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 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.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
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.
The construction of the three-storeyed Ram temple in Ayodhya will be completed by December this year, temple construction committee chairperson Nripendra Misra said on Thursday. The sprawling temple complex will also have other structures.
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.
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.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
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.
Over 4 mn bank accounts could be dormant, suspects tax department.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
Nokia may be allowed to sell Chennai mobile plant.
The reward could vary between 1% and 5% of the total tax paid.
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.
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
If an equity share is purchased before January 31, 2018, at Rs 100 and the highest price quoted on January 31, 2018, in respect of this share is Rs 120, there will be no tax on the gain of Rs 20.
The move came in view of a PIL filed in the Patna HC where concerns have been raised that some of these declarants could be engaged in routing their illegal funds.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
The department had initiated proceedings against Vodafone and TTSL in 2011 on the ground that the companies had allegedly failed to deduct tax deducted at source (TDS) for those assessment years.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
The Supreme Court said on Thursday that it will hear "as and when required" a public interest litigation challenging the government's notification authorising 10 central agencies to intercept, monitor and decrypt any computer system.
The exhaustive list was uploaded on the official web portal of the department.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
PMO asked income-tax department to submit report on action taken against identified benami owners
While the exact figures of the total number of taxpayers who will be honoured is not known, officials said these numbers would be few lakhs.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
The IT department has a designated official to execute these rare powers.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
The RTI reply also stated that the interception of communication was being carried out in accordance with the Telegraph Act of 1885 and Telegraph (Amendment) Rule of 2007, a clause that finds a mention in the clarification issued by the government over the December 20 order.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
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.
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