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<ul><li>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will launch a platform for honouring the country's <keyword id="3460856" type="PERSON" weightage="20" keywordseo="honest-taxpayers">honest taxpayers</keyword> on Thursday. </li><li>The 2020-21 Budget unveiled on February 1, had announced a '<keyword id="8739443" type="UNKNOWN" weightage="20" keywordseo="Taxpayer-charter">taxpayer charter</keyword>', which is expected to have statutory status and will empower citizens by ensuring time-bound services by the Income Tax department. </li><li>The Ministry said the Central Board of Direct Taxes (<keyword id="128665" type="COMPANY" weightage="20" keywordseo="CBDT">CBDT</keyword>) has carried out several major tax reforms in direct taxes in recent years. </li></ul> Prime Minister Narendra Modi will launch a platform for honouring the country's honest taxpayers on Thursday. The 2020-21 Budget unveiled on February 1, had announced a 'taxpayer charter', which is expected to have statutory status and will empower citizens by ensuring time-bound services by the Income Tax department. "The upcoming launch of the platform for 'Transparent Taxation - Honoring the Honest' by the Prime Minister will further carry forward the journey of direct tax reforms," <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the Finance Ministry</keyword> said in a statement on Wednesday. The Ministry said the Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in recent years. Last year the Corporate Tax rates were reduced from 30 per cent to 22 per cent and for new manufacturing units the rates were reduced to 15 per cent. Dividend distribution Tax was also abolished. "The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of <keyword id="9289300" type="COMPANY" weightage="20" keywordseo="the-i-t-department">the I-T Department</keyword>," it said. In the Budget, Finance Minister Nirmala Sitharaman had announced that CBDT will adopt a "taxpayer charter" which will ensure trust between a taxpayer and the administration and reduce harassment, as well as increase efficiency of the department. CBDT, which is the apex decision making body in direct tax matters, administers personal income tax and corporate tax. "Wealth creators will be respected in this country," she had said in her 2020-21 Budget speech. "We wish to enshrine in the statutes a "taxpayer charter" through this budget. Our government would like to reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any kind," she had said. To facilitate better taxpayer services, CBDT has lowered the percentage of I-T returns picked up for scrutiny. Income Tax returns (ITRs) picked up for scrutiny has reduced to 0.25 per cent of the total ITRs filed in Assessment Year (AY) 2018-19, from 0.55 per cent in AY 2017-18. The number was 0.71 per cent in AY 2015-16 and 0.40 per cent in AY 2016-17. Taking forward faceless assessment process, the Budget also proposed to bring about "faceless appeal". Currently, most of the functions of the Income Tax Department starting from the filing of return, processing of returns, issuance of refunds and assessment are performed in the electronic mode without any human interface. JD DRR DRR

PM to launch platform to honour honest taxpayers on August 13

The Comptroller and Auditor General (<keyword id="19900713" type="General" weightage="20" keywordseo="CAG" source="keywords">CAG</keyword>) has asked the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="153" meta.entityid="Finance Ministry">Finance Ministry</keyword> to identify <keyword id="22837132" type="General" weightage="20" keywordseo="high-risk-taxpayers" source="keywords">high risk taxpayers</keyword> in the <keyword id="20981418" type="General" weightage="100" keywordseo="GST-composition-scheme" source="keywords">GST composition scheme</keyword> on a periodical basis and verify from other sources, including third parties, their declared <keyword id="22837745" type="General" weightage="20" keywordseo="value-of-sales" source="keywords">value of sales</keyword> to check <keyword id="20121097" type="General" weightage="20" keywordseo="tax-evasion" source="keywords">tax evasion</keyword>. Based on an analysis of 8.66 lakh composition taxpayers under the central jurisdiction between 2019-20 to 2021-22 fiscals, the Comptroller and Auditor General (CAG) found that a significant number of <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> taxpayers have a high risk of crossing the <keyword id="22837744" type="General" weightage="20" keywordseo="turnover-threshold" source="keywords">turnover threshold</keyword> for composition levy scheme (CLS). These high risk taxpayers were identified by audit from the data contained in GST returns viz. GSTR-4A, GSTR-7 along with third party data sources such as IT returns, 'Vahan' database etc. The GST composition scheme is available to taxpayers whose aggregate turnover, in the preceding financial year, has not exceeded Rs 1.5 crore. For taxpayers in special category states, this limit is Rs 75 lakh. The CAG said two major risk areas in respect of CLS taxpayers are under-declaration of the 'value of outward supply' by the taxpayers to continue in the scheme; and non-fulfillment of eligibility conditions for availing CLS. The audit also observed that there were certain CLS taxpayers who were continuing in the Scheme despite not fulfilling the eligibility criteria prescribed in the Act and the Rules, and a substantial number of CLS taxpayers were not discharging their obligatory responsibilities of filing returns and payment of tax under reverse charge. "The Ministry should identify high risk taxpayers in the CLS on a periodical basis using a risk-based approach and verify their declared value of outward supply from other sources including third parties to minimize the possibility of misuse by ineligible persons," the CAG said in a report tabled in Parliament recently. The official auditor also suggested that the Finance Ministry may develop a system of identifying ineligible taxpayers and take action to exclude them from the CLS in order to prevent misuse of the intended benefits of the scheme.

Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG

<ul><li>The Income Tax department has launched an app allowing taxpayers to view important information on their smartphones easily.</li><li>The app allows users to view the TDS, income tax refund, and more information.</li><li>Here’s how to download and use your smartphone's new AIS for <keyword id="16953325" type="General" weightage="20" keywordseo="taxpayers-app" source="Orion">Taxpayers app</keyword>.</li></ul> The Income Tax (IT) department recently launched a new application for mobile users that allows taxpayers to access their important data from their smartphones easily. The IT app, dubbed as AIS for Taxpayers, allows users to find out important information such as the tax deducted at source (TDS), tax collected at source (TCS), dividend income, income tax refunds, and more. <cmsannotation type="cmsannotation" annotationid="How to download the AIS for Taxpayers app on your phone" comment="subhead" text="How to download the AIS for Taxpayers app on your phone">How to download the AIS for Taxpayers app on your phone</cmsannotation> The AIS for Taxpayers app is available for both Android and iOS smartphones. You can download the app for Android smartphones from<a href="https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer&amp;hl=en_US"> here</a> and for iOS smartphones from<a href="https://apps.apple.com/in/app/ais-for-taxpayers/id1571076423"> here</a>. <cmsannotation type="cmsannotation" annotationid="How to register for the AIS for Taxpayers app" comment="subhead" text="How to register for the AIS for Taxpayers app">How to register for the AIS for Taxpayers app</cmsannotation> <ul><li>To begin, open the AIS for Taxpayers app on your smartphone and go through the introduction slides. </li><li>Then, enter your PAN and date of birth/formation or incorporation. </li><li>Now, click on the checkbox to agree to the terms and conditions and click “Proceed.” </li><li>Now, enter your primary mobile number and email ID, click “Proceed,” and then click “Confirm.” </li><li>Enter the OTPs you received on your number and email, and click “Verify.” </li><li>Now, you will be asked to set a 4-digit MPIN. </li><li>Once you have registered on the app and set the MPIN, you can easily login and view information. </li></ul><cmsannotation type="cmsannotation" annotationid="How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app" comment="subhead" text="How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app">How to view TDS, dividend income and income tax refund using the AIS for Taxpayers app</cmsannotation> <ul><li>Launch your smartphone's AIS for Taxpayers app and enter your 4-digit MPIN. </li><li>Now, click on “Annual Information Statement (AIS).” </li><li>Then, click on the information you want to view, including TDS, income tax refund, and more. </li></ul><cmsannotation type="cmsannotation" annotationid="Provide feedback on the information" comment="subhead" text="Provide feedback on the information">Provide feedback on the information</cmsannotation> <ul><li>If you are viewing any information and find a discrepancy, you can provide feedback to resolve it. </li><li>To do this, click “Submit feedback” at the bottom of the screen while viewing the information. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-file-a-consumer-complaint-against-a-company-using-whatsapp/articleshow/98806634.cms">How to file a consumer complaint using WhatsApp</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-compare-your-tax-liability-in-old-and-new-tax-regimes/articleshow/98116217.cms">How to compare your tax liability in old and new tax regimes</a> <a href="https://www.businessinsider.in/finance/news/how-to-use-credit-card-to-make-upi-payments/articleshow/98090488.cms">How to use credit card to make UPI payments</a>

How to check TDS, dividend income, and income tax refund using the AIS for Taxpayers app

<ul class="summary-list"><li>The <keyword id="11897874" type="UNKNOWN" weightage="60" keywordseo="education-department" source="Orion">Education Department</keyword> announced steps to protect <keyword id="12148806" type="UNKNOWN" weightage="60" keywordseo="taxpayers" source="Orion">taxpayers</keyword> from school closure costs.</li><li>It requires companies that own schools to sign an agreement that will hold them liable for costs.</li></ul>Taxpayers may not have to worry about footing the bill for unexpected school closures anymore.On Wednesday, the Education Department <a href="https://www.ed.gov/news/press-releases/us-department-education-announces-steps-hold-institutions-accountable-taxpayer-losses-0">announced</a> new steps to ensure that companies that own colleges that unexpectedly shut down are held liable for all costs owed to the federal government, including closed school loan discharges and borrower defense to repayment, which is a form of loan forgiveness granted to students defrauded by for-profit schools. "If a company owns, controls, or profits from a college, it should also be on the hook if the institution fails students," Under Secretary of Education James Kvaal said in a statement. "Today's steps will ensure taxpayers aren't held liable for colleges that fail their students or close their doors, especially without the opportunity for students to finish their courses of study." Oftentimes, when schools shut down, its students are left with big student debt loads but no degree. The Education Department might then repay those students in the form of loan forgiveness, using taxpayer money to front the cost.Wednesday's announcement would change that by requiring any organization with at least 50% interest in a non-public college to sign the school's Program Participation Agreement, ensuring that controlling entities, and not just the defunct school, are held responsible for taxpayer costs when the school shuts down.According to the announcement, individual executives that manage the colleges will not be held personally accountable for school closures and other related costs, which falls short of what some advocates and lawmakers have been hoping the Education Department would implement.The Education Department told Insider there are some limitations under the Higher Education Act when it comes to individual liability, but the department can hold executives personally accountable in certain circumstances.In August, House Education Chair Bobby Scott <a href="https://www.businessinsider.com/bobby-scott-cardona-for-profit-college-exeuctives-accountable-fraud-debt-2021-8">urged</a> the Education Department to hold the executives of defunct for-profit colleges, like Corinthian and ITT Technical Institutes, personally liable for money owed to the federal government, and during a November hearing, Federal Student Aid head Richard Cordray <a href="https://www.businessinsider.com/student-loan-debt-richard-cordray-for-proft-executives-financially-accountable-2021-11">told</a> Scott that he "absolutely agrees" with that notion."We see eye to eye on this," Cordray said. "We absolutely agree. More needs to be done to prevent people from abusing these student aid programs, from cheating taxpayers, from cheating students."Scott at the time also referred to a <a href="https://www.defendstudents.org/news/body/docket/100-Day-Docket-Personal-Liability-Report.pdf">paper</a> from student advocacy group Student Defense, which detailed how the Education Department can use its authority under the Higher Education Act to ensure institutions and executives have "skin in the game" and "better protect taxpayers and lead institutions of higher education towards less risky and predatory behavior."Vice President and Chief Counsel of Student Defense Dan Zibel told Insider the group appreciates "the Department's first steps towards holding corporate investors accountable.""It is imperative, however, that the Department neither weaken its authority to hold accountable investors with smaller ownership stakes nor waiver from the Department's commitment to Congress that it will hold individuals—and not just corporate investors—personally liable for harming students or the government," he added.One of the most prominent defunct for-profit schools, ITT Tech, left taxpayers on the hook for $460 million in closed-school discharges in 2016, <a href="https://gizmodo.com/itt-tech-s-collapse-might-cost-taxpayers-half-a-billion-1793445747">according</a> to the Education Department. That's why, in recent years, lawmakers and advocates have been calling for the responsibility to fall on the companies and executives — not those who had no role in the school closure.Along with Wednesday's action, the department has recently taken steps to account for abrupt school closures and predatory actions by for-profit institutions. Most recently, the department announced <a href="https://www.businessinsider.com/student-loan-forgiveness-devry-itt-tech-westwood-minnesota-business-globe-2022-2">$415 million</a> in relief for borrowers defrauded by private institutions, bringing its closed school and borrower defense discharge total to $3.2 billion.

Taxpayers won't have to foot the bill when colleges shut down anymore — but neither will the schools' top executives, Biden's Education Department says

<ul class="summary-list"><li><keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> spent the weeks following the election alleging mass <keyword id="1872946" type="PERSON" weightage="60" keywordseo="election-fraud">election fraud</keyword>.</li><li>His attempts to overturn the results have reportedly cost taxpayers more than $519 million so far. </li><li>More than $488 million was for Capitol security while another $30 million was in state costs.</li></ul>Former President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword>'s attempt to overturn the 2020 election by propagating baseless claims of mass voter fraud have cost taxpayers more than $519 million, an analysis by <a href="https://www.washingtonpost.com/politics/interactive/2021/cost-trump-election-fraud/?itid=hp-top-table-main-24">The Washington Post</a> found. The Post tallied the cost from reviews of local, state, and federal spending records, and interviews with government officials. The costs included legal fees, damage costs from the <keyword id="10554785" type="UNKNOWN" weightage="60" keywordseo="capitol-siege">Capitol siege</keyword> in January, military and security expenses, and more.Not long after the election was declared a victory for President Joe Biden, Trump falsely claimed there was mass election fraud, <a href="https://www.businessinsider.com/trump-falsely-claims-election-being-stolen-votes-just-being-counted-2020-11">saying, with no evidence, that the election was stolen</a>.Trump and his Republican allies spent the weeks leading up to Biden's inauguration filing dozens of lawsuits in swing states attempting to overturn the results, delay certification, or throw out votes. They <a href="https://www.businessinsider.com/trump-campaign-lawsuits-election-results-2020-11">failed to win any of them.</a> Altogether, states spent $2.2 million on legal challenges and security for election officials, the Post found. Pennsylvania, for instance, paid outside lawyers as much as $480 per hour to work against Trump's election fraud lawsuits. At a <a href="https://www.businessinsider.com/biden-tells-senate-focus-on-needs-country-trump-impeachment-2021-1">"Save America" rally shortly before Congress began certifying the electoral vote on January 6</a>, Trump told a crowd of supporters to march to the Capitol and continued to allege mass voter fraud. He also falsely claimed that Congress and Vice President Mike Pence could "decertify" the election results and give him another term. Not long after his speech, supporters <a href="https://www.businessinsider.com/trump-biden-electoral-college-loss-violence-presidential-election-extremism-2021-1">breached</a> the US Capitol and <a href="https://www.businessinsider.com/dc-officer-says-hed-crush-white-nationalist-insurrection-again-2021-1">clashed with law enforcement.</a> The riot resulted in the deaths of five people, including a police officer. The House of Representatives <a href="https://www.businessinsider.com/trump-impeached-second-time-house-of-representatives-capitol-riots-2021-1">impeached</a> Trump for "incitement of insurrection" for his role in the riot. The Senate will hold an impeachment trial next week. The riot led to a demand for increased security around lawmakers and the Capitol ahead of the impeachment trial.National Guard <a href="https://www.businessinsider.com/guard-protection-at-the-us-capitol-cost-taxpayers-500-million-2021-2">troops were deployed to Washington, DC,</a> following the attack and some will remain there until mid-March. The Post reported that the cost for that is at least $480 million. Additionally, the week of the attack, the DC Metropolitan Police spent $8.8 million protecting the Capitol. Costs for repairing the Capitol to clean up the damage of the attack, the cost for the US Park Police to clean up the National Mall, and costs for additional staffing, overtime, and medical bills from Capitol Police are also still unknown. Read also: <a href="https://www.businessinsider.com/biden-white-house-staff-aides-guide-2021-1">The ultimate guide to Joe Biden's White House staff</a>Members of Congress are also now using their publicly funded Members' Representational Allowances, which comes from <keyword id="6380336" type="UNKNOWN" weightage="60" keywordseo="taxpayer">taxpayer</keyword> money, to secure personal protective resources, from bulletproof vests to private security details and surveillance cameras, the Post reported. Acting Capitol Police chief Yogananda Pittman last month <a href="https://www.businessinsider.com/dc-officials-slap-down-proposal-for-permanent-fencing-around-capitol-2021-1">proposed permanently keeping the fence that was installed around the Capitol building following the January 6 riot.</a>The move garnered pushback from local officials, but if it were to be implemented, beyond being approved by the Capitol Police Board, the House and Senate would also have to approve appropriating funds to fortify the building. Read also: <a href="https://www.businessinsider.com/joe-biden-cabinet-diversity-analysis-2021-1">Joe Biden said his Cabinet would be 'the most diverse in history.' We ran the numbers on 7 different metrics to see how diverse his staff really is.</a>States so far also spent $28 million for security relating to the insurrection and inauguration, the Post reported. The costs included protecting their own statehouses following the Capitol attack. For instance, state officials in California spent around $19 million deploying National Guard and state troopers to the state Capitol and other locations between Jan. 14 to Jan. 21, the Post reported.In Texas and North Carolina, taxpayers paid for helicopters to monitor potential protests, and in cities like Lansing, Michigan, and Olympia, Washington, they paid for temporary fencing and extra security details for state lawmakers going to legislative sessions.

Trump's attempts to overturn the election have cost taxpayers more than $519 million so far, Washington Post finds

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://statigr.am/laurenvrussie">statigr.am/laurenvrussie</a></div>Every January, American <keyword id="59866" type="COMPANY" weightage="60" keywordseo="taxpayers">taxpayers</keyword> look forward to <a href="http://www.businessinsider.com/the-complete-guide-to-deciphering-your-w-2-form-2013-1" target="_blank">tax season</a> with one of two feelings: horror or happiness.
Horror, of course, applies to those expecting to owe Uncle Sam a chunk of change. And then there are the happy households that will divvy up the estimated $230 billion the <keyword id="6359816" type="ORGANIZATION" weightage="60" keywordseo="IRS">IRS</keyword> will issue in refunds this year. 
Federal <keyword id="45031" type="PERSON" weightage="60" keywordseo="Tax">tax</keyword> refunds are the single largest lump sum of money average Americans receive in a year, according to TurboTax's <a href="http://americantaxandfinancialcenter.com/2013/01/14/the-impact-of-tax-refunds-on-average-u-s-families/" target="_blank">American Tax &amp; Financial Center</a>—an average of $2,700 per household.
That's nothing to sniff at, and for most families, it's like getting two bonus paychecks in the mail. The vast majority plan on setting the cash aside to pay down debt (42 percent), followed by savings (25 percent) and creature comforts (16 percent) like vacations and shopping. 
Though filing early doesn't necessarily better your odds of getting a refund, history has shown about 84 percent of taxpayers who file by Feb. 15 take home a refund, compared to half those who file in April, according to the ATFC. 
Of course, that probably has more to do with eagerness than anything else. People who estimate they'll get a return will be far more likely to file early, and people expecting to owe money to the IRS are likely to drag their feet 'til the tax deadline. 
See also: <a href="http://www.businessinsider.com/the-hottest-neighborhoods-in-america-in-2013-2013-1">These will be the hottest neighborhoods in America in 2013 &gt;</a>

Tax Refunds Are The Biggest Checks Most Americans Will See This Year

New Delhi, Come January 1, and <keyword id="6354679" type="COMPANY" weightage="20" keywordseo="gst">GST</keyword> taxpayers would be able to pay their <keyword id="535383" type="PERSON" weightage="20" keywordseo="tax-dues">tax dues</keyword> on a self-assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis. <keyword id="9257566" type="COMPANY" weightage="20" keywordseo="the-central-board-of-indirect-taxes">The Central Board of Indirect Taxes</keyword> and Customs (CBIC) will introduce the <keyword id="10425522" type="UNKNOWN" weightage="20" keywordseo="new-quarterly-return">new Quarterly Return</keyword> and Monthly Payment Scheme (QRMP) for GST taxpayers from next year that will allow taxpayers to file only 4 GSTR-3B returns in a year instead of 12 returns at present. As per the scheme, while returns through form GSTR-3B will be filed only quarterly and not monthly as at present, taxpayers would be lower to pay taxes dues on a monthly basis based on a self-assessment method. The self assessment would allow taxpayers to pay their monthly dues based on 100% of net cash liability paid in the previous month or 35% of cash liability paid on the previous quarter or actual self-assessment of tax dues after deducting the input tax credit (ITC). Under the new scheme, GSTR-3B will be filed only at the end of three-month period. Under QRMP scheme, the taxpayer would have the preference to pay their due monthly taxes as per his own choice either by cash ledger or through pre-filled challan which would be 35% of the previous quarter's cash paid or may pay as per actual. Thereby, a small taxpayer would require professional help, as and when required, particularly in the last month of the quarter and can be free from tax-related stress by simply making payment through a system-generated, pre-filled challan. The scheme would impact almost 94 lakh taxpayers, about 92% of the total tax base of the GST, who have an annual aggregate turnover (AATO) up to ₹5 crore, said the Sources in the Department of Revenue (DoR). Sources in the know of the matter said that the QRMP scheme has optional feature of Invoice Filing Facility (IFF) to mitigate business related hardships for the small and medium taxpayers. Under the facility of IFF, the small taxpayers who opt to be quarterly return filers under QRMP scheme would be able to upload and file such invoices even in the first and second month of the quarter for which there is a demand from the recipients. Further, this would engage buyers who earlier used to avoid purchase from the small taxpayers in the want of uploading of invoices in the system on monthly basis. According to Sources, that the taxpayer would need not upload and file all the invoices for the month and could upload and file only those invoices which are required to be filed in IFF as per demand of the recipients. The remaining invoices of the first and second months can be uploaded in the quarterly GSTR-1 return. The IFF would be available up to a cut-off date and credit would flow to the recipient after the cut-off date on filing of the IFF. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

GST taxpayers to get flexibility to decide on monthly tax payment

<ul class="summary-list"><li>Four Republican lawmakers called out the <keyword id="11897874" type="UNKNOWN" weightage="60" keywordseo="education-department" source="Orion">Education Department</keyword>'s lack of transparency on federal student-loans.</li><li>They requested the department provide documents showing the cost to <keyword id="12148806" type="UNKNOWN" weightage="60" keywordseo="taxpayers" source="Orion">taxpayers</keyword>.</li></ul>Four Republican lawmakers want the Education Department to tell them how much the federal student-loan portfolio is truly costing taxpayers.On Wednesday, Rep. <keyword id="12205029" type="UNKNOWN" weightage="60" keywordseo="virginia-foxx" source="Orion">Virginia Foxx</keyword> and Sen. <keyword id="12205030" type="UNKNOWN" weightage="60" keywordseo="richard-burr" source="Orion">Richard Burr</keyword> — top Republicans on the House and Senate education committees — wrote a <a href="https://republicans-edlabor.house.gov/uploadedfiles/1.12.22_student_loan_valuation_letter.pdf">letter</a> to Education Secretary Miguel Cardona requesting he be "forthcoming and timely" in producing records pertaining to the cost of the federal student-loan portfolio.The way these loans would cost American taxpayers is in the case that a borrower defaults, not only would the government miss out on those payments — the borrowers would face wage garnishment and be stripped of federal benefits for falling behind.This request comes as the $1.5 trillion federal student-debt load is continuing to grow, and although federal loan payments have been on pause for nearly two years, many borrowers are <a href="https://www.businessinsider.com/student-loan-borrowers-in-default-after-pandemic-pause-debt-payments-2021-11#:~:text=New%20Ed.,good%20standing%20during%20the%20pandemic.">still in default</a> on their debt and will not be able to afford loan payments when the pause expires on May 1. The lawmakers want to know how the Education Department is assessing those issues — and how it will protect Americans from fronting big bills in the process.<h2>'Confounding' and a 'failure' in government oversight</h2>Along with GOP Rep. James Comer and Sen. Mike Braun, the lawmakers told Cardona his department demonstrated a "failure" to comply with oversight requests given it has yet to release reports on the economic value of the direct loan portfolio and the credit risks associated with it. They added that the department claimed to not have seen some of the reports, which they called "confounding.""It is inexcusable to treat the taxpayer investment in this program with such little respect," the lawmakers wrote, adding that the department's actions are "either blatant obfuscation of the facts or complete incompetence on the part of your leadership team."An Education Department spokesperson <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgovernment-losses-on-student-debt-climb-above-100-billion-amid-pause-on-payments-11642029455">told</a> the Wall Street Journal, it has been working over the last several months "to address members' questions about the federal student loan portfolio and to clarify the methodology used to assess its size and value."One of the documents the lawmakers requested was a report under former Education Secretary Betsy DeVos that cast a dire outlook on the student-loan portfolio. As first <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fis-the-u-s-student-loan-program-in-a-deep-hole-one-banker-thinks-so-11619707091%3Fmod%3Dpls_whats_news_us_business_f">reported</a> by the Wall Street Journal, a JPMorgan executive found that for over three decades, the government had been making the student-loan system look profitable when in reality more and more borrowers were going into default.Given the high default rate, the JPMorgan study concluded taxpayers would be on the hook for $435 billion — significantly lower than the <a href="https://www.businessinsider.com/federal-student-loan-portfolio-biden-budget-taxpayer-losses-2021-6">$68 billion</a> in long-term losses the department estimated in June. The Journal reported the Biden administration did not take into account JPMorgan's data, citing different methodology used to calculate the losses.<h2>Pausing student loan payments costs the government in lost revenue</h2>Along with the cost to taxpayers, the nearly two year pause on student-loan payments has also cost the government more than <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgovernment-losses-on-student-debt-climb-above-100-billion-amid-pause-on-payments-11642029455">$100 billion</a> since the start of the pandemic, according to department data.This isn't the first time Republican lawmakers have expressed concern with the Education Department's lack of transparency. In September, Foxx and Burr wrote in a letter to Cardona that they were "<a href="https://www.businessinsider.com/student-loan-debt-payment-restart-virginia-foxx-richard-burr-concerned-2021-9">deeply concerned</a>" about resuming student-loan payments because there were not sufficient details on what the transition back into repayment would look like."The lack of clarity and guidance about the process surrounding returning borrowers to repayment is as troubling as the process is uncertain," they wrote.The lawmakers are giving the Education Department one week to provide a schedule for disclosure of the requested documents.

4 Republican lawmakers ask how much student debt costs taxpayers and slam Biden's 'complete incompetence' in disclosing that

New Delhi, The government's decision on mandatory payment of at least 1% of <keyword id="10497869" type="UNKNOWN" weightage="20" keywordseo="gst-tax-liability">GST tax liability</keyword> in cash will impact only around 40,000 to 45,000 taxpayers but help the entire system curb the menace of fake ITC availment and <keyword id="38388" type="ORGANIZATION" weightage="20" keywordseo="operation">operation</keyword> of fly-by-night operators, sources in <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the finance ministry</keyword> said on Saturday. Based on the recommendations of <keyword id="10283255" type="COMPANY" weightage="20" keywordseo="the-gst-law-committee">the GST Law Committee</keyword>, the government has notified <keyword id="10497871" type="UNKNOWN" weightage="20" keywordseo="new-indirect-tax-rules">new indirect tax rules</keyword> that makes cash payment of 1% of GST tax liability mandatory for businesses whose <keyword id="10497870" type="UNKNOWN" weightage="20" keywordseo="taxable-supply-value">taxable supply value</keyword> exceeds ₹50 lakh. This change will come into effect from January 1, 2021. Sources in department of revenue said data indicated out of the total GST tax base of 1.2 crore taxpayers only around 4 lakh taxpayers have supply value greater than ₹50 lakh, and only around 1.5 lakh out of these 4 lakh taxpayers pay less than 1% tax in cash. So, the changes would include only a <keyword id="4473154" type="PERSON" weightage="20" keywordseo="small-section">small section</keyword> of taxpayers. Moreover, the DoR sources said with exclusions around 1.05 lakh taxpayers get further excluded from these 4 lakh. Thus, the rule would apply only to about 40,000 to 45,000 taxpayers. This would be around 0.37% of the total GST tax base of 1.2 crore taxpayers. "The data clearly indicates that a small fraction of taxpayers would need to pay 1% of GST liability in cash. Moreover, the rule is clearly for businesses whose taxable value of supply exceeds ₹50 lakh, so the measure would not affect small businesses or increase their working capital requirement," sources said. Under the new rule cash payment of 1% is to be calculated on the tax liability in a month and not turnover of the month. For example, if the turnover of taxable supplies of a taxpayer is ₹100 in a month and he is required to pay GST of 12% on his output taxable supplies, then he will be required to pay 1% of ₹12, i.e., ₹0.12 (12 paisa) only in the month through cash under this rule. Therefore, the net requirement of cash payment will be only 0.12% of the turnover in such a case, finmin sources said citing another example, if a dealer has made sale of ₹1 crore of the goods whose tax rate is 12 per cent and if he is discharging his tax liability more than 99% through input tax credit (ITC) then he has to pay only ₹12,000 under this rule. The rule clearly identifies where the risk to revenue is high and imposes very reasonable cost to deter the fraudsters in a multi-layered fraud of ITC, said the sources. The government had notified the cash rule to curb fake ITC availment and passing on of such credit by unscrupulous persons who generally pay no tax in cash, particularly in those risky cases where GST turnover does not match with the income tax returns. Such registered person will not be able to use the amount of ITC available in electronic credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability. At least 1% liability would need to be discharged in cash. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources

The new tax regime (<keyword id="6354892" type="General" weightage="80" keywordseo="ntr" source="Orion">NTR</keyword>) will now be considered as a default regime, but it may not necessarily be a better option for all the taxpayers, experts said. Preeti <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword>, Partner, Tax and Regulatory Services, BDO India, said that <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has made conscious efforts to make the NTR more attractive for the taxpayers. "The NTR shall now be considered as a default regime for all the taxpayers, but that does not necessarily mean a better regime for all. Taxpayers still need to look at their personal situation, various investments and expenditure that are eligible for tax exemption under the old regime and then decide which regime is better for them," Sharma said. Although the NTR is the default regime, an individual still has the option to opt for the old regime if the same is more beneficial in terms of tax outflow, Sharma said. Deepashree Shetty, Associate Partner, Tax and Regulatory Services, BDO India, said several measures have been introduced to promote the NTR for individual taxpayers. These include increasing the basic exemption limit, change in the income slabs, extending the scope of tax rebate, extension of standard deduction, etc. The proposal to make NTR as the default tax regime supports the government's initiative to digitise and simplify the tax process for individuals. This would also mean significant changes in the payroll procedures of employers for salaried taxpayers, Shetty said. The income in personal income tax is expected to raise disposable incomes and transition the taxpayers to the new tax regime. Suman Chowdhury, Executive Director and Chief Analytical Officer, Acuite Ratings &amp; Research, said, "The rationalisation of the personal income tax structure is expected to lead to two things (i) raise disposable incomes for the middle class, particularly the younger taxpayers (ii) transition of the taxpayers to the new tax regime with minimal exemptions and lower and simpler tax slabs. This is expected to give a moderate boost to domestic consumption." S. Ranganathan, Head of Research at LKP Securities, said, "Thee Budget has put more money in the hands of the people through relief from income tax which to our mind is a very positive step." <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> on Wednesday announced new tax slabs for 2023-24, under which no tax will be payable for income up to Rs 7 lakh per annum under the new income tax regime. "Currently, those with an income of up to Rs 5 lakh don't pay any income tax. I proposed to increase the tax rebate limit to Rs 7 lakh in the new tax regime," Sitharaman said in her Budget speech. A tax of 5 per cent would be levied on total income between Rs 3 lakh and Rs 6 lakh, 10 per cent tax would be imposed on income between Rs 6 lakh and Rs 9 lakh, while it will be 15 per cent on income between the range of Rs 9 lakh and Rs 12 lakh. On the income range of Rs 12 lakh to Rs 15 lakh, 20 per cent tax would be levied, while the tax would be 30 per cent on an income slab of Rs 15 lakh and above, the finance minister informed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-stipend-to-47-lakh-youth-under-apprenticeship-scheme/articleshow/97522243.cms">Budget for stipend to 47 lakh youth under apprenticeship scheme</a>

You Searched For "taxpayers" and got 10 results

PM to launch platform to honour honest taxpayers on August 13

PTI

Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG

PTI

How to check TDS, dividend income, and income tax refund using the AIS for Taxpayers app

Sourabh Jain

Taxpayers won't have to foot the bill when colleges shut down anymore — but neither will the schools' top executives, Biden's Education Department says

Ayelet Sheffey

Trump's attempts to overturn the election have cost taxpayers more than $519 million so far, Washington Post finds

Sarah Al-Arshani

Tax Refunds Are The Biggest Checks Most Americans Will See This Year

Mandi Woodruff

GST taxpayers to get flexibility to decide on monthly tax payment

IANS

4 Republican lawmakers ask how much student debt costs taxpayers and slam Biden's 'complete incompetence' in disclosing that

Ayelet Sheffey

Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources

IANS

New tax regime may not be necessarily beneficial for all taxpayers: Experts

IANS

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