PMO asked income-tax department to submit report on action taken against identified benami owners
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
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."
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
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.
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.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
The IT department has a designated official to execute these rare powers.
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.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
Aayog feels expansion of the lowest base will enable more people to pay taxes.
This is the first time that this important nodal national agency for economic intelligence has obtained data on suspected offshore stash of Indians as, till now, such information was only received by the exclusive wing of the Central Board of Direct Taxes.
India to hold one-to-one meetings with global counterparts to trace blackmoney.
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.
'We have promised to ensure reduced tax rates.'
For some assessees, the range may not have changed.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
Sputnik V is the third vaccine India has given the go-ahead to after 'Covishield', developed by Oxford University and AstraZeneca and 'Covaxin', the indigenous vaccine manufactured by Bharat Biotech. Covishield is manufactured by the Serum Institute of India.
Seeks capital gains tax payment prior to FIPB clearance.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
A number of tax department officials PTI spoke to said the circular does not state that such a document has to be a 'sworn affidavit' or a 'notarised document'.
It also said that over 1.38 crore entities have already filed their income-tax returns till now.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
According to the government's notification, 10 central probe and snoop agencies are now empowered under the Information Technology Act for computer interception and analysis, ministry of home affairs officials said.
A bench headed by Chief Justice P Sathasivam said the issues raised in the plea need 'examination' and issued notice to the Centre, RBI, Central Board of Direct Taxes, the Institute of Chartered Accountants of India, PwC and the audit firms sharing its brand name.
There is no need for increased superintendence over the CBI in the aftermath of the coal blocks allocation and 2G scam cases, CVC K V Chowdary said on Sunday.
The Central Board for Direct Taxes on Friday said a black money declarant under the PMGKY scheme will be allowed to file declarations under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends on March 31 (Friday).
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.
GST will now apply to mutual funds, loan instalments and credit card dues.
K V Chowdary, who is set to take over as the new Chief Vigilance Commissioner on Tuesday said he has full respect for both Prashant Bhushan and Ram Jethmalani, who have opposed his appointment to the top post in the country's apex anti-corruption watchdog.
