Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
Last week, the ITAT had dismissed the Congress' appeal against the imposition of penalties for discrepancies in tax returns for previous years.
The Enforcement Directorate (ED) has filed a chargesheet in the National Herald case, accusing Congress leaders Sonia Gandhi and Rahul Gandhi of a "criminal conspiracy" to "usurp" properties worth Rs 2,000 crore of its public company AJL by transferring 99 per cent shares for just Rs 50 lakh to their private company Young Indian. The ED has named Sonia Gandhi as accused no 1 and Rahul Gandhi as accused no 2 in the chargesheet, which was filed under various sections of the Prevention of Money Laundering Act (PMLA).
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
If you disagree with the notice, be ready to explain.
This has affected all political activity of the party, Maken said at a press conference.
The Enforcement Directorate (ED) in India has declared that cash and gold worth approximately Rs 52 crore, seized from an abandoned SUV in Madhya Pradesh last year, belonged to former state transport department constable Saurabh Sharma. The ED's statement ends months of speculation about the ownership of the seized assets and comes as part of an ongoing investigation into corruption charges against Sharma. The agency has also attached assets worth Rs 92.07 crore belonging to Sharma and his associates, alleging they were acquired through illegal means.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
As the raids were completed, the I-T team took two managers of the distillery located at Sutapada to an unknown location for interrogation, they said.
The I-T probe is related to some trusts run by Khan and his family members, the sources said.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The Indian National Congress is in no way connected with the businesses of Dheeraj Sahu, MP. Only he can explain, Congress general secretary in-charge communications, Jairam Ramesh said.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
Transactions were allegedly not reported correctly in the tax returns for FY20.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided.
The identity of the informant shall be kept a secret, it said.
The British government has strongly defended the BBC and its editorial freedom in Parliament after the Income-Tax department's survey operations on the United Kingdom-headquartered media corporation's New Delhi and Mumbai offices over three days last week.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
Cautioning public against falling prey to fraudulent job offers, the Income Tax Department on Tuesday said aspirants should only consider offers or advertisements on official websites of SSC or the department. "Income Tax Department cautions the public not to fall prey to fraudulent persons misleading job-aspirants by issuing fake appointment letters for joining the Department," the I-T department tweeted.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The income-tax department continued its searches in different places linked to an Odisha-based distillery group on charges of tax evasion for the sixth consecutive day on Monday after recovering unaccounted cash to the tune of Rs 353 crore, the 'highest-ever' haul in a single action by any probe agency in the country, officials said.
A bench of Justices BV Nagarathna and N Kotiswar Singh, which issued notice on the plea of the Congress against the March 13 high court order, however, said the ITAT can proceed on the political party's appeal.
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
However, in 950 booths, voting will end at 4 pm, though people standing in the queue at that time will be able to exercise their franchise.
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
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