The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Noted jurist Ram Jethmalani on Tuesday accused in the Supreme Court the National Democratic Alliance government and the previous United Progressive Alliance dispensation of failure to bring back black money stashed abroad and criticised leaders including Prime Minister Narendra Modi, Bharatiya Janata Party President Amit Shah and Finance Minister Arun Jaitley on the issue.
If an equity share is purchased before January 31, 2018, at Rs 100 and the highest price quoted on January 31, 2018, in respect of this share is Rs 120, there will be no tax on the gain of Rs 20.
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.
Having dipped into its reserves for paying 9.5 per cent interest for four crore subscribers in 2004-05, the EPF trustees would meet in New Delhi on July 30 to arrive at returns to be offered this fiscal.
The Covid pandemic has left a question mark on how the central government manages its staff.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
Foreign companies that do not have a permanent establishment in India will be exempt from paying minimum alternate tax.
The direct tax collections posted a 20.42 per cent growth totalling Rs 36,733 crore upto October 15, but indirect tax collections were less buoyant, recording about eight per cent growth at Rs 63,413 crore upto September 30, this financial year.
The e-wallet, virtual cards are often used to play online games.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
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At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
The exhaustive list was uploaded on the official web portal of the department.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
Despite finance minister's assurance, tax officials seem reluctant to take steps for tackling issues at stake
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
The department had initiated proceedings against Vodafone and TTSL in 2011 on the ground that the companies had allegedly failed to deduct tax deducted at source (TDS) for those assessment years.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.
The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation.
The Finance Ministry said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
New norms for issuance of PAN card requiring verification of original documents have been put on hold.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
Nokia's Chennai plant is under freeze over tax dispute.
