CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
Tax Guru Anil Rego answers your personal income tax queries.
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.
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".
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.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
A five-judge Constitution bench headed by Justice S A Nazeer, who will retire on January 4, is likely to pronounce its verdict on the matter on the said date.
New data show tax reform, better tracking needed
Those people without the Aadhaar number have found a loophole in the system
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 finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
The recently promoted Commissioners will now take charge and ensure faster work.
Stick to low-cost ULIPs launched in the past few years. Go with an insurer with a good investment team and solid track record of long-term returns, suggests Sanjay Kumar Singh.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
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.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
CVC K V Chowdary and Vigilance Commissioner T M Bhasin completed their tenure at the anti-graft body on Sunday and Monday respectively.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
The government's plan to cut the corporation tax rate while phasing out exemptions may be sound, but it may not mean a reduced tax burden for India Inc.
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
New norms for issuance of PAN card requiring verification of original documents have been put on hold.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
More than 900 entities have been banned from the capital markets by Sebi
Cos can apply for PAN card number online through e-Biz portal.
The outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crore, according to an RTI reply from the department.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
Sushil Chandra will conduct the UP, Punjab, Goa, Manipur, Uttarakhand elections before he retires in May 2022.
Soon after being discharged, Mishra said he would go to the offices of the Central Bureau of Investigation and the Central Board of Direct Taxes to lodge complaints against Chief Minister Arvind Kejriwal whom he had accused of corruption.
The black money bill got the nod of the Rajya Sabha on Wednesday.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
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