A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
With the liberalisation of the Indian economy and opening up of capital markets for domestic and institutional players, there was clearly a case to re-examine the 1989 guidelines.
The government on Monday extended the date for payment of first instalment of the advance Fringe Benefit Tax by a month to August 15.\n\n
The government on Tuesday warned the estimated 13 lakh (1.3 million) duplicate Permanent Account Number card holders of a penalty of Rs 10,000 if they do not surrender these by the December 31 deadline.
Once the income has been classified as either business income or capital gains, be consistent.
The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Tamil Nadu, Kerala, West Bengal, Assam and the Union Territory of neighbouring Puducherry are likely to go to polls in April or May.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
CBDT is the apex policy making body of the IT department.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
The Central Board of Direct Taxes is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
"Delays, if any, in issuance of PAN cards take place usually due to incomplete documentation by applicants," Central Board of Direct Taxes (CBDT) spokesman Shishir Jha said reacting to a story which appeared in a Delhi newspaper that suggested such decline in FII investments was due to delays in issuing PAN cards.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
The small investors must heed the advice of mutual funds and remain invested.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
Income Tax dept to enhance prosecution against large defaulters.
President Ram Nath Kovind on Monday appointed Chandra as 24th CEC on Monday.
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
On Aug 28-31, an average of 1.5 mn e-filed tax returns a day, against IRCTC's daily average bookings of 600,000 & Flipkart's 100,000.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The Central Board of Direct Taxes said on Monday the draft cicular relating to taxation on sale of stocks does not refer to FIIs and rejected suggestions that it was 'ambiguous'.
The government is understood to have zeroed in on B M Singh to take over as the next chairman of the Central Board of Direct Taxes in the Finance Ministry. The current chairman Indira Bhargava is retiring on May 31.
The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.
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