The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
Here's how the move will affect the banks' customers.
The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
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.
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
The tax payers base is just over 4 crore (Rs 40 million).
The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
The tax department is working to ensure that there is no loophole in the compliance window.
Apart from shell companies, 'vanishing' companies are also on the ministry's radar. As many as 400 companies are not traceable, despite being listed on the bourses.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
'This issue is related to national security because they were compromising the entire capital markets's core infrastructure by leaking confidential information.' 'What would have happened if the servers had come down?' 'Or some confidential information leaked to terrorists who could have knocked out our capital market?'
Post demonetisation, there has been a hike in collection of personal income tax
Shivakumar, who is in ED's custody since September 3 in connection with a money laundering case, was earlier taken to the Ram Manohar Lohia hospital on Thursday.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
Tata Sons chairman N Chandrasekaran on Thursday said even though a "hybrid" model will be the new normal in future, India's largest software exporter TCS will ask employees to come to work once the pandemic is over as social interactions are a social necessity. "I do want to make the point that people need to meet people. It is a social necessity. "So, there will be a shift towards moving people to work when the pandemic gets over," Chandrasekaran, who also chairs TCS, said at the company's annual general meeting. At present, 97 per cent of the company's staff have been working from their homes because of the pandemic, he said, admitting that a "hybrid" model where people work from homes and also from offices will be the new normal.
While the virus out there meddling big-time with our lives, danger is lurking in our email boxes too.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
It's possible to curb tax evasion using high-end technology. But it requires an honest intention to make use of the treasure trove of data that is captured, points out Harsh Roongta.
Weeks ahead of the Tamil Nadu assembly elections, V K Sasikala, expelled All India Anna Dravida Munnetra Kazhagam leader and close aide of late chief minister J Jayalalithaa, on Wednesday announced that "she will stay away from politics," but would pray for the "golden rule" of the late party supremo.
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
Verification process to be made robust after detection of frauds
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
According to sources, the tax department has prepared a list of non-filers based on their information records.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The sanctioned strength of department is 57,793 while the working strength is 40,756; thus a shortfall of 29.47 per cent, the Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.
While the leadership of the biggest Opposition party, the Congress, has not reacted, even non-Congress and (now) anti-BJP parties like the Telangana Rashtra Samithi (TRS) have voiced no view on Banerjee's appeal, reports Aditi Phadnis.
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