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.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
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'.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
The new measure will ease the process of quick generation of refunds of taxpayers.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
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.
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.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
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.
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.
The income tax department is asked to keep names of blackmoney holders under wraps.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
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.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
Tax wing scanning cash deposits between Rs 5-10 lakh
The CBDT has provided to CBI for possible action the names of those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds abroad.
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 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.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month."
The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
The recently promoted Commissioners will now take charge and ensure faster work.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
Includes those dealing in high-value property and petrol pump owners
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to boost economic growth and address distress in various sectors
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.
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 Central Board of Direct Taxes has asked all Chief Commissioners of Income Tax across the country to make special arrangements and keep open the I-T offices and receipt counters on March 29 (Saturday), March 30 (Sunday) and 31st (Monday) for the normal duration of office hours.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
