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.
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.
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.
Nokia may be allowed to sell Chennai mobile plant.
Analysts warn that complying with the new standards will be a cumbersome process for companies, particularly smaller ones.
CBDT was considering discontinuing these bonds in the coming Union Budget.
Taxpayers should be getting their refunds online.
The minister said any declaration made under the law will be protected
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.
The regulations will only apply to the share purchases that have been done after October 1, 2004
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.
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.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
CVC K V Chowdary and Vigilance Commissioner T M Bhasin completed their tenure at the anti-graft body on Sunday and Monday respectively.
Finance Minister P Chidambaram wants tax payers to pay advance income tax in time like he did.
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
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.
Information gathered from a person's social media account will be matched with his or her declared income.
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."
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.
Noted lawyer Ram Jethmalani on Monday announced his "break-up" with Prime Minister Narendra Modi and said his "diminishing respect" for Modi has "ended".
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 ongoing agitation by income-tax officials has affected search and seizure operations of the department.
If you are making any drastic changes, make sure there is adequate documentation
Breather for FIIs: MAT assessments, fresh notices put on hold.
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.
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.
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 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.
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.
