The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
Zimbabwe and Nepal were suspended in July this year following government interference in the running of the Board.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal, the CBDT said in the statement.
PMO asked income-tax department to submit report on action taken against identified benami owners
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
Indian politics, held captive in one way or the other by Ayodhya, may now well seek its emancipation from this issue, and the pursuit of welfare, asserts Congress leader Salman Khurshid in this excerpt from his latest book, Sunrise over Ayodhya.
The parties, including the Communist Party of India-Marxist, the Samajwadi Party, the Rashtriya Janata Dal and the Trinamool Congress, said they will collectively oppose the Union home ministry's order issued on Thursday.
The 30-share Sensex ended down 297 points at 27,438 and the 50-share Nifty closed 93 points lower at 8,305.
He will be the first bureaucrat to head the central bank in almost five years.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
With Cricket Australia repeatedly stressing on the "unrealistic" challenge of hosting the 16-team T20 World Cup in October-November, the likelihood of having the IPL has increased significantly in a year thrown haywire by the COVID-19 pandemic. The ICC recently pushed its final decision on the T20 World Cup to next month but the BCCI has already zeroed in on the September-October window for the tournament.
Officials said there had been no official word or indication from the top yet. The expectation from officials is to do what they can, but it is understood that all fiscal and budgetary targets don't matter anymore.
Yediyurappa termed these two years as 'trial by fire', pointing out that he had to run the administration without a cabinet in the initial days, followed by devastating floods and the challenge of COVID-19 management, among other issues.
22 bodies, 13 from Kottayam district and 9 from Idukki were recovered from various rain-hit areas while National Disaster Response Force teams continued their rescue operations.
The Indian Premier League Governing Council, on Sunday, decided to omit Jaipur and Kochi from the list of cities which will bid for new IPL teams on December 8.
In his first media interaction after taking over as the president of the Board of Control for Cricket in India, Anurag Thakur on Sunday made it clear that the BCCI is not running away from implementing the recommendations suggested by the Supreme Court-appointed Justice Lodha Committee, however, he clarified that it is not possible to implement all the changes. He gave reference to the one particular recommendation which says that no advertisements should be shown between overs during a live match on television, which he believes will affect the revenues of the BCCI and in turn affect everyone connected to the Board including the former, current and future players. "If you look at the reports, IPL is the fastest growing league in the world, which in itself is a great achievement for the BCCI. They have worked well, the franchises have contributed. If you look at the other side of it, where do you get the major revenues from? It is from the home series. And your revenue comes from where? It is from the advertisements," Thakur said.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
It has surfaced that in 2000, some officials allegedly showed the PoK land as 'on rent to Army'.
An online system generates import-export code.
This is the second hike in excise duty in less than two weeks as the government looks to make use of the slump in oil prices to shore up resources.
The intelligence wing of Central Board of Excise and Customs has 532 officers and staff, he said, adding, the staff strength of DRI will double when cadre review is completely rolled out.
A pick-up in low-cost cigarette consumption helped India's largest cigarette maker boost margins
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
Madras high court on Friday restrained the police from arresting the film's director A R Murugadoss till November 27.
It is in no way a government of the economic Right. The Right is limited to religion and nationalism. The rest is as Left as the Congress or any other party, observes Shekhar Gupta.
The central intelligence cell of the National Board of Revenue has sent a list of 55 people including Hasina and some charities to all commercial banks and the savings directorate with a direction to freeze their accounts.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
The Indian Premier League will get two new teams on Tuesday for the ninth edition of the popular Twenty20 tournament.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
Here are some of the reactions to the Supreme Court verdict on Ayodhya.
Several Premier League clubs have furloughed employees since the new coronavirus outbreak while others, such as West Ham United and Southampton, have said their players have accepted wage deferrals. While CA announced plans to furlough almost 80% of staff last week, putting them on 20 per cent pay until June 30 when it is hoped more will be known about how long government curbs to control the coronavirus will last.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
The government's plan to cut the corporation tax rate while phasing out exemptions may be sound, but it may not mean a reduced tax burden for India Inc.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
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