This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
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.
Rs 6,000-cr disclosure just four days before scheme ends
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
Domestic financial institutions and mutual funds on Wendesday pitched for rationalisation of tax provisions to improve ease of doing business in the country.
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".
"Unprecedented" direct taxes collection of Rs 7.90 lakh crore in 2010-11 has "greatly strengthened" the country's efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
Post demonetisation, there has been a hike in collection of personal income tax
The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
You can electronically verify returns and regularise these by August 31.
The minister emphasised that use of modern technology can yield far better results as far as tax collections are concerned than any other way.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
With the holiday season quickly approaching InvestmentYogi takes a minute to look at the 'cost' of receiving and giving gifts and the effect it could have on your tax returns.
Filing your income tax return will be easier this financial year (FY) 2009-10. Want to know how? Read on.
The Central Board of Direct Taxes convened a meeting of all cadre-controlling chief commissioners of income tax in Delhi on Thursday to discuss strategies for achieving the revenue collection target budgeted at Rs 3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs 4,00,000 crore (Rs 4 trillion).
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
Taxpayers may get relief in terms of tax rates in the proposed Direct Taxes Code (DTC), which is likely to replace the 50-year-old Income Tax Act from the next fiscal, a key official indicated on Friday.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
The CBDT had extended the last date for filing of I-T returns for assessment year 2013-14, both manual and e-filed, because of pressure on the computer servers.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
As much as Rs 61,920 crore of tax refunds have been issued during April-July
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
The 8,965 officials include an estimate for an extra 760 sanctioned personnel in the Indian Revenue Service. Apart from this, the department would have to create 42 posts of principal chief commissioner of Income Tax (Principal CCITs), 74 CCITs, 116 Senior CCITs and Deputy CITs. "This would have to been done through simultaneous abolition of posts in other grades," said the report.
The extension has been given as the government wanted to ensure that genuine beneficiaries who do not have an Aadhaar number are not denied benefits for the lack of the biometric identifier
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
CBDT is the apex policy making body of the IT department.
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
People receiving gifts, in cash or kind, will have to pay tax, if the value exceeds Rs 50,000.
The direct tax collection for 2009-10 is likely to be around Rs 3.80 lakh crore, missing the revised target by Rs 7,000 crore (Rs 70 billion).
Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes said.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
