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.
Taxpayers should be getting their refunds online.
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 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.
RBI has cited "legal impediments" in sharing the reports.
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.
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 I-T department has also filed 77 prosecution cases.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
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.
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.
Tax wing scanning cash deposits between Rs 5-10 lakh
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
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.
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.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
GST reform has been hanging fire since 2006-07.
The one-page form will mandatorily seek the taxpayers name.
The fair market value of an immovable property will be higher from the acquisition cost.
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 plea, filed by advocate Manohar Lal Sharma, termed the notification "illegal, unconstitutional and ultra vires to the law".
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.
Sharma says efforts on to bring dissenting ministries on board eBiz platform.
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.
Crorepatis' income rose by a staggering 40% between 2015-2016 and 2017-2018.
The Kerala Story is among a long list of films that invited bans and censorship.
'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.
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.
Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not
The Supreme Court on Friday refused to go into a plea seeking probe by an special investigation team into alleged recovery of documents by the IT department in connection with raids on two business houses in New Delhi.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
The list has been handed over to Enforcement Directorate.
To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, she said.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
Includes those dealing in high-value property and petrol pump owners
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The minister said any declaration made under the law will be protected
