E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
CBDT circular issued last month had raised multiple taxation concerns.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
'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 bloodbath at the markets ended with the Sensex losing 457 points to close at 10,482.
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.
'Quite a few notices have been issued in both black money and benami transactions.'
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.
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 deadline extended till March 31, 2019.
The minister emphasised that use of modern technology can yield far better results as far as tax collections are concerned than any other way.
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
Under new government, tax office to explore ways to reduce disputes.
"Defaulters are advised to pay tax arrears immediately," said the notice.
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.
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
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.
The Election Commission on Tuesday ordered the delisting of another 86 'non-existent' registered unrecognised political parties, raising the number of such organisations red flagged by the poll panel for failing to comply with electoral rules to 537.
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.
The new office will have its base in the national capital.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
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 Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
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 e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
The government must rein in its tax officers.
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
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.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
I-T department raises tax demand on them for unpaid tax deducted at source
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
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