate Tribunals was introduced in <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Wednesday. The Central Goods and Services Tax (Second Amendment) Bill, 2023 was introduced in Lok Sabha by Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The Bill seeks to amend the Central Goods and Services Tax Act, 2017. According to the statement of objects and reasons of the Bill, Section 109 of the Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Constitution of Goods and Services Tax Appellate Tribunal, which is the second appellate authority within the Goods and Services Tax framework for hearing appeals against the orders passed by the Appellate Authority under the Central Goods and Services Tax Act, 2017 and the State Goods and Services Tax Acts. It said that non-constitution of the Goods and Services Tax Appellate Tribunals is denying the taxpayers of second appellate remedy and consequently the taxpayers are seeking relief directly from the High Court, thereby burdening the High Courts. The amendments to sections 109 and 110 of the Central Goods and Services Tax Act, 2017 for enabling the creation of the Central Goods and Services Tax Appellate Tribunals were notified in July this year. "During the process of operationalisation of said Tribunal, it was observed that certain provisions of the Central Goods and Services Tax Act, 2017 need to be aligned with the Tribunal Reforms Act, 2021 (33 of 2021). The provisions of the Central Goods and Services Tax Act, 2017 are being aligned with the Tribunal Reforms Act, 2021, to initiate the administrative process for operationalisation of the Goods and Services Tax Appellate Tribunals at the earliest," it said. (ANI)

Bill to amend Central Goods and Services Tax Act introduced in Lok Sabha

The <keyword id="121964" type="General" weightage="80" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="80" keywordseo="cbdt" source="Orion">CBDT</keyword>) on Tuesday issued another circular to further clarify issues arising on deduction of tax at source under the newly-inserted Section 194-R in respect of benefits or perquisites provided to residents in cash or in kind in the course of business or profession. As per the circular, now bank and financial institutions need not <keyword id="14979018" type="General" weightage="20" keywordseo="DEDUCT-TAX" source="Orion">deduct tax</keyword> at source in respect of benefits provided to its borrowers by waiver of loan or advance by way of one-time settlement. Similarly, a company in which the public is substantially interested need not deduct tax at source while issuing <keyword id="50592" type="General" weightage="20" keywordseo="BONUS" source="Orion">bonus</keyword> or rights shares. The implication of this clarification will be that a company in which public is not substantially interested will be required to deduct tax at source while issuing bonus or rights shares despite such receipt of bonus or right shares being not taxable in the hands of the shareholders. The reasoning given in this circular for exempting a company in which the public is substantially interested from deduction of tax at source while issuing bonus or rights shares equally applies to a private company in which the public is not substantially interested, experts said. Experts say this circular may be fishing in troubled waters as it is differentiating between taxpayers. Experts also wonder if by doing that the legislative intent is being bypassed by such circulars. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/amazon-moves-delhi-hc-against-1-lakh-ccpa-penalty-in-pressure-cooker-case/articleshow/94190091.cms">Amazon moves Delhi HC against ₹1 lakh CCPA penalty in pressure cooker case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/regional-and-folk-singers-are-using-youtube-to-preserve-and-popularise-their-culture/articleshow/94179996.cms">Regional and folk singers are using YouTube to preserve and popularise their culture</a>

You Searched For "central board of direct taxes" and got 12 results

CBDT forms committee for IT Act review; 'sunset' clauses to be eliminated

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BI India Bureau

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ANI

Income Tax dept selects 68,000 high-value transaction cases for e-verification

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The Fed's interest-rate cut put Trump even more at odds with the central bank

Ayelet Sheffey,Brent D. Griff…

Bill to amend Central Goods and Services Tax Act introduced in Lok Sabha

ANI

Pvt companies required to deduct tax at source while issuing bonus or rights shares

IANS

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