CBDT feels 30% growth in income-tax not feasible.
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
Actor Taapsee Pannu and director Anurag Kashyap resumed shooting for their film Dobaaraa on Saturday, both using social media to speak for the first time since Income Tax raids on their premises with posts indicating their spirit remained intact.
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.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
The government is understood to have zeroed in on B M Singh to take over as the next chairman of the Central Board of Direct Taxes in the Finance Ministry. The current chairman Indira Bhargava is retiring on May 31.
The Central Board of Direct Taxes has asked field officers to augment tax collections by ensuring that sectors growing at faster rates compensate for those growing slower.
RBI has cited "legal impediments" in sharing the reports.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
Fifty other entities, including the Congress, have been served notices
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.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
The one-page form will mandatorily seek the taxpayers name.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
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
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.
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.
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."
Tax department feels that the second quarter would be much better than the first quarter of the year as the economy has started improving.
The new office will have its base in the national capital.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
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.
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.
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.
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.
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.
