The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Recently, Finance Minister Pranab Mukherjee had assured industry that the government was open to re-examining proposals in seven key areas.
By setting up Central Technical Committee, the Central Board of Direct Taxes aims to bring clarity on contentious legal issues and reduce litigation by adopting a consistent approach on them.
A revealing excerpt from Mani Shankar Aiyar's fascinating new book, The Rajiv I Knew.
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
A thorough probe is underway, none of the authorities has so far talked about any possibility of a sabotage.
The gross direct tax collections in April-June this year were up by 23.91 per cent at Rs 1,04,136 crore (Rs 1,041.36 billion) as against Rs 84,041 crore (Rs 840.41 billion) during the same period a year-ago.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
The statements on Joshimath are creating confusion not only among affected residents but also among citizens of the country.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
'We are seeing an era where only what Modi wishes is going to happen.' 'A clear message has now been sent to others that if this fate could befall on Nitin Gadkari, then just think what could happen to lesser mortals.'
With this, 85 officers, including 64 high ranking ones, have been compulsorily retired.
'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.'
Multiple agencies to probe, regulatory crackdown on more companies expected.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
A separate and dedicated window for grievance redressal has been launched recently.
'There are problems related to the Indian film industry that I'd like to address rather than to keep harping on the negative zone of hurdles in film certification,' Minister for Information and Broadcasting Rajyavardhan Rathore tells Subhash K Jha.
Get your lowdown on what's going on in the world of Hindi films right here!
Union minister Anurag Thakur said that "one should take complete information and sometimes many issues come up that are far from truth..."
The equity cult has grown at a rapid pace in India in the last few years, with retail investors latching on to the stock markets like never before. At 126.6 million, the number of dematerialised (demat) accounts, where investors hold their securities in electronic form for trading purposes, are at record high levels. The growth rate, on an annualised basis, stood at 27 per cent in 2022-2023, up from barely 6 per cent a decade ago.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
The differences revolved around the two topics of how much reserves the RBI should carry and whether the finance ministry had precipitated matters by invoking Section 7 of the RBI Act, that allows it to give directions to the RBI in public interest.
'Barring Tamil Nadu and Kerala, the BJP will may make inroads in Karnataka, Andhra and Telangana in 2024.'
Chairman of the Central Board of Direct Taxes (CBDT), Prakash Chandra, has asked the income tax (I-T) department to hasten court and tribunal proceedings to meet tax collection targets in the coming quarters.
A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud allowed Karti to be accompanied by a lawyer at the CBI headquarters during the questioning.
The Central Board of Secondary Education has directed disciplinary action against principal of a school which expelled Ruchika Girhotra soon after she complained of molestation by ex-DGP SS Rathore nearly two decades ago, but the school management defended her saying she was "innocent".
A senior CBDT official said the idea was to use TDS as a major driver to meet the stiff direct tax collection target of Rs 5.33 lakh crore in the current financial year.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
The development comes after Dy CM Manish Sisodia tweeted about complaints received by him in this regard.
The Supreme Court on Wednesday issued notices to the Centre and the Reserve Bank of India on a petition seeking probe into the alleged money laundering by the trustees of Mumbai's Lilawati Hospital.
The finance ministry has directed the Central Board of Direct Taxes to put in place a framework for an Advance Pricing Agreement mechanism, two officials familiar with the development said.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
Taxmen are opposing proposals to cut personal income and corporate tax and scrap taxes on various transactions.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Concern has been raised on the method of identification for providing tax credit and the requirement of a permanent account number for deduction of withholding tax. Industry had raised these two issues before a Central Board of Direct Taxes committee looking into the matter, said a senior finance ministry official.
The Central Pollution Control Board on Monday reviewed the air quality in Delhi-NCR observing that the contribution of stubble burning may rise in the next five days with the AQI fluctuating between 'very poor' and 'severe' categories.
This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
The Central Bureau of Investigation on Wednesday challenged before the Delhi high court the trial court order directing the withdrawal of the lookout circular against Amnesty International India Board chair Aakar Patel in connection with a case for the alleged violation of the Foreign Contribution (Regulation) Act.
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