As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
.jpg)
The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, issued the fresh directives after it recently got a number of complaints from taxpayers and others in this regard.
The Income Tax department has agreed to give priority to 'sons of soil' and use of Marathi language in its offices, a Sena leader said.
The Income Tax (I-T) department has said Tharoor did not benefit from the Kochi IPL deal. Meanwhile, the finance ministry has said that the I-T department is probing IPL Commissioner Lalit Modi's offshore money and trying to find out if stakeholders are fronts for Modi.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
The Central Board of Direct Taxes has asked all Chief Commissioners of Income Tax across the country to make special arrangements and keep open the I-T offices and receipt counters on March 29 (Saturday), March 30 (Sunday) and 31st (Monday) for the normal duration of office hours.
An Income Tax department team will fly down from Chennai on Wednesday to question former telecom minister A Raja in Tihar jail, for his alleged involvement in the 2G spectrum allocation scam.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
A normal assessment notice is served under Section 148.
The Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
"Defaulters are advised to pay tax arrears immediately," said the notice.
Go cashless. Go clean, say I=T to people.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
PMO asked income-tax department to submit report on action taken against identified benami owners
Income Tax department has sought prosecution powers in the proposed Direct Taxes Code for taking effective action against tax evaders.
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
The net Income Tax collection in the Mumbai region has gone up by 62 per cent to Rs 23,315 crore (Rs 233.15 billion) as on September 20, compared to Rs 14,369 crore (Rs 143.69 billion) during the same period last fiscal.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax Department, asking the former IRS officer to pay over Rs nine lakh in dues by this month-end.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
Big evaders might be the target but the small guys end up getting punished.
Missing the deadline for filing Income Tax returns can lead to consequences.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
The Mayur Bhawan counters will be operational from July 21-23 and from July 26-27, while the Pragati Maidan counters will be open from July 28-31.
Government on Monday asked income tax department to take steps to unearth domestic black money.
Meanwhile, the Reserve Bank of India too said that it has made arrangements for tax payments beyond banking hours to avoid rush.
The trouble for Ashok Lavasa's family began a few months back when his wife, Novel Singhal Lavasa, came under the scanner of the income tax department on charges of alleged tax evasion.
I-T dept will soon issue a unique number to address your refunds and grievances. But the traditional route is still better.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
