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.
After coming out of CBI headquarters in New Delhi, Chidambaram said he had appeared before the CBI and the first information report did not contain any allegations against him.
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At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The Income Tax department will hold public meetings every Wednesday to resolve taxpayers grievances and tax issues as part of the 'Good Governance' initiative mooted by Prime Minister Narendra Modi.
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
Congress leaders have hit out at the BJP governments at the Centre and in Karnataka, questioning its timing.
The recently promoted Commissioners will now take charge and ensure faster work.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
Earlier, taxpayers were required to fill in complete details.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
Investors in Reit would like some favourable tax treatment so that this remains an attractive route for them to put money as compared to other options present in the market.
The reduced growth is largely because of consumption slowdown and tax rate cuts.
Legal hurdle cited in I-T action against 32,000 entities.
Former Bharatiya Janata Party president Nitin Gadkari on Sunday denied he had threatened income tax authorities but insisted that the raids conducted on some companies. allegedly associated with his Purti Group. were a part of a conspiracy to malign him and his party. "I never threatened the I-T Department or its officials. I have full faith in the professional integrity of the department. Unfortunately, my public statements have been distorted," Gadkari said.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
Financial Intelligence Unit will also provide information in this regard to the Income Tax department.
The move comes less than two months after the Union Budget clarified that returns from pass through certificates were tax-exempt.
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
Sources say bills were inflated by the company and not recorded correctly.
Some companies are charged with undervaluing their assets.
Income Tax dept will launch over 100 fresh prosecution complaints.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
The department on March 21 asked the firm to submit the amount of Rs 2,000 crore in about a week's time, I-T department sources said on Thursday.
First phase likely to cover 150,000 assesses; rest to be handled in a systematic manner in due course.
The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country.
The Minister assured that the I-T department would take a benign view of assessees volunteering to file returns and clear their dues and interest.
The Election Commission has come across instances of suspected violations of the Foreign Contribution Regulation Act by Congress and the Bharatiya Janata Party in their acceptance of donations from subsidiaries of multi-national firm Vedanta group.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
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