The income tax department on Wednesday issued FAQs on changes in the capital gains tax saying the idea behind it was to simplify the tax structure and promote ease of compliance. The holding period for various asset classes for the purpose of short- and long-term capital gains tax has been rationalised. The holding period of all listed assets will be now one year for the purpose of long-term capital gains tax (LTCG).
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Department seeks investor database on the suspicion of fictitious investors.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
Senior advocate Prashant Bhushan, who appeared for the petitioners in the court, said at least 30 shell companies purchased electoral bonds worth over Rs 143 crore.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. "On the I-T project, we are extremely proud that as of December 31, as was reported, 5.8 crore returns were filed through that timeframe.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
This has affected all political activity of the party, Maken said at a press conference.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
It will launch jurisdiction-free assessment from October
The I-T department had issued re-assessment notice in March 2015 to the media group after noting that Rs 642 crore has allegedly not been computed for the tax assessment purposes of NDTV for financial year 2007-2008.
The Income Tax department has issued notice to a firm owned by Robert Vadra as part of its probe to understand the "financial structure" of the company and real estate projects undertaken by it.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
For some assessees, the range may not have changed.
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
She dubbed the I-T raids as "anti-democratic, deliberately planned and tested".
Taxpayers can expect faster refunds from the I-T department this year as the ambitious centralised processing centre of the department will start functioning to full capacity.
The one-page form will mandatorily seek the taxpayers name.
Taxpayers are allowed to make the changes under certain circumstances
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
Aaditya, son of Shiv Sena president and Chief Minister Uddhav Thackeray, dubbed the searches by the I-T department on Kanal as 'invasion by Delhi' ahead of Brihanmumbai Municipal Corporation (BMC) elections.
The identity of the informant shall be kept a secret, it said.
According to I-T department sources, the need for increased scrutiny comes following the department's own report for last fiscal which mentions that 'educational institutions' among other 'various sectors' have indulged in huge 'tax evasions'. The I-T department exempts educational trusts and institutions enjoying 'tax benefits' from the Act.
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.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
The Income Tax department will hold public meetings every Wednesday to resolve taxpayers grievances and tax issues as part of the 'Good Governance' initiative mooted by Prime Minister Narendra Modi.
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