Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
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 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 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 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.
President Ram Nath Kovind on Monday appointed Chandra as 24th CEC on Monday.
CBDT circular issued last month had raised multiple taxation concerns.
'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.'
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The bloodbath at the markets ended with the Sensex losing 457 points to close at 10,482.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
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.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
The contentious issue that Tata Trusts is challenging is the date of the order, which makes it liable to pay a much higher amount of tax under the new tax provision introduced in June 2016 concerning charitable trusts.
Under new government, tax office to explore ways to reduce disputes.
The minister emphasised that use of modern technology can yield far better results as far as tax collections are concerned than any other way.
"Defaulters are advised to pay tax arrears immediately," said the notice.
The deadline extended till March 31, 2019.
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
The new office will have its base in the national capital.
In a bid to woo foreign investment, the government on Friday said friendly economic policies would be continued to enable the country to move on to higher growth of 6.5-7 per cent this fiscal.
'Quite a few notices have been issued in both black money and benami transactions.'
The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal, the CBDT said in the statement.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.
The government must rein in its tax officers.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
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.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
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