According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
Karnataka Congress president D K Shivakumar on Wednesday said he has been asked by the Enforcement Directorate to appear before it on February 22, while his daughter has been served notice by the Central Bureau of Investigation.
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.
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The authorities had sought explanation from these 18 lakh entities through SMS and emails
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.
The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.
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'.
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.
NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer. The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares. In a regulatory filing, NDTV said that its founders Radhika and Prannoy Roy have informed that RRPR Holding has intimated Adani group firm Vishvapradhan Commercial Pvt Ltd (VCPL) that the attachment of the shareholding, notified in 2018, shall remain in place until the completion of reassessment proceedings.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
The reduced growth is largely because of consumption slowdown and tax rate cuts.
The Delhi high court on Monday refused to quash an Enforcement Directorate money laundering case against media baron Raghav Bahl, saying the plea was "premature".
The project is expected to be activated by the end of this month.
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.
Failure to disclose any income can lead to penalties and legal issues.
Officials said the searches covered multiple premises of the firm in Mumbai and Delhi.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
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.
I-T teams have scanned documents and payment details related to TDS.
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 BBC said on Tuesday that it is "fully cooperating" with the Income Tax authorities who are at its offices in New Delhi and Mumbai and hoped that the situation will be resolved "as soon as possible".
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 apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
CBDT feels 30% growth in income-tax not feasible.
It was not immediately known if the residential premises of the industrialist were also being searched by the sleuths.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
In a post in Hindi on X, Gandhi accused the prime minister of twisting his words and said he was speaking about the power of which Modi was wearing the mask.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
The court also issued notice to the Income Tax department.
Karnataka Congress president D K Shivakumar on Monday appeared before the Enforcement Directorate in Delhi for a fresh round of questioning in the National Herald money laundering case.
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