While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
In its reply to the tax reminder notice sent by the revenue department last week, Vodafone had said it believes it is not liable to pay tax for its $11.2 billion acquisition of Indian telecom business of Hutchison Whampoa.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
Information gathered from a person's social media account will be matched with his or her declared income.
Finance Minister P Chidambaram wants tax payers to pay advance income tax in time like he did.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
'The numbers are null and void now. Look, we can give out projections now, but we know that a week later those numbers will also be irrelevant. So we need to wait,' a top government official said.
Noted lawyer Ram Jethmalani on Monday announced his "break-up" with Prime Minister Narendra Modi and said his "diminishing respect" for Modi has "ended".
A high power committee comprising heads of various probe agencies and specialised departments has been constituted to monitor the investigation and steps taken to bring back black money stashed in foreign banks, Government told the Supreme Court on Monday.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
If you are making any drastic changes, make sure there is adequate documentation
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
Breather for FIIs: MAT assessments, fresh notices put on hold.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
The CBDT is understood to be 'seriously considering' recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme announced in 1996 to tap funds lying abroad for productive use in India.
The finance ministry has directed the Central Board of Direct Taxes to put in place a framework for an Advance Pricing Agreement mechanism, two officials familiar with the development said.
The finance ministry has introduced simpler income tax return forms 'Sahaj' and 'Sugam' aimed at reducing compliance burden on salaried persons and small businessmen.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
The Central Board of Direct Taxes (CBDT) has signed up the country's three top economic think tanks to arrive at an official figure. This will help the government frame policies to tackle the problem.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The step had been taken to lend the required 'authenticity' to electronic communications.
Rs 6,000-cr disclosure just four days before scheme ends
I-T department raises tax demand on them for unpaid tax deducted at source
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
Domestic financial institutions and mutual funds on Wendesday pitched for rationalisation of tax provisions to improve ease of doing business in the country.
Post demonetisation, there has been a hike in collection of personal income tax
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
There has been an unprecedented surge in number of returns being e-filed.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
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