Centralised Processing Centre News Today

Fresh tax notices to FPIs over capital gains : Rashtra News The I-T department has asked multiple foreign portfolio investors (FPIs) to cough up more taxes on their capital gains after denying set-off and tax treaty benefits, people aware of the development said. The notices were issued by the Centralised Processing Centre (CPC) of the

TDS on salary, income tax refund: A salaried is required to choose tax regime twice - one for tax deducted on salary by employer and secondly while filing ITR.

As per a Budget announcement, the Income Tax department has set a limit of ₹1 lakh per assessee for the withdrawal of small tax demands.

Exclusive for Subscribers from Monday to Friday: Why Interim Budget 2024 is relevant to the UPSC preliminary as well as for UPSC main exams? You can learn more by reading the Indian Express UPSC Key for February 2, 2024.

In an interview, Malhotra said while the corporate tax cut in 2019 has resulted in about 57 per cent of the corporate tax mop up now coming from the reduced bracket, he is hopeful of a similar traction from the new personal income tax regime that was tweaked last year.

Different sectors in India have put forth their needs and demands. Here are 15 important things in the wish list of the common man regarding income tax.

NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue.

Various experts have varied views about Form-71 which is used by individual taxpayers to claim TDS credit if it was not deducted in the year when the income was generated. At present a duly filled up Form 71 is submitted online and then the AO checks the claim and either grants or rejects the TDS credit.

The issues identified encompass the disallowance of claims for deduction under sections 80-IE and 80-JJAA of the Income Tax Act

From Assessment Year 2023-24, individuals will have the flexibility to submit a fresh ITR after discarding the previous submission, without having to verify the original, discrepancy-ridden return