Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
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'.
I-T department raises tax demand on them for unpaid tax deducted at source
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.
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.
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.
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.
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.
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 kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The government will soon launch a facility under which a Permanent Account Number card will be issued within 48 hours of applying.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
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.
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.
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.
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
Investor lobbies and tax lawyers estimate the bill for international funds and banks could be as high as $8 billion
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
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.
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.
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.
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
.jpg)
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.
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.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
He says current arrangement is working fine.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
ICDS is silent on the prudence aspect of accounting standards.
Underlines need to reduce human interface; wants tax e-assessment in more cities
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances