Taxpayers will have to disclose all bank accounts held by them in India.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
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.
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.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
The government on Friday said there was no proposal to bring amnesty scheme for declaring undisclosed income.
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.
This amount is just about 10% of the previous IDS
The taxman carried out a total of 677 search, survey and enquiry operations
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.
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.
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 Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
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.
The e-wallet, virtual cards are often used to play online games.
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.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
The anti-corruption watchdog posts have been vacant for the last nine months.
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.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
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.
"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 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.
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 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.
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.
Go cashless. Go clean, say I=T to people.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
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.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
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.
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.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
The Income Tax department will hold public meetings every Wednesday to resolve taxpayers grievances and tax issues as part of the 'Good Governance' initiative mooted by Prime Minister Narendra Modi.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
Over 4 mn bank accounts could be dormant, suspects tax department.
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