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.
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
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.
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.
Move targeted at companies with high promoter holdings.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
Agencies to help get data on assets of taxpayers.
A separate and dedicated window for grievance redressal has been launched recently.
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.
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.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
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.
Analysts warn that complying with the new standards will be a cumbersome process for companies, particularly smaller ones.
Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
The Central Board of Direct Taxes has clarified that employees are not to be taxed when they are issued non-transferable food coupons usable only at food outlets.
The Central Board of Direct Taxes has proposed that the sale of capital assets of a company operating in India, but registered overseas
Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
A complaint has been lodged with the Election Commission against Trinamool Congress Lok Sabha member Mahua Moitra for allegedly filing false election affidavits and tax evasion.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
CBDT chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
The New Year doesn't seem to be bringing good tidings for salaried employees. The tax burden of certain benefits that was being borne by the employer so far has been shifted to the employees now.
The New Year doesn't seem to be bringing good tidings for salaried employees. The tax burden of certain benefits that was being borne by the employer so far has been shifted to the employees now.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
User and live accounts test done, software to roll out country-wide in a year.
Comptroller and Auditor General has pulled up the finance ministry for flaws in double taxation avoidance agreements
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