The OTP will be sent on the registered mobile number and email of the individual
Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent - much below the national average of 12 per cent.
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
The department gets data of high-value transactions under the Annual Information Return.
Department seeks investor database on the suspicion of fictitious investors.
The BJP is has set its sight on regaining power by winning 150 out of 224 assembly seats.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
While the concerned property may be confiscated, a person indulging in such a transaction is liable to pay a fine up to 25 per cent of fair market value of the property
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
The Income Tax department has issued notice to a firm owned by Robert Vadra as part of its probe to understand the "financial structure" of the company and real estate projects undertaken by it.
The investigating officer of the case had grilled him for over four hours on Friday and about eight hours on Saturday as part of the probe.
While making his first appearance on Friday, after he arrived by air from Bengaluru, the Kanakapura MLA had said he will cooperate with the ED probe.
Polling in Vellore was scheduled on April 18.
Those people without the Aadhaar number have found a loophole in the system
The I-T dept has issued 87 notices under section 24 of the said Act
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.
The new Income Tax return forms are much simpler in many respects.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
The trouble for Ashok Lavasa's family began a few months back when his wife, Novel Singhal Lavasa, came under the scanner of the income tax department on charges of alleged tax evasion.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
The Income-Tax department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17
The Enforcement Directorate on Wednesday said it has arrested two persons in Chennai for alleged illegal exchange of Rs 6 crore in old notes "in connivance with" sand-mining baron J Sekhar Reddy as part of its money laundering probe post demonetisation.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
Taxpayers are allowed to make the changes under certain circumstances
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
The new office will have its base in the national capital.
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
You can electronically verify returns and regularise these by August 31.
Vodafone on said it is seeking legal advice to challenge the Bombay High Court order that dismissed its plea against the I-T department's Rs 12,000 crore (Rs 120 billion) demand in tax and penalty on the company's acquisition of Hutchison Telecom in a deal of about Rs 50,000 crore (Rs 500 billion).
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
As per a notification issued on Wednesday, banks, co-operative banks and post offices will have to report to the tax department cash deposits exceeding Rs 50,000 in a single day or aggregating to more than Rs 2.5 lakh during the period November 9, to December 30, 2016.
Officials close to the development said the I-T department's suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has said charitable organisations enjoy a double deduction by claiming tax breaks through both depreciation and capital expenditure write-offs.
Officials explained that the basic condition for charitable bodies to claim exemption is that the income should be derived from property held under a trust and the income should be applied to charitable or religious purposes in India.
Sixty-eight paintings that once belonged to fugitive diamond merchant Nirav Modi will go under the hammer next week.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances