'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
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 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.
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.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
ICDS is silent on the prudence aspect of accounting standards.
He says current arrangement is working fine.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
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.
'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 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.
Underlines need to reduce human interface; wants tax e-assessment in more cities
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.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
The Central Board of Direct Taxes, the apex policy making body of the I-T department, issued the fresh directives after it recently got a number of complaints from taxpayers and others in this regard.
The Central Board of Direct Taxes has issued a notification expanding the list of documents admissible as proof of identity and address by including Aadhaar Card. Aadhaar is a 12-digit individual identification number issued by the Unique Identification Authority of India on behalf of the government of India.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
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.
Tax Guru Anil Rego answers your personal income tax queries.
New data show tax reform, better tracking needed
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
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.
Those people without the Aadhaar number have found a loophole in the system
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The recently promoted Commissioners will now take charge and ensure faster work.
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.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
Prashant Bhushan has opposed the selection of K V Choudary as the next CVC, by a committee headed by PM Narendra Modi, alleging that he was "tainted" and not a proper choice for the post.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
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.
'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.'
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
