This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
PMO asked income-tax department to submit report on action taken against identified benami owners
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.
The Income Tax department is set to overhaul its official website for better taxpayer interface and has invited suggestions from public in order to make the portal more user friendly.
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 income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
The tax payers base is just over 4 crore (Rs 40 million).
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
The income tax department has advised its officials to shun the practice of sharing or renewing official passwords through internet or telephone after recent incidents of misuse of these secret codes by fraudsters.
Official sources indicated that the searches were held following 'some inputs', but they did not elaborate.
'The government in the past has also increased (the limit) from Rs 2.5 lakh to Rs 5 lakh. In future, whenever the time arises, we will look into the matter.'
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
The Income Tax (I-T) department has said Tharoor did not benefit from the Kochi IPL deal. Meanwhile, the finance ministry has said that the I-T department is probing IPL Commissioner Lalit Modi's offshore money and trying to find out if stakeholders are fronts for Modi.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
Former Tamil Nadu Chief Secretary P Rama Mohana Rao, whose house and office were searched by Income Tax officials in connection with a tax evasion probe post demonetisation, was on Saturday admitted to a private hospital here after he complained of chest pain.
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 department has taken the step after protests by individuals and organisations affiliated to the community.
The Income Tax department has agreed to give priority to 'sons of soil' and use of Marathi language in its offices, a Sena leader 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.
Around 73,388 people have defaulted aggregating to Rs 3,859 crore.
The Bombay high court, in a very significant ruling on Wednesday, dismissed telecom major Vodafone International's petition challenging the Income Tax department's show cause notice for payment of capital gains tax of around $2 billion.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The department on March 21 asked the firm to submit the amount of Rs 2,000 crore in about a week's time, I-T department sources said on Thursday.
The Income Tax (I-T) Department has embarked on a plan to create a national data centre to facilitate a management information systems-based, real-time analysis of data for quick and effective decision making.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
The union cabinet on Thursday approved an additional expenditure of Rs 442.03 crore (Rs 4.42 billion) for the computerisation of income tax department.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
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