All entities operating in India must fully comply with relevant laws, External Affairs Minister S Jaishankar Wednesday told his British counterpart James Cleverly, who raised the BBC tax surveys issue during a meeting with him.
CBDT feels 30% growth in income-tax not feasible.
A series of decisions were taken under the Public Health Department, including an approval to increase honoraria for field-level workers engaged under the Ayushman BharatPradhan Mantri Jan Arogya Yojana and Mahatma Jyotirao Phule Jan Arogya Yojana.
In a relief to Indian companies, the Income-Tax Department has decided to suspend collection of taxes if the Mutual Agreement Procedure is invoked by a US-based entity under the Indo-US Double Taxation Avoidance Convention. To avoid hardship to taxpayers, the competent authorities of India and the US had entered into a memorandum of understanding regarding suspension of collection during the pendency of MAP in 2003.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
Notably, Pakistani journalist Ali, cited the BBC documentary on the 2002 Gujarat riots and said he "regretted" that no US official had criticized it, while the US State Department highlighted the close relationship between the two countries, especially over shared values.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The Comptroller and Auditor General of India report for 2010-11 on direct taxes, tabled in Parliament on Friday, revealed that 958 lakh (95.8 million) PANs were issued up to March 2010 but IT returns filed in the last fiscal were only 340.9 lakh (34.09 million).
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
The object of AIR is to identify large financial transactions in respect of certain items.
The rejection of the pleas of the top Congress leaders, including Oscar Fernandes, will pave the way for the Income Tax Department to scrutinise their records for the assessment year 2011-12.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The tax department surveyed the office of the news portal located at Sarvodaya Enclave in south Delhi on Friday along with that of another digital news platform Newsclick in Saidulajab area (south Delhi) on charges of alleged tax evasion.
The Income Tax Department invites all artists and designers, both professionals and amateurs, to develop a Mascot to be used in all advertising and communications of the Department.
The Income Tax Department has put on its Web site the list of tax refunds that could not be sent to salaried taxpayers for want of correct address.
Without Form 16, tax computation becomes cumbersome
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
Undisclosed income has been detected in respect of 10 assessee groups which included those linked to AIADMK leader V K Sasikala.
Bank employees want a five day work week.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be 'captivating' and 'inspiring', particularly to the young and future taxpayers.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Vodafone had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Of the total tax arrears, the two scam-tainted brokers -- Ketan Parekh and late Harshad Mehta -- accounted for Rs 30,000 crore (Rs 300 billion).
