The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'...so cases that arose under the existing Act will be adjudicated under the old provisions.' 'Care has been taken to ensure that the new I-T Act does not give rise to interpretational issues.'
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Here's a simple primer to what actually Form 16 is and what must be done with it.
You don't need to be intimidated by the thought of filing tax returns
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
Several politicians said they were not even aware of the provision in the UP Act.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Understanding severance pay isn't just for those who are losing their jobs
Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
Prashant A Bhonsle explains the tax benefits you can avail under Section 80E of the Income Tax Act.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
'The hearing is not adversarial but inquisitorial in nature -- it allows Sebi to examine the context, the strategy, and the intent behind the trades, particularly when algorithmic and expiry-day trading are involved.'
"The CBDT extends the 'due date' for filing of ITRs as well as reports of Audit (which were required to be filed by the said specified date) from September 30, 2018 to October 15, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
'Any earnings, regardless of location, will be subject to Indian income tax.'
Disclosing an individual's income-tax returns is tantamount to violating the person's fundamental right to privacy as recognised by the Constitution.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
Under the provisions of Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals or HUFs when agricultural income is in excess of Rs. 5,000, it is aggregated with the total income for the purposes of computing tax on the total income in a manner which results into "no" tax on agricultural income but an increased income tax on the other income.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
rediffGURU T S Khurana answers readers' personal income tax queries.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
The Enforcement Directorate (ED) has secured a 13-day custodial remand for Jawad Ahmed Siddiqui, chairperson of the Al Falah group, accused of generating over Rs 415 crore dishonestly from students. The ED claims Siddiqui has incentives to flee India as his family is settled in the Gulf.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
The government may relax the requirement of making payments to MSMEs within 45 days of buying goods and services to check large corporate from looking at other sourcing avenues, sources said. The announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the Income Tax Act made by MSMEs during pre-Budget consultations, sources said.
In a few months' time the taxman will coming knocking on your door.
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