Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes said.
India and Myanmar have signed a Double Taxation Avoidance Agreement (DTAA), which provides that business profits will be taxable in the source state. In the case of India, the DTAA will cover income tax and surcharge and in the case of Myanmar, income tax and profit tax. However the maximum rate of tax to be charged in the country of source will not exceed 5 per cent in the case of dividends & 10% in the case of interest and royalties. The deal also has anti-abuse provisions.
All categories of taxpayers can now file their income returns on October 29 and 30.
Tax officials are scrutinising other cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion after the Bombay High Court rejected a petition against imposition of tax on the deal, a key Finance Ministry official said.
According to official sources, complaints were received by the department that TDS was being collected arbitrarily by the payers. Another reason for this decision is that refunds from the department have also gone up. Sources said it should not affect the assessee who may be paying a high rate of TDS and is not compensated even after the employer or broking firm or any other organisation gets a refund on higher rate of TDS which may not be applicable to such income.
'Going forward, the encouragement would be to move to the new tax regime.'
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
This follows a renewed effort by CBDT to seek clarification on the issue.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
Amid economic uncertainties owing to the pandemic, the government's key revenue agency, the Income Tax Department, has close to 400 vacancies at commissioner level and above, affecting its functioning. Seventy-three of the 91 chief commissioner positions are lying vacant, with some for more than a year. Chief commissioner is the second-highest post in the department, below principal chief commissioner, which is at par with secretary in a ministry.
This follows a renewed effort by CBDT to seek clarification on the issue.
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
Excise duty and other tax exemptions for attracting industries to hilly states may not go away, but could be limited to fresh investments in the Budget for 2007-08.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
Move targeted at companies with high promoter holdings.
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
Plans to outsource record-keeping to private entities.
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
The revised guidelines are aimed at curbing discretionary practices by field officers, especially the tendency to seek documents not mandated under the law.
Agencies to help get data on assets of taxpayers.
Kaizen Commercial had offered an initial capital of Rs 3 crore to Reliance Infocomm. In return, the company was offered 30 million shares at par.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
A separate and dedicated window for grievance redressal has been launched recently.
With the holiday season quickly approaching InvestmentYogi takes a minute to look at the 'cost' of receiving and giving gifts and the effect it could have on your tax returns.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
Analysts warn that complying with the new standards will be a cumbersome process for companies, particularly smaller ones.
Gyanesh Kumar, a 1988-batch Kerala Cadre IAS officer, has been appointed as the next Chief Election Commissioner (CEC) of India. Kumar, who was previously an Election Commissioner, will serve until January 26, 2029. His appointment comes amidst controversy as the Congress party demanded the government defer its decision until the Supreme Court concludes its hearing on a petition challenging the composition of the selection panel. Kumar's tenure will see him oversee several state assembly elections, including Bihar, Kerala, Puducherry, Tamil Nadu, and West Bengal.
