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.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
This is the first Budget in Amrit Kaal, she said.
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.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
The taxman, said the party 'incorrectly disclosed the hawala money as voluntary donations'
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
About Rs 8.33 crore cash has been seized from Delhi, Rs 2.5 from Bengaluru and Rs 60 lakh from Mysuru till now, a senior official said.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
The Income Tax department has struck an estimated Rs 50 crore (Rs 500 million) deal with state-owned telecom company BSNL to provide 51,000 mobile connections and 1,000 high-end Blackberry phones for secure and fast communication amongst its officers and staff.
To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the Income Tax Department on Monday introduced a new facility called e-filing vault.
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
The Finance Ministry on Monday made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.
The new office will have its base in the national capital.
Banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.
Raids on two city builders conducted by the investigation wing of the Income-Tax Department last week have yielded Rs 30 crore (Rs 300 million) in unaccounted assets, I-T sources said.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
A bench headed by Justice S B Sinha refused to hear the Vodafone plea that had challenged the Bombay high court judgment, which on December 3 last year had dismissed a petition by Vodafone International Holdings BV, contesting a showcause notice by the I-T department. Vodafone, Netherlands-based company, had bought a 67 per cent stake in Hutchison Essar from Hutchison Telecom International in February 2007 for $11.2 billion.
In her Budget 2023-24 presentation, she also said the Centre will launch the 'Dekho Apna Desh' initiative to promote domestic tourism.
At the same time, Rs 53.32 crore is for the President's Secretariat and Rs 36.22 crore for the expenditure on the President's household establishment, including staff salaries, which includes discretionary grants of the President.
Presenting the Budget in Lok Sabha, Sitharaman said the outlay for the Railways is nine times the amount provided in 2013-2014. She said 100 critical transport infrastructure projects for last- and first-mile connectivity for coal, fertiliser and food grain sectors have been identified and will be taken up on a priority basis with investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, she said.
The note guides taxman to avoid seeking voluminous details.
Various corporate bodies from US and UK had cautioned that such tax proposals could dent India's image as an investment hotspot.
The BJP has nothing to lose after a point. For the DMK it is a difficult choice, as it would not want to give too much of space to a 'national party' lest the 'Dravidian duel' of the past decades should be lost forever, observes N Sathiya Moorthy.
Finance Minister Nirmala Sitharaman in her speech in Lok Sabha said, "Our vision for the 'Amrit Kaal' includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential."
The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent, Sitharaman announced.
This will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
Directors that are shareholders will also face more problems.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
CM Siddaramaiah called it a 'politically motivated' move.
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