Fifty other entities, including the Congress, have been served notices
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, she said.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
The anti-corruption watchdog posts have been vacant for the last nine months.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
CVC K V Chowdary and Vigilance Commissioner T M Bhasin completed their tenure at the anti-graft body on Sunday and Monday respectively.
The new office will have its base in the national capital.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
Income Tax dept to enhance prosecution against large defaulters.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
Undisclosed income to the tune of Rs 90,000 crore (Rs 900 billion) was detected during 2013-14 in various searches and surveys conducted by the Income Tax department, a top official from the Central Board of Direct Taxes (CBDT) said.
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
Nokia may be allowed to sell Chennai mobile plant.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
The regulations will only apply to the share purchases that have been done after October 1, 2004
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Analysts warn that complying with the new standards will be a cumbersome process for companies, particularly smaller ones.
Taxpayers should be getting their refunds online.
The minister said any declaration made under the law will be protected
CBDT was considering discontinuing these bonds in the coming Union Budget.
'The numbers are null and void now. Look, we can give out projections now, but we know that a week later those numbers will also be irrelevant. So we need to wait,' a top government official said.
The extension has been given considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, it added.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
In its reply to the tax reminder notice sent by the revenue department last week, Vodafone had said it believes it is not liable to pay tax for its $11.2 billion acquisition of Indian telecom business of Hutchison Whampoa.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
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