Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
Crypto assets should not be granted official currency or legal tender status, the much-awaited synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB) has said ahead of the G20 leadership summit under India's presidency. However, the report has argued against a blanket ban on activities linked to crypto assets, explaining that such a move can be costly as well as technically demanding to enforce. Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
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.
Consumer goods, durables, automobiles worst hit.
CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
As per norms, the returns have to be filed online on www.aces.gov.in.
He also said GST will take about a year to stabilise.
Change in performance appraisal system will deter corruption and motivate officers to pass correct orders.
An angry Banerjee slammed a minister, a former Trinamool Congress mayor and a few bureaucrats for their "below-par performance".
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
Move targeted at companies with high promoter holdings.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
The Centre is planning to establish a Taxation Information Exchange System to track inter-state trade of all commodities after the phase-out of Central Sales Tax.
'Depreciation should be claimed on original book value, not after revaluation'.
A well-established tax system would have a predictable buoyancy - how fast the collections grow as a proportion to the growth of the economy. But that is not the case with GST. It is still undergoing substantial changes as the government responds to structural as well as administrative glitches.
Inheritance tax only helps the lawyers: Rajan
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
User and live accounts test done, software to roll out country-wide in a year.
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
A roster of the work for fresh cases notified under the order of the chief justice of India will come into effect from February 5 till further orders.
