'That way you're not hostage just to US sort of exports to India.'
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
Advance corporation tax collections grew 8 per cent in H1FY17 against 6 per cent last year. A moderate pick up in advance corporation tax collections suggest the sector might not witness significantly high growth in FY17, says Dilasha Seth.
The government on Tuesday extended for the third time the deadline for making payment under the direct tax dispute settlement scheme 'Vivad Se Vishwas' by three months to March 31, 2021. As per a Central Board of Direct Taxes (CBDT) notification, declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of the said declarations made, the payment without additional amount can now be made up to March 31, 2021.
Downloading songs, movies, books? You may have to pay tax on it.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
This facility, initially, will be available at select ATMs in the major centres.
The CBDT has revised the target upward by 10 per cent (Rs 53,000 crore or Rs 530 billion) for the current fiscal to keep the fiscal deficit at the budgeted level of 4.6 per cent of the gross domestic product.
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
The Central Board of Direct Taxes on Friday directed tax officials to assess liability for those transacting in shares on the basis of principles laid down by the Authority of Advance Rulings (AAR).
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
If FMPs get categorised as liquid funds, they will attract higher dividend distribution tax
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
But, majority might be left out, as only those investing in entities recognised by the government could qualify
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
Finance Minister Arun Jaitley, in his Budget speech on Monday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
To decide whether capital gains on surrender of call options are taxable
Direct tax collection target set for a big hike, says Chidambaram.
Concern has been raised on the method of identification for providing tax credit and the requirement of a permanent account number for deduction of withholding tax. Industry had raised these two issues before a Central Board of Direct Taxes committee looking into the matter, said a senior finance ministry official.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
The Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
The new system would be especially beneficial for Qualified Foreign Investors.
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
The salaried will not face regular income tax scrutiny this year.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
