The government must rein in its tax officers.
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 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 e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
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.
I-T department raises tax demand on them for unpaid tax deducted at source
'Quite a few notices have been issued in both black money and benami transactions.'
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.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
In his first communication to the field formations of the income tax department after taking over, the new CBDT chairman Sushil Chandra has spelled out a seven-point priority list for the department, entrusted to enforce direct tax laws in the country.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
As many as 12,394 complaints of alleged corruption were received against railway employees.
The government will soon launch a facility under which a Permanent Account Number card will be issued within 48 hours of applying.
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.
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.
Investor lobbies and tax lawyers estimate the bill for international funds and banks could be as high as $8 billion
The CBDT had extended the last date for filing of I-T returns for assessment year 2013-14, both manual and e-filed, because of pressure on the computer servers.
Opposition MPs in the parliamentary committee scrutinising the Waqf (Amendment) Bill are scheduled to meet Lok Sabha Speaker Om Birla on Tuesday to protest its chairperson Jagdambika Pal's alleged 'unilateral' decisions and attempts to 'bulldoze' proceedings, indicating that they may disassociate themselves from the panel.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17
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'.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
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.
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
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 kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
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.
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
