If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
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Moving quickly towards ending a retrospective tax dispute with a firm that gave India its largest oilfield, the government has accepted Cairn Energy PLC's undertakings which would allow for the refund of taxes, sources said. Meeting the requirements of the new legislation that scraps levy of retrospective taxation, the company had earlier this month given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government has now accepted this and issued Cairn a so-called Form-II, committing to refund the tax collected to enforce the retrospective tax demand, two sources with direct knowledge of the development said.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
Congress leader Rahul Gandhi was questioned for over eight hours by the Enforcement Directorate for the second consecutive day in the National Herald money-laundering probe and was again summoned on Wednesday, even as the opposition party continued its protests and sparred with the BJP, accusing it of conspiring to defame the Gandhi family through the ''false'' case.
'We will be hoisting the tiranga, but this kind of celebration is uncalled for when the farmers in this country are dying by suicides, their families are ravaged by poverty and farmers are not enjoying any freedom.'
In a tweet in Hindi, Rawat said, 'Isn't it strange that the organisational structure at most places, instead of extending a helping hand, is standing with its head turned away or playing a negative role at a time when I have to swim across the ocean of elections.'
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
Pawar laughed at the suggestion that he wanted to finish Fadnavis and BJP leader Girish Mahajan politically.
The Income Tax Department on Wednesday raided the homes and offices of Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap as well as his partners who launched the now shuttered production house Phantom Films, officials said.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
Tax department feels that the second quarter would be much better than the first quarter of the year as the economy has started improving.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
day after Finance Minister Nirmala Sitharaman announced a Rs 1 lakh crore spending package, a top government source said the Centre has not closed its options for another stimulus package.
Congress leader Rahul Gandhi was questioned for over 10 hours by the Enforcement Directorate in a money-laundering probe linked to the National Herald newspaper and was called to depose again on Tuesday, as his party protested across the country, alleging that the Centre was targeting the Opposition by misusing agencies.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
'Quite a few notices have been issued in both black money and benami transactions.'
Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
It is expected that her statement will be recorded under the Prevention of Money Laundering Act and she would be confronted with documents and statements made by Shivakumar with regard to a trip to Singapore he made with his daughter in 2017.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
In coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka -- the former deputy chief minister and former MP R L Jalappa's son J Rajendra.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
The Congress in Karnataka on Wednesday found itself in a tight spot after a video showed a purported conversation between the party media coordinator M A Saleem and former Lok Sabha member V S Ugrappa attributing the Congress state president D K Shivakumar's involvement in a scam when he was a minister.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
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