The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
West Bengal Chief Minister Mamata Banerjee on Monday ordered an immediate ban on the screening of the controversial film The Kerala Story to avoid "any incident of hatred and violence", a senior official said in Kolkata.
A team of tax department officials is undertaking the raids against Jadhav, also the chairman of the BMC standing committee, since early morning, they said.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
'Quite a few notices have been issued in both black money and benami transactions.'
The project is expected to be activated by the end of this month.
Yadav, who returned from the national capital on Thursday after a trip that lasted three days, asserted that there was "nothing new" in the summons, even as he alleged that the central agencies were acting as per the directions of the ruling Bharatiya Janata Party.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Premises of former Karnataka chief minister B S Yediyurappa's close aide Umesh were among those raided by Income Tax sleuths in the State on Thursday.
Officials said the searches covered multiple premises of the firm in Mumbai and Delhi.
I-T teams have scanned documents and payment details related to TDS.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
The Enforcement Directorate has issued a fresh summons to Bihar Deputy Chief Minister and Rashtriya Janata Dal leader Tejashwi Yadav in the railway land-for-jobs scam case, asking him to appear on January 5, official sources said on Saturday.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
The reduced growth is largely because of consumption slowdown and tax rate cuts.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
It was not immediately known if the residential premises of the industrialist were also being searched by the sleuths.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
The court also issued notice to the Income Tax department.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
Revenue secretary Tarun Bajaj along with senior finance ministry officials on Thursday held a meeting with Infosys managing director Salil Parekh to review the performance of the new income tax portal. More than 3.5 crore Income Tax Returns (ITR) have been filed so far for the financial year 2020-21 through the portal, which had faced glitches following which the ministry had directed Infosys to urgently address the issues. Infosys has developed the new income tax e-filing portal 'www.incometax.gov.in'.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
CBDT feels 30% growth in income-tax not feasible.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
According to sources, both the departments have already laid their claim on the proceeds from the sale of the property
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
