CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
Capital markets regulator Sebi on Wednesday asked all investors to link their PAN with Aadhaar number by March-end for continual and smooth transactions in the securities market. The non-compliance with this would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the Permanent Account Number (PAN) and Aadhaar are linked, Sebi said in a statement.
The bench not only issued notices to the state government and its police authorities, but also stayed the coercive proceedings against Shankar.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
Agitating junior doctors in West Bengal resumed their indefinite 'total cease work' on Tuesday to press for various demands, including ensuring their safety and security at all medical establishments.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
The court made the observation while hearing a plea which claimed that the depiction of a Bible concealing a gun in the Malayalam action movie Antony denigrates Christianity.
The central government's Great Nicobar development project, proposed around an unprecedented transhipment port, will be executed to keep environmental impact minimal, and is essential as it is of national importance, the government has said amid calls to abort the controversial project due to ecological concerns, the Centre said in an official statement.
The court directed the Kolkata Police to hand over the case diary to the central probe agency by Tuesday evening, and all other documents by 10 am on Wednesday.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
The Centre has taken a major step towards increasing efficiency in decision-making by empowering joint secretaries to report to secretaries directly, officials said on Wednesday.
The interim magisterial inquiry report and the MCD Karol Bagh zone superintending engineer report were submitted to revenue minister Atishi who alleged that the "bureaucracy" was showing "laxity" in investigating the death of the civil services aspirants.
The Centre received 5.59 lakh public grievances against various government departments in the first half of this year, with the Department of Financial Services (DFS) getting most of such complaints, according to an official report.
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
The application for certification was incomplete, says a source in the CBFC.
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
'The structural story of India is a multi-decadal story.' 'One should stay invested in that story and avoid reacting to what is happening globally.'
The 'Indira Gandhi award for best debut film' and the 'Nargis Dutt award for best feature film on national integration' have been retitled with the names of the late prime minister and legendary actor being dropped as part of a raft of changes for the National Film Awards, according to a notification.
The Centre has notified new norms for the appointment of directors of Indian Institutes of Management (IIMs), making it mandatory for applicants to have first class degrees in both Bachelor's and Master's, along with a PhD or equivalent from a reputed institute.
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
Tamil Nadu, Kerala, West Bengal, Assam and the Union Territory of neighbouring Puducherry are likely to go to polls in April or May.
The income tax department said it has received representations from taxpayers that the last date for intimating the Aadhaar number may further be extended in the wake of the on-going COVID-19 pandemic.
If indeed we want the board to manage the RBI, probably the government should take a close look at the US Federal Reserve system which has a two-part structure - a central authority in Washington, DC, and a decentralised network of 12 Federal Reserve Banks located throughout the country, says Tamal Bandyopadhyay.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
Sunni Central Waqf Board Chairman, Zufar Farooqui said some persons are advising that land should not be taken for the Babri mosque.
While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the takeover of debt-ridden Reliance Capital. "We are happy to acknowledge the receipt of approval from IRDAI yesterday (May 10, 2024) on the auspicious occasion of Akshay Tritiya. "The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
A bench comprising Justice Ashwani Kumar Mishra and Justice Ashutosh Srivastava passed the order on the public interest litigation filed by one Sudhir Kumar who argued that the film, if released/broadcast, is likely to create hatred amongst different religious denominations and thereby destroy the secular fabric of India.
As much as Rs 61,920 crore of tax refunds have been issued during April-July
Chanting 'Justice for RG Kar' and 'Justice for our sister', hundreds of IT professionals took to the streets of Sector V in Salt Lake, the city's IT Hub, protesting against the rape and murder of a post-graduate trainee doctor at RG Kar Hospital.
Benchmark stock indices Sensex and Nifty rallied more than 1.6 per cent to close at lifetime high levels on Thursday following buying in banking, oil and auto shares and a record dividend payout by the RBI to the government. Regaining the 75,000 level after its best single-day gain since January 29, the 30-share BSE Sensex closed at all-time peak of 75,418.04, up by 1,196.98 points or 1.61 per cent over the last close.
Every now and then Bollywood finds itself in need of divine intervention.
In a relief to former Aam Aadmi Party communication in-charge Vijay Nair, the Supreme Court on Monday granted him bail after nearly 23 months of incarceration in a money laundering case stemming from the alleged Delhi excise policy scam, observing that liberty is 'sacrosanct' and needs to be respected in cases involving even stringent laws.
Delhi Lt Governor V K Saxena has recommended an NIA probe against Chief Minister Arvind Kejriwal for allegedly receiving political funding from the banned terrorist organisation 'Sikhs for Justice', Raj Niwas sources said on Monday.
The Places of Worship (Special Provisions) Act, 1991 provides for maintaining the 'religious character' of holy structures as it existed on August 15, 1947.
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