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.
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.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
After more than two decades and three attempts, the government has finally sold its flagship national carrier Air India, and it is deja vu for Maharaja as it returned home to its founding father the Tata group. Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932 and named it Tata Airlines. In 1946, the aviation division of Tata Sons was listed as Air India, and in 1948, the Air India International was launched with flights to Europe. The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest. In 1953, Air India was nationalised and for the next over four decades it remained the prized possession for India controlling the majority of the domestic airspace.
Polling in Vellore was scheduled on April 18.
As many as 500,000 people out of these 18 lakh people who have been sent SMS and e-mail are not registered in the e-filing portal
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
'If more than 60 commissioner-level tax officials were compulsorily retired in the span of a few months, surely the malaise is far deeper,' notes A K Bhattacharya.
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
The Uddhav Thackeray-led Maha Vikas Aghadi government in Maharashtra which completes two years in power on November 27 has survived against all odds amid the coronavirus pandemic.
No attention to detail seems to have been paid while introducing such a major provision and the wide arc of people it will take in its ambit, states Harsh Roongta.
Samajwadi Party chief Akhilesh Yadav on Sunday accused Uttar Pradesh Chief Minister Yogi Adityanath of getting his telephones tapped and listening to the conversation every evening.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
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The court observed that the Sales Tax Department ought to have given an opportunity to Nokia and heard its objections over the Rs 2,400-crore tax dispute.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
If, as promised, the refunds are done within 24 hours it will obviate one of the biggest reasons that taxpayers distrust the tax department -- delayed refunds especially in cases of large refunds.
The two central premier investigative agencies - Central Bureau of Investigation and Enforcement Directorate - have asked their officials to focus more on digital evidence, e-forums and social media to crack down on offenders. These are a crucial part of prosecution amid the second wave of the pandemic. The Income Tax Department is going full throttle on data analytics to issue notices in time-bound cases. Further, sleuths have been given electronic devices including laptops with secure connections, which keep data encrypted and inaccessible.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Peeved over the silence of leaders of separatist groups, their factions in Pakistan and in occupied-Kashmir are making desperate attempts to foment trouble in Jammu and Kashmir by giving calls from across the border for 'bandhs' and strikes to mark the death anniversary of Mirwaiz Farooq and Abdul Gani Lone, officials said.
"I have earlier appeared for the inquiry five times. The Anti-Corruption Bureau (ACB) had filed a C-summary report in a Pune Court that there is no truth in the allegations and the case be closed," he said.
Ernst & Young is appointed as valuer for Nokia India's Chennai mobile making plant
Chidambaram mocked her with a tongue-in-cheek tweet.
The cash was neatly packed in 94 packets and envelops on which the ward number, number of voters and the amount of Rs 300 per voter was written.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
Tax officials saidsome instances of "asset transfers" are also under their scanner
On June 30, the department had rejected the sole bid of Rs 1.09 crore offered by the United Arab Emirates-based aviation support firm Alna Aero Distributional Finance Holdings, against a reserve price of Rs 152 crore
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
A total of 25,446 Chinese made electronic and Fast Moving Consumer Goods (FMCGs) were seized from the warehouse on Old Airport Road during the recent raids.
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