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.
Senior finance ministry official said the economic affairs department cleared the proposals on Friday.
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.
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.
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.
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.
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 federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
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.
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.
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.
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.
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.
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.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
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.
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.
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.
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.
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.
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.
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 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.
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 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 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.
The form, introduced by the Central Board of Direct Taxes in April, is supposed to make filing tax returns easier.
The government would not withdraw fringe benefit tax, which was introduced in the 2005-06 Budget, but the process would be made less painful, Central Board of Direct Taxes chairman M S Darda said on Friday.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
