The finance ministry has directed the Central Board of Direct Taxes to put in place a framework for an Advance Pricing Agreement mechanism, two officials familiar with the development said.
The step had been taken to lend the required 'authenticity' to electronic communications.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
Finance Ministry issues strict instructions on foreign bank accounts.
Around 75 per cent of total returns are expected to be e-filed in current year.
The deduction is in case of senior citizen is Rs 60,000.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
The income tax department is asked to keep names of blackmoney holders under wraps.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
As many as 97,689 people had more than Rs 1 crore gross income in 2018-19 AY against 81,344 in the previous year, shows official direct tax data.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
The raids that were launched at 22 premises of the group and the brokers on September 28 are underway, the statement by the Central Board of Direct Taxes said.
Central Board of Direct Taxes chairman Sudhir Chandra told Business Standard that the changes have been approved in principle and necessary instructions would be issued soon.
In June last year, the government had said that PAN has to be linked with the biometric ID by March 31.
Home Minister P Chidambaram has asked the Central Bureau of Investigation and Central Board of Direct Taxes to probe the leakage of the conversations between corporate lobbyist Niira Radia, leading business tycoons and media persons.The tapes, first leaked by a national magazine, have now found their way to several media organisations and journalists.On Monday, the apex court directed the government to probe the leakage of the tape.
Salaried taxpayers with no other income could get a respite from filing tax returns.
Crypto exchanges have been asked to furnish details this month itself.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
The income tax department on Tuesday said its new utility developed to help TDS deductors and TCS collectors identify non-filers or "specified persons" on whom higher rate of taxes will be levied will help ease compliance burden. From July 1, non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The provision was introduced in the 2021 Budget. The TDS deductors and TCS collectors would be required to check on the functionality of the PAN of the vendor from whom TDS is to be deducted or TCS to be collected, only at the beginning of the financial year.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Only salaried individuals, pensioners or those earning interest income can use the new form.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
The Central Board of Direct Taxes has asked all Chief Commissioners of Income Tax across the country to make special arrangements and keep open the I-T offices and receipt counters on March 29 (Saturday), March 30 (Sunday) and 31st (Monday) for the normal duration of office hours.
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
The government would not withdraw fringe benefit tax, which was introduced in the 2005-06 Budget, but the process would be made less painful, Central Board of Direct Taxes chairman M S Darda said on Friday.
The Centre has taken a major step towards increasing efficiency in decision-making by empowering joint secretaries to report to secretaries directly, officials said on Wednesday.
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
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