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."
Agencies to help get data on assets of taxpayers.
The government wants the RBI to part with most of its profit as dividend.
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 CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
The last date for filing Income-Tax returns has been extended by three months from July 31 to October 30.
Only salaried individuals, pensioners or those earning interest income can use the new form.
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
The Income Tax Department has detected "concealment of income" to the tune of Rs 17 crore after recent raids on institutions linked to former Maharashtra home minister Anil Deshmukh and his family members, official sources claimed on Monday.
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
The Central Board of Direct Taxes convened a meeting of all cadre-controlling chief commissioners of income tax in Delhi on Thursday to discuss strategies for achieving the revenue collection target budgeted at Rs 3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs 4,00,000 crore (Rs 4 trillion).
The new rules on perks make it better to use the company car than to get usage reimbursed, says Arnav Pandya.
"It is complete red herring. I thought the state will see some sense. But, these are different nature of battles. Sorry, dismissed," the bench said.
The Central Board of Secondary Education (CBSE), however, maintained that classes 10 and 12 examinations will be conducted as per schedule from March 2.
The Central Board of Direct Taxes is considering a proposal to widen the ambit of the Annual Information Return to cover cash cards issued by non-banking financing companies in the country, official sources said. The AIR currently covers seven kinds of transactions, including cash deposits in savings bank accounts of over Rs 10 lakh in a year, credit card billing of over Rs 200,000 a year and purchase of property over Rs 30 lakhs (Rs 3 million).
The new rules on perks make it better to use the company car than to get usage reimbursed, says Arnav Pandya.
CBDT chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
The bench agreed to hear the matter at the end of the board during the day itself.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
Filing your income tax return will be easier this financial year (FY) 2009-10. Want to know how? Read on.
CVC K V Chowdary and Vigilance Commissioner T M Bhasin completed their tenure at the anti-graft body on Sunday and Monday respectively.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
If FMPs get categorised as liquid funds, they will attract higher dividend distribution tax
BCCI secretary Jay Shah took to his official Twitter handle to announce the historical development.
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
The IPL franchises are now expanding their bouquet of teams across leagues in the West Indies, UAE, South Africa and now the US is another untapped market that wasn't explored despite the Asian diaspora craving for some cricket.
With the holiday season quickly approaching InvestmentYogi takes a minute to look at the 'cost' of receiving and giving gifts and the effect it could have on your tax returns.
The film has been passed with a 'U' certificate.
The 8,965 officials include an estimate for an extra 760 sanctioned personnel in the Indian Revenue Service. Apart from this, the department would have to create 42 posts of principal chief commissioner of Income Tax (Principal CCITs), 74 CCITs, 116 Senior CCITs and Deputy CITs. "This would have to been done through simultaneous abolition of posts in other grades," said the report.
The Opposition party asked whether the prime minister will take responsibility for the 'deadliest rail tragedy' of this century.
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