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.
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.
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
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
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
Transactions were allegedly not reported correctly in the tax returns for FY20.
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.
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 Central Board of Direct Taxes (CBDT) on Monday clarified that any deposit in the form of bonus or incentives credited in a user account will be considered net winnings, and subject to tax deduction, in case of withdrawal. If these are used only for playing, then it's not liable for tax deducted at source (TDS). Further, in case net winnings do not exceed Rs 100 a month, the applicable tax need not be deducted.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
If FMPs get categorised as liquid funds, they will attract higher dividend distribution tax
"Had corona (COVID-19) not been there, the prime minister would have dedicated NATGRID to the country. I am hopeful that the prime minister will dedicate NATGRID to the country in some time," Union home minister Amit Shah said during the 51st Foundation Day event of the Bureau of Police Research and Development (BPRD) here on September 4.
But, majority might be left out, as only those investing in entities recognised by the government could qualify
Authorities will allow the country's taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme - Vivad se Vishwas - without deviating from the outcome of the scheme, said the Central Board of Direct Taxes (CBDT) on Monday. However, non-resident taxpayers, who opted for the resolution scheme, cannot go for MAP on the same issue, it clarified. MAP is an alternative dispute resolution mechanism under the tax treaties where competent authorities of two countries enter into discussions to resolve tax-related disputes.
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.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
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.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
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.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
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.
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.
Direct tax collection target set for a big hike, says Chidambaram.
Opposition MPs in the parliamentary committee scrutinising the Waqf (Amendment) Bill are scheduled to meet Lok Sabha Speaker Om Birla on Tuesday to protest its chairperson Jagdambika Pal's alleged 'unilateral' decisions and attempts to 'bulldoze' proceedings, indicating that they may disassociate themselves from the panel.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
To decide whether capital gains on surrender of call options are taxable
The Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The salaried will not face regular income tax scrutiny this year.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The Income Tax Department has detected "concealment of income" to the tune of Rs 17 crore after recent raids on institutions linked to former Maharashtra home minister Anil Deshmukh and his family members, official sources claimed on Monday.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
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.
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