Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
'Many communities have opposed my films. Extremism in any debate is deplorable. Wake up cerebral India.Time to think. We've said enough. Listen Ma Bharat,' he added.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The Central Bureau of Investigation on Friday approached a Delhi court seeking revision of its order directing the agency to withdraw a Look Out Circular issued against Aakar Patel even as the activist filed a contempt plea against the agency, stating that he was not allowed to leave the country once again despite the court's order.
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The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
The Central Bureau of Investigation (CBI) began making submissions on Monday on its appeal before the Delhi high court challenging the acquittal of accused persons, including former telecom minister A Raja, and firms in the 2G spectrum allocation scam case in December 2017.
The common man wants the government to demonetise high denomination currency notes like Rs 1,000 and Rs 500 to effectively combat the menace of black money in the country, a finance ministry report has revealed.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
While class 12 exams will be conducted across the country, the class 10 exams are only pending in North East Delhi where they were affected due to the law and order situation.
The Central Board of Direct Taxes has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu Undivided Family if his or its total income exceeds Rs 10 lakh.
With the introduction of the quota, around 310 SC and 155 ST students will benefit this year.
"The CBDT extends the 'due date' for filing of ITRs as well as reports of Audit (which were required to be filed by the said specified date) from September 30, 2018 to October 15, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.
The home ministry has asked the revenue department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India K G Balakrishnan.
He said with an aim to make the FDI policy user friendly, all prior regulations and guidelines have been consolidated into a comprehensive document.
The apex court also said it will consider whether the matter should be put before a five-judge bench
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
The Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
The committee, headed by Chairman of the Central Board of Direct Taxes, has received close to 3,300 suggestions through e-mail and the panel is now selecting the most appropriate ones for circulation among various agencies like the Enforcement Directorate, DRI and Law Ministry.
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
Former Punjab Director General of Police Dinkar Gupta was on Thursday appointed as the new Director General of the National Investigation Agency (NIA), an anti-terror probe agency formed after the 26/11 attack in Mumbai.
The Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
Tax returns of 100,000 entities under scanner, as preparation for DTC, say officials.
The Enforcement Directorate on Thursday raided multiple locations in Maharashtra as part of a money laundering probe against state transport minister Anil Parab and others linked to alleged irregularities in a land deal in coastal Dapoli area of Ratnagiri district and other charges, officials said.
The Central Board of Direct Taxes (CBDT) has signed up the country's three top economic think tanks to arrive at an official figure. This will help the government frame policies to tackle the problem.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
The Reserve Bank of India (RBI) on Monday allowed microfinance lenders to fix interest rates on loans with a rider that those should not be usurious for the borrowers. A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to Rs 300,000. Each regulated entity (RE) should put in place a board-approved policy regarding pricing of microfinance loans, said the 'Master Direction - Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022'. In the past, the central bank used to announce the rates on quarterly basis.
Thirty-five-year-old Sonu Jaiswal, a liquor store owner who was among the five Indians killed in a plane crash in Nepal on Sunday, had gone to pay obeisance at the famed Pashupatinath Temple in Kathmandu after his wish for a son was fulfilled around six months ago, his relative said.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
The Central Board of Direct Taxes on Friday directed tax officials to assess liability for those transacting in shares on the basis of principles laid down by the Authority of Advance Rulings (AAR).
Senior finance ministry official said the economic affairs department cleared the proposals on Friday.
Even as Union ministers allay misgivings over Agnipath, figures show a meagre 2.4 per cent of the ex-servicemen who applied for a government job could get one as the Centre and the states have been unable to recruit against the reserved quotas. Public sector undertakings (PSUs), ministries, and officials of Sainik Boards have blamed it on the lack of skill among ex-servicemen. They say veterans' inability to qualify in selection exams is one of reasons for this. Also, non-recognition of qualifications obtained from the military are reasons why their recruitment has remained significantly low, pushing them towards low-skill jobs.
The CBDT has provided to CBI for possible action the names of those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds abroad.
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