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.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
The reward could vary between 1% and 5% of the total tax paid.
The deadline extended till March 31, 2019.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
While the exact figures of the total number of taxpayers who will be honoured is not known, officials said these numbers would be few lakhs.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
In June last year, the government had said that PAN has to be linked with the biometric ID by March 31.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
A senior CBDT official said the idea was to use TDS as a major driver to meet the stiff direct tax collection target of Rs 5.33 lakh crore in the current financial year.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
On Wednesday, in a significant ruling that may result in $2 billion (Rs 10,000 crore) flowing into government coffers, the Bombay high court had dismissed a writ petition filed by telecom major Vodafone International Holdings BV challenging the Income Tax (I-T) Department's jurisdiction to assess whether the over $11 billion Hutchison-Vodafone transaction was liable for capital gains tax.
Soon after being discharged, Mishra said he would go to the offices of the Central Bureau of Investigation and the Central Board of Direct Taxes to lodge complaints against Chief Minister Arvind Kejriwal whom he had accused of corruption.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
The new measure will ease the process of quick generation of refunds of taxpayers.
As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The Central Board of Direct Taxes recently notified rules under which an entity based in a 'notified jurisdictional area' will have to give an undertaking to share information in a prescribed format.
Tax wing scanning cash deposits between Rs 5-10 lakh
The income tax department is asked to keep names of blackmoney holders under wraps.
A taxpayer, who feels unsatisfied by an order of a tax assessment officer or thinks it is irrational, can petition the committee which will be publicised in the media by the respective tax regions.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
Actor Taapsee Pannu and director Anurag Kashyap resumed shooting for their film Dobaaraa on Saturday, both using social media to speak for the first time since Income Tax raids on their premises with posts indicating their spirit remained intact.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances