As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
Meet the civil servant who will take Prime Minister Modi's plans for education to another level.
Close to 202,000 new entities have registered under the GST Network
Maharashtra raises vehicle registration fee, Tamil Nadu ups entertainment tax
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
By creating groups of secretaries, the Modi government has precluded the need for groups of ministers, which were so ubiquitous in the first decade of this century in New Delhi. Each group will have a leader who will be expected to steer the schemes for implementation, cutting through the ministerial turf battles.
MUDRA Bank will have a corpus of Rs 20,000 crore.
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
Watal a 1978-batch Andhra Pradesh cadre IAS officer.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
Government gets Rs 17.1 lakh crore in its kitty
He also said GST will take about a year to stabilise.
It is possible that the final Budget architecture may be at variance with the comments.
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.
The pandemic is set to become even more challenging, with migrant workers returning home, relaxations in lockdown rules, and the approaching monsoon. However, states are looking at community participation to ramp up testing and home treatment of patients
Close to 9 lakh registered companies are not filing annual returns with the ministry of corporate affairs and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
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.
The insurance sector is going to get a big boost.
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
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 large drop was for export orders that were meant to be delivered until October.
The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
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.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
Goods and Services Tax would usher in an unified indirect tax regime.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Allaying investor fears over the levy of long-term capital gains tax on share transfer in unlisted companies, the government on Friday said the move is only to target 'khoka' companies, and 'genuine investments' in start-ups and through FDI will be exempt.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
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.
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