Income Tax Computation

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  New Income Tax Bill Won't Breach Taxpayers' Online Privacy: Report

  The new Income Tax Bill prescribes the existing process for tax authorities to gain access to the digital space or a computer device only during search and survey operations, a top official said.

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  Opinion: North-South Row - Why Both Centre & States Need To Course-Correct

  The Centre needs to revisit the 'income distance' criterion, which gets a heavy weightage in the computation of tax devolution. Southern states, in turn, need to address their own pain points. It's give some, take some.

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  Income Tax Raids Bengaluru Office Of China Computer Maker Lenovo: Report

  The income tax officials visited on Wednesday a factory of Chinese Personal Computer maker Lenovo Puducherry and one of its offices in Bengaluru city as part of an inquiry, two sources told Reuters.

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  Explained: Difference Between Income Tax and TDS (Tax Deducted At Source)

  There is a lot of difference between income tax and TDS. Both the taxes have a different mechanism when it comes to computing them

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  TDS Refund Scam: CBI Registers Case Against 3 I-T Officials For Duping Department Of Crores

  According to the department, the scam came to light when an assessing officer noticed the computation of refunds for assesses under section 154 of the I-T Act.

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  For Long-term Capital Gains Calculations, I-T Department Notifies Index

  The cost inflation index is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation

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  Government Warns Banking Users of Android Malware That Pretends to Help Generate Income Tax Refunds

  The government has warned Android users in India about a malware called Drinik that promises to help with generating income tax refunds. T​​he Indian Computer Emergency Response Team (CERT-In) said in its advisory that customers of more than 27 Indian banks have already been targeted with the malware.

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  Union Budget 2021: Tax Deducted In Foreign Country Should Be Treated As Income

  The computation of income is often disputed if taxes have been withheld outside India and corresponding income is offered for taxation in India, as Section 198 does not specifically mention taxes withheld outside India

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  Malware Found Hiding in Fake Income Tax Department Emails, CERT-in Warns

  An information stealing computer malware, masking as a message from the Income Tax Department, has been found prowling in the Indian cyberspace, a federal cyber-security agency has warned in a recent advisory.

• Opinion: Time To Relook At ICDS Provisions

  If the treatment suggested by the ICDSs is incorporated in the Income Tax Act, it would certainly help the department in reducing the repetitive litigations on various matters.

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  Income Declaration Scheme: Taxman Clarifies On Gains From Property Sale

  Capital gains tax on future sale of immovable property disclosed under the black money disclosure scheme will be levied from date of its acquisition, while for other assets, it will be computed from June 1, the day the scheme became operational, CBDT said.

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  I-T Department Cautions Taxpayers Against Fraudulent E-Mails

  The income tax department on Wednesday warned tax payers against phishing/fraudulent refund emails saying it does not seek details of personal information such as PIN through e-mail.

• Government Proposes New Tax Accounting Standards for Businesses

  To ensure consistency as well as clarity on taxation issues, the Finance Ministry has proposed new tax accounting standards related to income computation and disclosures by businesses.

• Satyam founder Raju, wife, kin convicted for evading income tax

  A local court on Thursday convicted directors of 19 companies whose promoters included wife and sons, family members and relatives of Satyam Computer Services Ltd founder B Ramalinga Raju for allegedly evading income tax.

• Taxpayers to get unique number for complaints

  Taxpayers having grievances regarding their income tax refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months.