The new 2 page form has been categorised as 'Form 6'
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 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
The move is aimed at protecting investors from parking their money in dubious schemes.
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
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 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.
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.
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.
The new measure will ease the process of quick generation of refunds of taxpayers.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
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.
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.
You can electronically verify returns and regularise these by August 31.
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
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
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.
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 new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
'As CIC, you have the power to comment on policy matters. 'If you have very strong beliefs and you know your rulings will be reported, you will express your beliefs.'
Rajasthan Congress leaders Jyoti Mirdha and Sawai Singh Chaudhary switched to the Bharatiya Janata Party in Jaipur on Monday ahead of assembly elections due later this year.
Taxpayers should be getting their refunds online.
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.
Tax wing scanning cash deposits between Rs 5-10 lakh
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.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
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.
RBI has cited "legal impediments" in sharing the reports.
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 I-T department has also filed 77 prosecution cases.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
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 plea, filed by advocate Manohar Lal Sharma, termed the notification "illegal, unconstitutional and ultra vires to the law".
The Special Investigation Team (SIT) on black money today rejected an HSBC whistleblower's claim that Indian authorities are not using a "lot of information" on illicit funds, saying he has created a "hue and cry" and not replied to its earlier requests.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
Crorepatis' income rose by a staggering 40% between 2015-2016 and 2017-2018.
The one-page form will mandatorily seek the taxpayers name.
GST reform has been hanging fire since 2006-07.
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