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
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.
CVC K V Chowdary and Vigilance Commissioner T M Bhasin completed their tenure at the anti-graft body on Sunday and Monday respectively.
New norms for issuance of PAN card requiring verification of original documents have been put on hold.
More than 900 entities have been banned from the capital markets by Sebi
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.
Cos can apply for PAN card number online through e-Biz portal.
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.
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.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
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.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
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.
The black money bill got the nod of the Rajya Sabha on Wednesday.
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.
.jpg)
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
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.
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.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
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.
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.
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.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
Taxpayers will have to disclose all bank accounts held by them in India.
Sushil Chandra will conduct the UP, Punjab, Goa, Manipur, Uttarakhand elections before he retires in May 2022.
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 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.
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.
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.
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.
The taxman carried out a total of 677 search, survey and enquiry operations
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.
This amount is just about 10% of the previous IDS
"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.
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.
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.
