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.
Some companies are charged with undervaluing their assets.
Finance Ministry issues strict instructions on foreign bank accounts.
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
Assessees whose tax is deducted at source now can file their returns in the current assessment year without quoting a proposed tax number, UTN, as the government deferred its introduction."Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN)," the Central Board of Direct Taxes said in a statement issued on Tuesday.
Officials in the know indicate the Central Board of Direct Taxes might come out with a notification in due course, saying that cases that have reached finality would not be touched.
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.
The panel, headed by former Central Board of Direct Taxes chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules provisions to address the concerns of foreign investors.
Redrafting the Direct Taxes Code is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes has received about 10,000 suggestions on the code, which seeks to replace the Income Tax Act of 1961.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
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.
Justice Jasmeet Singh, who was hearing a plea by the Delhi Waqf Board seeking a direction to open the mosque for the holy month, clarified that no "Tablighi activities" and lectures can take place on the premises and only prayers can be offered.
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.
The CBSE issued a circular to its affiliated schools asking them to restrict use of mobile phones by students as well as teachers as these phones can be serious cause of distraction and anxiety.
Riding on Baba Aparajith's splendid century, South Zone crushed a hapless Central Zone by 116 runs with 13.3 overs to storm into the Deodhar Trophy semi-finals at the Wankhede Stadium, in Mumbai, on Saturday.
This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
The plea, filed by advocates Shishir Chaturvedi and Karunesh Kumar Shukla, said that apart from private individuals and members of state Sunni Board, the presence of central and state government representatives was essential to ensure proper management of the funds.
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
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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.
'Barring Tamil Nadu and Kerala, the BJP will may make inroads in Karnataka, Andhra and Telangana in 2024.'
The top court observed that even in reserve forests, there are no concrete roads and the safari vehicles ply on forest roads.
'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.
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.
With the introduction of the quota, around 310 SC and 155 ST students will benefit this year.
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.
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.
The Delhi high court was informed on Tuesday that a petition challenging the appointment of Gujarat-cadre Indian Police Service officer Rakesh Asthana as Delhi Police Commissioner has also been filed before the Supreme Court.
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 Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
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.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
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.
"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.
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