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
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
People receiving gifts, in cash or kind, will have to pay tax, if the value exceeds Rs 50,000.
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 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).
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.
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.
India and Myanmar have signed a Double Taxation Avoidance Agreement (DTAA), which provides that business profits will be taxable in the source state. In the case of India, the DTAA will cover income tax and surcharge and in the case of Myanmar, income tax and profit tax. However the maximum rate of tax to be charged in the country of source will not exceed 5 per cent in the case of dividends & 10% in the case of interest and royalties. The deal also has anti-abuse provisions.
Tasked with gathering over Rs 6,87,715 crore (or nearly $168 billion) as revenue receipts in 2008-09, the two agencies the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) will be headed by a succession of bureaucrats with unusually short tenures.
Incoem tax form will be far more simpler from now onwards.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
Government suspects that many of these bank accounts were used to launder money, especially after the demonetisation in November 2016.
Direct tax collection target set for a big hike, says Chidambaram.
A notice put up at the Bandra-Kurla Complex office of the income-tax department says that salaried individuals filing their returns for assessment year 2008--09 (i.e. the last financial year, 2007--08) need to attach annexures.
The decision was taken by an inter-ministerial Board of Approval.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
The Central Board of Direct Taxes (CBDT) is likely to increase the exemption limit for tax deducted at source on rental income to Rs 2,00,000 a year from Rs 1,20,000 at present.
The Central Board of Direct Taxes has sought a clear definition of the term 'permanent establishment' for assessment of tax payable by foreign entities in India. Currently, the Act defines a 'permanent establishment' as a fixed place of business.
The guidelines on the valuation of employees' stock option plans (ESOPs) for calculating fringe benefit tax (FBT) will be issued by September 8.
Jaitley also dismissed criticism that lower taxes were aimed at helping corporates.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
If FMPs get categorised as liquid funds, they will attract higher dividend distribution tax
The small investors must heed the advice of mutual funds and remain invested.
No attention to detail seems to have been paid while introducing such a major provision and the wide arc of people it will take in its ambit, states Harsh Roongta.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
Eros Group, whose premises were searched by Income Tax authorities, has admitted to unaccounted income of Rs 40 crore (Rs 400 million) and paid Rs 13 crore (Rs 130 million) as tax, a Central Board of Direct Taxes spokesman said on Wednesday.
The taxman carried out a total of 677 search, survey and enquiry operations
