The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
The step had been taken to lend the required 'authenticity' to electronic communications.
The Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
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.
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 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.
Finance Ministry issues strict instructions on foreign bank accounts.
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.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
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.
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.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The claims were made after the Income Tax department had on July 6 raided 36 premises of the Bengaluru-based Micro Labs Ltd. across nine states.
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.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
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.
Salaried taxpayers with no other income could get a respite from filing tax returns.
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.
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.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
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.
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.
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.
In June last year, the government had said that PAN has to be linked with the biometric ID by March 31.
Only salaried individuals, pensioners or those earning interest income can use the new form.
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
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.
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 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 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 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.
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
