Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
Congress leaders and workers took to the streets on Monday in Delhi and various state capitals as Rahul Gandhi appeared before the Enforcement Directorate in New Delhi for questioning in the National Herald case, with the opposition party accusing the Modi government of 'trampling on democracy'.
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
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 reward could vary between 1% and 5% of the total tax paid.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
While the exact figures of the total number of taxpayers who will be honoured is not known, officials said these numbers would be few lakhs.
The deadline extended till March 31, 2019.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
President Ram Nath Kovind on Monday appointed Chandra as 24th CEC on Monday.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
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.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
In June last year, the government had said that PAN has to be linked with the biometric ID by March 31.
A senior CBDT official said the idea was to use TDS as a major driver to meet the stiff direct tax collection target of Rs 5.33 lakh crore in the current financial year.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
On Wednesday, in a significant ruling that may result in $2 billion (Rs 10,000 crore) flowing into government coffers, the Bombay high court had dismissed a writ petition filed by telecom major Vodafone International Holdings BV challenging the Income Tax (I-T) Department's jurisdiction to assess whether the over $11 billion Hutchison-Vodafone transaction was liable for capital gains tax.
Soon after being discharged, Mishra said he would go to the offices of the Central Bureau of Investigation and the Central Board of Direct Taxes to lodge complaints against Chief Minister Arvind Kejriwal whom he had accused of corruption.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
The new measure will ease the process of quick generation of refunds of taxpayers.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
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.
The Central Board of Direct Taxes recently notified rules under which an entity based in a 'notified jurisdictional area' will have to give an undertaking to share information in a prescribed format.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The income tax department is asked to keep names of blackmoney holders under wraps.
A taxpayer, who feels unsatisfied by an order of a tax assessment officer or thinks it is irrational, can petition the committee which will be publicised in the media by the respective tax regions.
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