The commodities transaction tax is likely to come into force within the next two months as the details, including the collection, payment and the procedures for filing returns, will take some more time to be firmed up. The CTT, which will be administered by the Central Board of Direct Taxes, will be levied at the rate of 0.017 per cent on sellers of commodity futures as well as options. Purchasers of options, who exercise them, will pay 0.125 per cent
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
The last date for filing returns of individual taxpayers has been extended by two months to September 30 from the earlier date of July 31.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
With the liberalisation of the Indian economy and opening up of capital markets for domestic and institutional players, there was clearly a case to re-examine the 1989 guidelines.
Direct tax collections missed the revised target for 2019-20 by Rs 1.42 trillion at Rs 10.27 trillion, an 8 per cent fall over the previous year.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The government on Monday extended the date for payment of first instalment of the advance Fringe Benefit Tax by a month to August 15.\n\n
The Parthasarathy Shome committee gives its second reform report to finance ministry.
This is the eighth time that the CBDT has extended the deadline for individuals to link their PAN with Aadhaar.
The government on Tuesday warned the estimated 13 lakh (1.3 million) duplicate Permanent Account Number card holders of a penalty of Rs 10,000 if they do not surrender these by the December 31 deadline.
Once the income has been classified as either business income or capital gains, be consistent.
The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
CBDT is the apex policy making body of the IT department.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
Pawar had told the media on the day of the raids that the tax searches were also carried out at the premises of his three sisters, one living in Kolhapur district and two in Pune district of Maharashtra.
As these forms are quite elaborate, their early notification will give assessees more time to get the documentation and paperwork ready, and hence make complete disclosures while filing their returns.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
The Central Board of Direct Taxes is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index.
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
"Delays, if any, in issuance of PAN cards take place usually due to incomplete documentation by applicants," Central Board of Direct Taxes (CBDT) spokesman Shishir Jha said reacting to a story which appeared in a Delhi newspaper that suggested such decline in FII investments was due to delays in issuing PAN cards.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
Tamil Nadu, Kerala, West Bengal, Assam and the Union Territory of neighbouring Puducherry are likely to go to polls in April or May.
The small investors must heed the advice of mutual funds and remain invested.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
Income Tax dept to enhance prosecution against large defaulters.
