"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.
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 (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.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
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.
The Yamuna surged to a record 208.48 metres at 8 am, the Central Water Commission said on Thursday, adding that it is likely to rise to 208.75 metres by 4 pm.
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 court set aside the direction issued to the CBI director to make a written apology to Patel for the agency's action against him.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
In the over 20-page report, the central probe agency has also stated that the seven persons whose charred bodies were recovered from inside one of the burnt houses in Bogtui village, were "assaulted before being burnt alive".
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).
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.
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.
Senior finance ministry official said the economic affairs department cleared the proposals on Friday.
Rajshekhar detailed his complaints in a report to the lieutenant governor's office, joint secretary in the Ministry of Home Affairs and the additional commissioner of police of Delhi's anti-corruption branch.
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.
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.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
The CBDT has initiated a major exercise for issuing refunds and has also written a number of letters to field offices to expedite the process.
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Plans to outsource record-keeping to private entities.
The proposal was announced in the Union Budget on Monday.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
Direct tax collection target set for a big hike, says Chidambaram.
User and live accounts test done, software to roll out country-wide in a year.
Pratinav Anil is able to foresee some agency and assertion on the part of India's Muslims. His hope emanates from the citizenship rights movement of Muslims in 2019-2020, notes Mohammad Sajjad.
Central Board of Direct Taxes chairman Sudhir Chandra told Business Standard that the changes have been approved in principle and necessary instructions would be issued soon.
Salaried taxpayers with no other income could get a respite from filing tax returns.
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 department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
A group to study simplification of laws relating to income tax has recommended removal of redundant provisions and use of simple language.
Union Home Minister P Chidambaram on Tuesday said the Central Board of Direct Taxes is inquiring into alleged leak of tapes of telephone conversations between corporate lobbyist Niira Radia and politicians, journalists and industrialists.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The first leg of Micron's semiconductor play in Sanand is crucial for the company to sprint towards India's goal of joining the chip race.
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.
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.
From April 1, individual and corporate taxpayers who pay Rs 50,000 and more as tax in a single payment, may have to make the payment electronically. A formal announcement to this effect from the Central Board of Direct Taxes is expected shortly, finance ministry sources confirmed.
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