The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Government gets Rs 17.1 lakh crore in its kitty
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
Jaitley assured that both the banking system and the government will make the resources available to them.
Monetary incentives under Skill India to small entrepreneurs, capital infusion into technology fund to help businesses expand operations
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
The step had been taken to lend the required 'authenticity' to electronic communications.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Jaitley's team presents a quintessential mix of foreign-educated, intellectual technocrats and seasoned bureaucrats
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
The note guides taxman to avoid seeking voluminous details.
'Whatever happens in any part of the world affects us.'
The government is considering a proposal to privatise some state-owned banks in phases.
Switzerland will not share details about accounts held prior to September 2018.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The country had imported 5.5 million tonnes of pulses last year.
Arun Jaitley addressed a post-Budget press conference.
On the revenue front, the finance ministry was expecting higher proceeds from non-tax revenue.
The large drop was for export orders that were meant to be delivered until October.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Inter-state supply may come under GST composition
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Group of ministers to review progress every fortnight.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
All the Gujarat cadre officers have one thing in common. They do not need Modi's 'informal interactions' and advice because they are from the so-called 'Modi school of governance.' They know Modi well enough to perform their assigned roles.
Deadline ends, after two extensions and only 70% file detailed return for July
As the liquidity crunch reaches crisis levels and getting tax refunds remain a big headache, exporters saw orders fall by 15 per cent till October.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
Even Subramanian Swamy, who says he is an ardent supporter of the prime minister, has been taking proxy pot shots at him.' 'At the ground level too, there is resentment from workers and local leaders who have perhaps not got whatever they may have wanted,' notes T C A Srinivasa-Raghavan.
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