The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment, said experts. While the language of the provision is quite broad, the title of the section limits itself to 'liability of directors of private companies in liquidation'. The Bill proposes to align the title with the scope of the provision, thereby ensuring that orders under this section can be issued even if the relevant company is not under liquidation.
Banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
The actor had earlier taken to Twitter on Sunday to share his "platinum certificate" from the ministry for filing his tax returns for the year 2019-2020 to refute rumours.
The tax payers base is just over 4 crore (Rs 40 million).
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone.
The CBDT has initiated a major exercise for issuing refunds and has also written a number of letters to field offices to expedite the process.
Officials said the three were arrested on Monday under provisions of the Prevention of Money Laundering Act after they were called for questioning by the ED in Chennai.
The move would help in further promoting ease of doing business in the country.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
Vodafone on said it is seeking legal advice to challenge the Bombay High Court order that dismissed its plea against the I-T department's Rs 12,000 crore (Rs 120 billion) demand in tax and penalty on the company's acquisition of Hutchison Telecom in a deal of about Rs 50,000 crore (Rs 500 billion).
You can electronically verify returns and regularise these by August 31.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
The department gets data of high-value transactions under the Annual Information Return.
Actor Taapsee Pannu and director Anurag Kashyap resumed shooting for their film Dobaaraa on Saturday, both using social media to speak for the first time since Income Tax raids on their premises with posts indicating their spirit remained intact.
Most of these alleged tax evaders hail from Kolkata, Mumbai, Ahmedabad, Surat, and Delhi.
Vodafone further said it has "always been confident" that no tax is due on the company. The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest. Asked if the company has filed an application with the Indian government to settle the retrospective tax dispute, a Vodafone spokesperson said, "We can confirm we have filed an application".
The Income Tax department on Monday approached a Hyderabad court seeking copies of the documents seized by the Central Bureau of Intelligence during the probe of corruption allegations against Kadapa MP Y S Jaganmohan Reddy and the alleged irregularities in the Emaar Properties land deal.
Finance Minister Nirmala Sitharaman on Wednesday allocated nearly Rs 12,544 crore to the department of space as India plans a human spaceflight -- Gaganyaan -- next year and sets out to explore the moon and neighbouring planets.
Bhavana Arora, who had staged an ink attack on Kejriwal in January, hurled a slipper at the AAP leaders' car outside the Income Tax office here at around 3.15 pm.
The department, which carries out a number of searches against other high income sectors like real estate, manufacturing and sales, has for the time put its scanner on the sector which accounts for about 45 per cent of the manufacturing output of the country.
The raids in as many as 38 premises in different parts of the state led to concealment of income which is likely to exceed Rs. 300 crore, the Income Tax department said in a release.
The AA bench, in the order accessed by PTI, also rapped the probe officer of the I-T department in Mumbai for seemingly relying on "some press report/online articles" that Khan acquired the property for his benefit, which it said was "incorrect and impermissible in law."
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
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.
CM Siddaramaiah called it a 'politically motivated' move.
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
People familiar with the proceedings said independent cybersecurity experts from a private consulting firm, technology lawyers, government officials and WhatsApp representatives were asked questions about the Pegasus spyware and the larger issues surrounding surveillance, hacking and remedial measures.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
The taxman, said the party 'incorrectly disclosed the hawala money as voluntary donations'
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
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