Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
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.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
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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.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The claim relates to assessment year 2008-2009.
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.
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 Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
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.
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.
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
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.
Tax officials saidsome instances of "asset transfers" are also under their scanner
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
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 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.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
The company has not been able to sell its 9.8% stake in Cairn India
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.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
Verification process to be made robust after detection of frauds
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
Already, there is a feeling even within the BJP's AIADMK ally that the BJP is overdoing things on the ED/I-T front, as corruption is not an election issue in the state -- as long as the people are otherwise not excessively unhappy with the governing party, points out N Sathiya Moorthy.
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.
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.
Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.
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".
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
