India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
The I-T Department had identified 1.8 million taxpayers in its Operation Clean through data mining and asked them to submit responses about the source of their deposits.
Information gathered from a person's social media account will be matched with his or her declared income.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
The new 2 page form has been categorised as 'Form 6'
If you are making any drastic changes, make sure there is adequate documentation
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
To get same tax treatment as FIIs; rules on search & seizure and consent settlement cleared
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
The move is aimed at protecting investors from parking their money in dubious schemes.
The new measure will ease the process of quick generation of refunds of taxpayers.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
The I-T department had said Vodafone India under-priced shares in a rights issue to its parent. The tax demand was for the two financial years ended March 2011.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
You can electronically verify returns and regularise these by August 31.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Liquor baron takes on to Twitter again to lash out at the media for trying to hunt him; asks them not to waste their efforts
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
Taxpayers should be getting their refunds online.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
Tax wing scanning cash deposits between Rs 5-10 lakh
RBI has cited "legal impediments" in sharing the reports.
Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT said on Tuesday.
The I-T department has also filed 77 prosecution cases.
The priority of Central Information Commission will be to check vexatious petitions and mounting backlog of cases, its new chief Vijai Sharma said in New Delhi on Wednesday.
The SIT on black money on Tuesday sought update from multiple probe agencies on the role of Lalit Modi in alleged financial irregularities in the T-20 cricket tournament.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
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