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.
China last year pegged its defence budget at 1.45 trillion yuan, a 7.1 per cent increase. This year the defence spending is increased to 1.55 trillion yuan.
Plans to outsource record-keeping to private entities.
The proposal was announced in the Union Budget on Monday.
'Quite a few notices have been issued in both black money and benami transactions.'
The agency had called him a hostile witness after he made the allegations.
AIMPLB member Zafaryab Jilani on Wednesday said the proposed mosque in Ayodhya following last year's Supreme Court verdict is against the Waqf Act and 'illegal' under the Shariat laws.
More than Rs 8 crore unaccounted cash has been seized in subsequent raids at various locations by Lokayukta. The arrested officer's father is Madal Virupakshappa, the MLA representing Channagiri constituency in Davangere district of the state.
User and live accounts test done, software to roll out country-wide in a year.
Calcutta high court on Friday dismissed a West Bengal minister's daughter from her job in a government-aided school and asked her to return the salary she had drawn during her 41-month tenure as a teacher.
Direct tax collection target set for a big hike, says Chidambaram.
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.
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 income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
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.
Only those who stick to the old I-T regime will get this benefit.
The central government has notified the Employees Provident Fund (EPF) rate of interest at 8.5 per cent for 2006-07. The Central Board of Trustees (CBT) of EPF, in July, had recommended interest at 8.5 per cent. The government has now accorded its approval to notify the specified rate of interest for the year.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
A six-minute video of the PM directed by Central Board of Film Certification chief Pahlaj Nihalani is being played during the interval of Salman's Sooraj Barjatya-directed film, Prem Ratan Dhan Payo in cinemas across the country.
Tax officials are scrutinising other cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion after the Bombay High Court rejected a petition against imposition of tax on the deal, a key Finance Ministry official said.
As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
The extension has been given considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, it added.
Enthused by over 36 per cent increase in direct tax collections during 2007-08, Finance Minister P Chidambaram on Monday asked the department to aim for higher collections this fiscal than the Rs 3,65,000 crore (Rs 3,650 billion) estimated in the Budget for 2008-09.
The Central Committee members on Sunday elected a 25-member Political Bureau which picked the Standing Committee members to govern the country.
The R S Pathak Inquiry Authority report, which has indicted former external affairs minister Natwar Singh and his son Jagat in the Iraqi oil scam, was tabled in both the Houses of Parliament on Monday.
The form, introduced by the Central Board of Direct Taxes in April, is supposed to make filing tax returns easier.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
Notably, after coming to power in November 2019, the then MVA government scrapped certain policy decisions of its predecessor BJP-Shiv Sena government led by Fadnavis.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month."
The government wants the RBI to part with most of its profit as dividend.
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