Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The new rules on perks make it better to use the company car than to get usage reimbursed, says Arnav Pandya.
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.
Filing your income tax return will be easier this financial year (FY) 2009-10. Want to know how? Read on.
If FMPs get categorised as liquid funds, they will attract higher dividend distribution tax
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.
The Central Board of Secondary Education (CBSE), however, maintained that classes 10 and 12 examinations will be conducted as per schedule from March 2.
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.
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.
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.
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.
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.
After comments from the Parliamentary panel, the bill could have been placed in the winter session, and once passed in that session, GST legislation could have been tabled in the Budget session.
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.
According to official sources, complaints were received by the department that TDS was being collected arbitrarily by the payers. Another reason for this decision is that refunds from the department have also gone up. Sources said it should not affect the assessee who may be paying a high rate of TDS and is not compensated even after the employer or broking firm or any other organisation gets a refund on higher rate of TDS which may not be applicable to such income.
Your tax burden has just gone up, with the government issuing the new guidelines for taxation of perquisites. Valuation of cars goes through a revision.
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 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.
Your tax burden has just gone up, with the government issuing the new guidelines for taxation of perquisites. Valuation of cars goes through a revision.
Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes said.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
Already, public sector companies, a firm of chartered accountants or company secretaries or advocates that have been allotted a permanent account number, individual chartered accountants and advocates with PAN among others are authorised as e-return intermediaries.
The Central Committee members on Sunday elected a 25-member Political Bureau which picked the Standing Committee members to govern the country.
Income Tax gazetted officers and employees under the umbrella of Joint Council of Action (JCA) have threatened to strike work on September 9, to protest delay in implementation of a 11-point charter of demands, pending with the Central Board of Direct Taxes (CBDT).
"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.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
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.
Field formations may re-examine cases from 1997.
Reinterpreting long-established tax treaty provisions by the tax authorities creates confusion and has to be avoided as it affects investment into India.
"In the month of April, we have issued more than 20 lakh (Rs 2 billion) refunds all over the country which is a record number of refunds issued in April," Central Board of Direct Taxes chairman, Sudhir Chandra, told reporters in Mumbai.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
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