Amendment to the Income Tax Act with retrospective effect, undertaken by the United Progressive Alliance government in 2012 to protect revenue, had evoked sharp reactions from domestic as well as global investors.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
The one-page form will mandatorily seek the taxpayers name.
Fifty other entities, including the Congress, have been served notices
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
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.
The anti-corruption watchdog posts have been vacant for the last nine months.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, she said.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
The new office will have its base in the national capital.
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
Income Tax dept to enhance prosecution against large defaulters.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
Undisclosed income to the tune of Rs 90,000 crore (Rs 900 billion) was detected during 2013-14 in various searches and surveys conducted by the Income Tax department, a top official from the Central Board of Direct Taxes (CBDT) said.
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
Nokia may be allowed to sell Chennai mobile plant.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
CVC K V Chowdary and Vigilance Commissioner T M Bhasin completed their tenure at the anti-graft body on Sunday and Monday respectively.
Analysts warn that complying with the new standards will be a cumbersome process for companies, particularly smaller ones.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
Taxpayers should be getting their refunds online.
The regulations will only apply to the share purchases that have been done after October 1, 2004
CBDT was considering discontinuing these bonds in the coming Union Budget.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
The minister said any declaration made under the law will be protected
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
The extension has been given considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, it added.
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