The Parthasarathy Shome committee gives its second reform report to finance ministry.
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.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
The e-wallet, virtual cards are often used to play online games.
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.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
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.
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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.
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
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
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
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.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
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 corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Over 4 mn bank accounts could be dormant, suspects tax department.
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.
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.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
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