The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
Amid economic uncertainties owing to the pandemic, the government's key revenue agency, the Income Tax Department, has close to 400 vacancies at commissioner level and above, affecting its functioning. Seventy-three of the 91 chief commissioner positions are lying vacant, with some for more than a year. Chief commissioner is the second-highest post in the department, below principal chief commissioner, which is at par with secretary in a ministry.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
The contentious issue that Tata Trusts is challenging is the date of the order, which makes it liable to pay a much higher amount of tax under the new tax provision introduced in June 2016 concerning charitable trusts.
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
He says current arrangement is working fine.
Congress president Sonia Gandhi on Wednesday wrote to the Enforcement Directorate seeking postponement of her appearance by a few weeks till she recovers completely from Covid and a lung infection.
The government on Monday ordered a probe into the leaks of recorded tapes of conversations between corporate lobbyist Niira Radia, her clients and certain journalists among others.
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
"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.
"We condemn this and resolve to continue and intensify our collective fight against the anti-people, anti-farmer, anti-Constitution policies of the Modi 'sarkar' that is destroying the social fabric of our society," they also said in the statement.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
Field formations may re-examine cases from 1997.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The notices were issued to Bhave on September 14, 2010 and January 24, 2011, when he was at the helm of Sebi.
Direct tax collections missed the revised target for 2019-20 by Rs 1.42 trillion at Rs 10.27 trillion, an 8 per cent fall over the previous year.
With the liberalisation of the Indian economy and opening up of capital markets for domestic and institutional players, there was clearly a case to re-examine the 1989 guidelines.
Home Minister P Chidambaram has asked the Central Bureau of Investigation and Central Board of Direct Taxes to probe the leakage of the conversations between corporate lobbyist Niira Radia, leading business tycoons and media persons.The tapes, first leaked by a national magazine, have now found their way to several media organisations and journalists.On Monday, the apex court directed the government to probe the leakage of the tape.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
Recently, Finance Minister Pranab Mukherjee had assured industry that the government was open to re-examining proposals in seven key areas.
Opposition members in the Lok Sabha on Monday blamed the Bharatiya Janata Party-led central government's policies for the price rise and accused it of ignoring the plight of common people, saying kitchens will soon "see a lockdown" if the Centre does not take corrective measures.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances