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 last date for filing Income-Tax returns has been extended by three months from July 31 to October 30.
The top court observed that even in reserve forests, there are no concrete roads and the safari vehicles ply on forest roads.
Agencies to help get data on assets of taxpayers.
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.
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 CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
Only salaried individuals, pensioners or those earning interest income can use the new form.
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".
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.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
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.
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).
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.
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.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
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 new rules on perks make it better to use the company car than to get usage reimbursed, says Arnav Pandya.
A revealing excerpt from Mani Shankar Aiyar's fascinating new book, The Rajiv I Knew.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
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 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.
The equity cult has grown at a rapid pace in India in the last few years, with retail investors latching on to the stock markets like never before. At 126.6 million, the number of dematerialised (demat) accounts, where investors hold their securities in electronic form for trading purposes, are at record high levels. The growth rate, on an annualised basis, stood at 27 per cent in 2022-2023, up from barely 6 per cent a decade ago.
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.
'Quite a few notices have been issued in both black money and benami transactions.'
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 government wants the RBI to part with most of its profit as dividend.
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.
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.
