If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
In a bid to reduce harassment of tax payers, the income-tax department is mulling setting up five centralised return processing centres in different parts of the country.
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
Sixty-eight paintings that once belonged to fugitive diamond merchant Nirav Modi will go under the hammer next week.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
The gold, weighing over 30 kg, was seized from the "diplomatic baggage" that had landed by air cargo at the Thiruvananthapuram international airport recently from the Gulf.
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
SBI, LIC and HDFC, have showed double digit growth.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
The income tax department has slapped a Rs 1,067-crore (Rs 10.67 billion) demand notice on telecom giant Bharti Airtel for alleged non-payment of Tax Deducted at Source (TDS) dues in the past four financial years in connection with its operations abroad.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
The Income Tax department will soon start training the second batch of 5,000 tax return preparers (TRPs) across the country. Launched in 2007, the programme aims at assisting tax payers file returns. The TRPs have also been asked to bring in more people under the tax net. They charge existing tax payers Rs 250 for each return, while the department pays them 3 per cent, 2 per cent, and 1 per cent of the tax paid by a new assessee in the first three years, respectively.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
The huge garland that Mayawati wore at a public rally caused the disruption of the Lok Sabha on Tuesday even as the estimated value of the currency notes of which it was made varied from Rs 21 lakhs to Rs 15 crore.
To seek tax exemption, a start-up will now have to apply, with all the documents, to the DIPP instead of the inter-ministerial board of certification. The earlier requirement of start-up to submit report from merchant banker specifying the fair market value of shares has also been removed.
User and live accounts test done, software to roll out country-wide in a year.
Armed with fresh powers to conduct search and seizure operations and attach properties and bank accounts, the Securities and Exchange Board of India (Sebi) is going all out to use these effectively.
Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled. Jayshankar Gramin Va Adivasi Vikas Sanstha Sangamner, a Charitable trust registered under Maharashtra Public Charitable Trust Act 1950, had approached the Maharashtra bench of the Authority for Advance Ruling (AAR), seeking clarity on whether it is liable to pay GST on the amounts received in the form of donations/grants from various entities, including the central and state governments. The trust is also registered under the I-T Act as a charitable trust.
The searches, they said, are related to the department's probe in the biggest haul of cash and gold in Chennai post demonetisation.
Tax authorities had already sent a notice to Nokia India for failing to collect tax deducted at source.
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