A number of tax department officials PTI spoke to said the circular does not state that such a document has to be a 'sworn affidavit' or a 'notarised document'.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
K V Chowdary, who is set to take over as the new Chief Vigilance Commissioner on Tuesday said he has full respect for both Prashant Bhushan and Ram Jethmalani, who have opposed his appointment to the top post in the country's apex anti-corruption watchdog.
Database to contain taxable financial transactions and history of any tax-paying individual.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
ICDS is silent on the prudence aspect of accounting standards.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
Ramon Magsaysay winner Anshu Gupta, whose non-governmental organisation Goonj has been leading the relief efforts in Nepal which was ravaged by a devastating quake in April this year, speaks to Ankita Mishra.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
The entire HSBC list features names of 1,668 Indians
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 4.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
Debashis Basu lists various reasons why laundering through the stock market thrives.
Truckers on Thursday proceeded on a nationwide indefinite strike.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
The black money law provides for tax and a penalty of 120 per cent of assets' value.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Andhra Pradesh has been demanding a Special Category State status from the Centre ever since the state's economic powerhouse Hyderabad, which housed several IT and pharmaceutical companies as well as PSUs, went to Telengana in the bifurcation
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
Former Central Board of Direct Taxes chief K V Chowdary and Information Commissioner Vijai Sharma were on Monday appointed Central Vigilance Commissioner and Chief Information Commissioner, posts which have remained vacant for over nine months on which the government drew some flak.
Senior most Information Commissioner Vijai Sharma is tipped to be new Chief Information Commissioner, while former Central Board of Direct Taxes chief K V Chowdary is understood to be in the running for the Central Vigilance Commissioner's post.
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
The 90-day compliance window to declare overseas wealth ends on September 30.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
More than 900 entities have been banned from the capital markets by Sebi
Anyone who has specific and definite information on black money can share it with Supreme Court-appointed Special Investigation Team going into the issue that can crack down on those stashing money abroad and at home.
'Debt mutual funds are a good option now because interest rates are coming down.' 'Retail investors must put a majority portion of your money in short-term debt funds (1 to 3 years) and only a small portion in actively managed dynamic funds.'
Sanjay Jalona, CEO & MD of LTI says the push would be to increase digital business and look at outcomes in projects for customers.
In a nation divided by many things, the 12-digit unique identity number is holding lives to ransom.
Road Transport and Highways Minister Nitin Gadkari promised pan-India electronic toll system by December to address their concerns but ruled out complete scrapping of the toll system.
L&T Infotech hits the refresh button, rebrands itself as LTI With a new name, colour palette and business focus, L&T Infotech looks to break free of its past
Jaitley sets condition of 50% assets for applicability of capital gain tax.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
