Information gathered from a person's social media account will be matched with his or her declared income.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
Finance Minister P Chidambaram wants tax payers to pay advance income tax in time like he did.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
Noted lawyer Ram Jethmalani on Monday announced his "break-up" with Prime Minister Narendra Modi and said his "diminishing respect" for Modi has "ended".
If you are making any drastic changes, make sure there is adequate documentation
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
A high power committee comprising heads of various probe agencies and specialised departments has been constituted to monitor the investigation and steps taken to bring back black money stashed in foreign banks, Government told the Supreme Court on Monday.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
Breather for FIIs: MAT assessments, fresh notices put on hold.
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The CBDT is understood to be 'seriously considering' recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme announced in 1996 to tap funds lying abroad for productive use in India.
The finance ministry has directed the Central Board of Direct Taxes to put in place a framework for an Advance Pricing Agreement mechanism, two officials familiar with the development said.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
Rs 6,000-cr disclosure just four days before scheme ends
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
The finance ministry has introduced simpler income tax return forms 'Sahaj' and 'Sugam' aimed at reducing compliance burden on salaried persons and small businessmen.
Post demonetisation, there has been a hike in collection of personal income tax
The step had been taken to lend the required 'authenticity' to electronic communications.
The Central Board of Direct Taxes (CBDT) has signed up the country's three top economic think tanks to arrive at an official figure. This will help the government frame policies to tackle the problem.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
I-T department raises tax demand on them for unpaid tax deducted at source
Domestic financial institutions and mutual funds on Wendesday pitched for rationalisation of tax provisions to improve ease of doing business in the country.
There has been an unprecedented surge in number of returns being e-filed.
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
You can electronically verify returns and regularise these by August 31.
"Unprecedented" direct taxes collection of Rs 7.90 lakh crore in 2010-11 has "greatly strengthened" the country's efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
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