Plans to outsource record-keeping to private entities.
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.
The income tax department is asked to keep names of blackmoney holders under wraps.
Let's take a look at effective income tax and Social Security rates on $100,000 of gross income around the world.
The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.
Currently, if the IT department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
In a move that could further push up Onion prices, traders in Nashik and adjoining areas today went on two-day strike against tax raids and disrupted supply to contracting traders from other states who are being forced to sell the vegetable at 'below the cost price'.
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
The RJD chief rapped the BJP for "sensing an opportunity to destabilise the Grand Alliance government in Bihar" and asserted that the coalition was "intact".
Though the surveys were still going, the IT sleuths said they are investigating the records and books of accounts of these traders to ascertain the mismatch between physical stocks of goods and stocks maintained in account books.
Accusing the government of spreading misinformation in the National Herald case, the Congress said it was proud to be associated with the newspaper that stood up in pre-independence times against the British for throttling free speech, similar to the present day climate.
The Central Board of Excise and Customs has been empowered to frame a scheme for preparation and filing of service tax returns through service tax return preparers, similar to the tax return preparer scheme for income tax introduced in 2006. The performance of the TRP scheme so far, however, indicates that it is in need of fine tuning - in terms of recruitment, training and remuneration - to become more effective and serve as a benchmark for the STRP scheme.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Finance Minister P Chidambaram can give a marginal but visible relief to personal income tax assessees this year, as tax collections have improved substantially over the past three years, sources said.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
At a press conference on Monday, Finance Minister P Chidambaram said when the final version of the Bill was tabled in Parliament, the government would abide by the recommendations of the parliamentary standing committee on DTC.
First-time Bharatiya Janata Party MLA Rahul Narvekar on Friday filed his nomination as the party candidate for the post of Maharashtra assembly speaker, election for which, if required, will be held on July 3.
Sleuths of the Income Tax department on Monday conducted raids on the residences and offices of two Member of Legislative Assembly of the Bharatiya Janata Party, according to sources. Raids were conducted at the residences and offices of Suresh Babu and Nagendra. According to sources, raids were conducted in 60 different places including their offices at Bellary and Bengaluru. Their residences were also searched by I-T department officials. I-T sleuths have seized black money
NCP president Sharad Pawar on Friday reiterated that the Income Tax Department's raids on Maharashtra deputy chief minister Ajit Pawar's relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.
It would be interesting to see what the government proposes to investors.
As 'spot-fixing' charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country.
Switzerland among the countries where the I-T unit will be set up.
Britannia Industries, the country's top biscuit maker, has taken the income tax department, Kolkata, to court after it received a show-cause notice asking it to explain the withdrawal of funds from the employees' pension fund in 2003.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
The Income Tax department has given a clean chit to the five banned domestic cricketers, who were involved in the IPL spot-fixing fiasco, from any financial misconduct or receiving kickbacks in order to fix matches.
The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited because it had allegedly furnished 'inaccurate particulars' of income to claim tax deduction.
Objective of the examination is to study the tax implications of such deals.
By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres.
Tax officials saidsome instances of "asset transfers" are also under their scanner
The Income Tax Department on Wednesday searched the premises of companies associated with the Indian Premier League (IPL) in the wake of allegations that telecasting agency Multi Screen Media had paid a facilitation fee of $80 million to marketing agency World Sports Group.
The fake mails from unidentified cyber criminals have come at a time when most tax payers file for refunds.
Several restrictions on tax deductions for charity are no longer appropriate today.
The FMCG sector's demand growth will be powered by effective reduction in the personal taxes and increased allocation under NREGA, though hike in excise duty lead inflation is a cause for concern
In a relief to individual tax payers, the government on Friday changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh.
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.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
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.
Non-gazetted employees and promotee gazetted officers of the Income Tax department all over the country would hold a series of agitations commencing from July 25 in support of their 22-point charter of demands.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances