PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The claim relates to assessment year 2008-2009.
Tax officials saidsome instances of "asset transfers" are also under their scanner
The IT sleuths recovered 'incriminating' documents from the premises of Vijayabaskar and others, officials said.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be 'captivating' and 'inspiring', particularly to the young and future taxpayers.
Chairman of the Central Board of Direct Taxes (CBDT), Prakash Chandra, has asked the income tax (I-T) department to hasten court and tribunal proceedings to meet tax collection targets in the coming quarters.
The Income Tax department on Tuesday raided more than 60 places across the country in connection with the alleged illegal investments and hawala transactions case involving Jharkhand's former Chief Minister Madhu Koda.
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
Niira Radia-promoted Vaishnavi Corporate Communications on Friday said none of its present or past employees has given any complaint to the government that became the basis for the I-T department to tap Radia's phones.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
The Income Tax department has begun sealing properties and issued prohibitory orders around the premises of former Jharkhand chief minister Madhu Koda and his associates in the alleged hawala transactions and illegal investments case.
The company has not been able to sell its 9.8% stake in Cairn India
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
Verification process to be made robust after detection of frauds
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
The Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
Former Jharkhand Chief Minister Madhu Koda will be questioned by the Income Tax officials in Ranchi on Tuesday over an alleged Rs 2,000 hawala transaction case.
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.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
Department has collected information about these defaulters from various sources and will soon initiate action against them.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
Big evaders might be the target but the small guys end up getting punished.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
It is sending letters to 35,170 PAN holders in the first phase.
A questionnaire sent to Price Waterhouse was not answered.
The moves will reduce the administrative burden of the department, banks and taxpayers.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
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