After comments from the Parliamentary panel, the bill could have been placed in the winter session, and once passed in that session, GST legislation could have been tabled in the Budget session.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
Senior finance ministry official said the economic affairs department cleared the proposals on Friday.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
The Central Board of Direct Taxes has sought a clear definition of the term 'permanent establishment' for assessment of tax payable by foreign entities in India. Currently, the Act defines a 'permanent establishment' as a fixed place of business.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month."
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
The CBDT has initiated a major exercise for issuing refunds and has also written a number of letters to field offices to expedite the process.
Multiple agencies to probe, regulatory crackdown on more companies expected.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
The CBDT has provided to CBI for possible action the names of those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds abroad.
Field formations may re-examine cases from 1997.
People receiving gifts, in cash or kind, will have to pay tax, if the value exceeds Rs 50,000.
Already, public sector companies, a firm of chartered accountants or company secretaries or advocates that have been allotted a permanent account number, individual chartered accountants and advocates with PAN among others are authorised as e-return intermediaries.
Income Tax gazetted officers and employees under the umbrella of Joint Council of Action (JCA) have threatened to strike work on September 9, to protest delay in implementation of a 11-point charter of demands, pending with the Central Board of Direct Taxes (CBDT).
A notice put up at the Bandra-Kurla Complex office of the income-tax department says that salaried individuals filing their returns for assessment year 2008--09 (i.e. the last financial year, 2007--08) need to attach annexures.
Measures may include tax slab and rate revisions for individuals, companies.
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 Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in for a rude shock.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
The Central Board of Direct Taxes convened a meeting of all cadre-controlling chief commissioners of income tax in Delhi on Thursday to discuss strategies for achieving the revenue collection target budgeted at Rs 3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs 4,00,000 crore (Rs 4 trillion).
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
Providers write to Sebi, FinMin; launches may hit pause.
The form, introduced by the Central Board of Direct Taxes in April, is supposed to make filing tax returns easier.
"In the month of April, we have issued more than 20 lakh (Rs 2 billion) refunds all over the country which is a record number of refunds issued in April," Central Board of Direct Taxes chairman, Sudhir Chandra, told reporters in Mumbai.
'Depreciation should be claimed on original book value, not after revaluation'.
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
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