A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
The dates of general elections in 2019 and the presentation of the final Budget of the Modi government are so far removed from each other that Jaitley is not under any pressure to present a populist Budget. Instead, he could well unveil an array of schemes and proposals that he believes are necessary for the economy, even if a few of them could be unpopular, says A K Bhattacharya.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
CBDT sets up committee to detect leakages in tax-exempt sectors.
In the post-demonetisation phase, the govt's tax revenues have ended up soaring in November.
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.
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
Apart from developers of special economic zones and units operating out of them, the proposal will also affect companies in power, infrastructure, food processing, hotel and hospital sectors, among others.
Senior finance ministry official said the economic affairs department cleared the proposals on Friday.
User and live accounts test done, software to roll out country-wide in a year.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
The CBDT has initiated a major exercise for issuing refunds and has also written a number of letters to field offices to expedite the process.
Reduction in corporate tax rate: In view of the fact that the present Budget is expected to be intermediate in nature, insofar as it would pave the way forward for DTC, it will be commendable if CTR in FY 2012-13 is brought down at least to match the proposed rate of flat 30 per cent in the DTC.
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.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
The Supreme Court on Wednesday issued notices to the Centre and the Reserve Bank of India on a petition seeking probe into the alleged money laundering by the trustees of Mumbai's Lilawati Hospital.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
The government had budgeted revenue realisation for 2012-13 fiscal at Rs 10.38 lakh crore (Rs 10.38 trillion).
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
IDS-2 and raids to uncover black money stash keep receipts flowing
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.
Plans to outsource record-keeping to private entities.
Taxable assets have been defined to include deposits in banks outside India.
The proposal was announced in the Union Budget on Monday.
Percentage of liberalization is yet to be seen, but this for sure will open inroads for significant developments in the industry.
TDS has been successfully used for direct taxes like the income tax.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
General Budget is a terminology earlier used to differentiate between the Union Budget with the Railway Budget. Full-fledged budgets are titled "Union Budget", while interim Budgets are titled just that.
"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.
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