As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
Actor Taapsee Pannu and director Anurag Kashyap resumed shooting for their film Dobaaraa on Saturday, both using social media to speak for the first time since Income Tax raids on their premises with posts indicating their spirit remained intact.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
It is not clear whether the two judgements will be concurring or dissenting.
Taxpayers will have to disclose all bank accounts held by them in India.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.
The government on Friday said there was no proposal to bring amnesty scheme for declaring undisclosed income.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
This amount is just about 10% of the previous IDS
The taxman carried out a total of 677 search, survey and enquiry operations
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
Undisclosed income to the tune of Rs 90,000 crore (Rs 900 billion) was detected during 2013-14 in various searches and surveys conducted by the Income Tax department, a top official from the Central Board of Direct Taxes (CBDT) said.
The e-wallet, virtual cards are often used to play online games.
The cash was neatly packed in 94 packets and envelops on which the ward number, number of voters and the amount of Rs 300 per voter was written.
The anti-corruption watchdog posts have been vacant for the last nine months.
He underwent a renal transplant on May 14 and on the same day, his ministerial charges were given to Piyush Goyal on an interim basis.
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
The Income-Tax department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
The tax department was given the land at Mumbai's posh location, measuring 2,786 square metre, with a minimum capacity of 100,000 sq ft, in 1992. Instead of constructing an office building, the department recently took a few floors on rent at the nearby Air India building.
The Enforcement Directorate on Thursday raided multiple locations in Maharashtra as part of a money laundering probe against state transport minister Anil Parab and others linked to alleged irregularities in a land deal in coastal Dapoli area of Ratnagiri district and other charges, officials said.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
Go cashless. Go clean, say I=T to people.
The limit under the Liberalized Remittance Scheme (that was earlier $200,000 and now brought down to $75,000) is applicable per person per financial year.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
The statement from the CBDT came as raids on the homes and offices of Bollywood actor Taapsee Pannu, director Anurag Kashyap and his partners who launched the now shuttered Phantom Films continued in Mumbai, Pune and Hyderabad for the second day. The searches also covered some executives of celebrity and talent management companies KWAN and Exceed, officials said.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances