Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
As many as 38,800 teachers will be hired for Ekalavya Model Residential Schools, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the last last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said a national digital library for children and adolescents will be set up for facilitating quality books.
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.
16 lakh refunds worth crores lying unclaimed at I-T.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
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.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
The department allows you to revise these, but there are strict conditions to be noted.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
The government on Wednesday said there won't be any capital gain tax if physical gold is converted to an electronic gold receipt and vice versa.
So how do you rate the Modi government's 11th budget?
Finance Minister Nirmala Sitharaman on Wednesday announced a 66 per cent hike in the Pradhan Mantri Aawas Yojana (PMAY) outlay to Rs 79,000 crore.
The world has recognised India as a bright star as the country is recording healthy economic growth despite global uncertainties, finance minister Nirmala Sitharaman said on Wednesday. India's growth at 7 per cent in the current fiscal is the highest among major economies and the Indian economy is on the right track, she said in her Budget speech.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Move targeted at companies with high promoter holdings.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
The fate of Mohana Rao was not immediately known.
Addressing the inaugural session of the joint conference of chief ministers and chief justices of high courts in Delhi last year, Prime Minister Narendra Modi had appealed to them to give priority to cases related to undertrial prisoners languishing in jails and release them, as per law, based on human sensitivities.
In times of global challenges, G-20 presidency gives an opportunity to strengthen India's role in the global order, she added. The government is implementing scheme to supply free foodgrains to poor under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) with expenditure of Rs 2 lakh crore from January 1, the finance minister said.
The I-T department expects that some more revenue would be garnered.
The Bombay High Court has dismissed Vodafone petition challenging the show cause notice issued by income tax department asking them to pay over $2 billion tax on the multi-crore Hutchinson takeover deal.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
Taxpayers will have to disclose all bank accounts held by them in India.
Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.
The draft report of the committee contains 27 suggestions for amendments under the I-T Act and eight for reform through administrative instructions.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.
The move would help in further promoting ease of doing business in the country.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
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