Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The Indian cricketers' central contracts saw a two-fold rise with top players in group A earning Rs 2 crore annually. Earlier, they were drawing Rs 1 crore.
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 underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
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.
PMO asked income-tax department to submit report on action taken against identified benami owners
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.
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.
Will Ishan Kishan get Rs 15.25 crore for one year, or for three years? Do the players get their IPL payments, whether it is in full or in part, and what is the payment schedule? Harish Kotian/Rediff.com explains all you need to know about IPL player payments.
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.
The 30-share Sensex ended down 297 points at 27,438 and the 50-share Nifty closed 93 points lower at 8,305.
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 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.
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.
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 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.
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.
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.
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.
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.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
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.
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.
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.
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.'
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.
Madras high court on Friday restrained the police from arresting the film's director A R Murugadoss till November 27.
The Indian Premier League will get two new teams on Tuesday for the ninth edition of the popular Twenty20 tournament.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances