The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
Most of these alleged tax evaders hail from Kolkata, Mumbai, Ahmedabad, Surat, and Delhi.
Income-tax data released by FinMin after 15 years
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
Income-Tax authorities on Thursday began searches on the premises of a leading information technology company, two clearing agents and a glass company as part of a drive to unearth unaccounted transactions.
Capital markets regulator Sebi on Wednesday asked all investors to link their PAN with Aadhaar number by March-end for continual and smooth transactions in the securities market. The non-compliance with this would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the Permanent Account Number (PAN) and Aadhaar are linked, Sebi said in a statement.
The deadline extended till March 31, 2019.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
The Income Tax department has issued summons to the BCCI seeking complete details of the eight original Indian Premier League franchises.
The government has already embarked on strengthening the tax net by sending letters to those who have not filed tax returns.
The deadline for linking PAN with Aadhaar for taxpayers was to end on Thursday.
Do not declare them under Income Tax.
The name of the successful bidder was not disclosed.
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
The commission has, over a period of time, identified various parties which have not contested polls since 2005 and has 'delisted' over 200 of them.
Tax authorities had already sent a notice to Nokia India for failing to collect tax deducted at source.
A tax assessment panel found violations such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business, following which it decided to impose a penalty on ICAI, a government official said.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
The regulations will only apply to the share purchases that have been done after October 1, 2004
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
The probe into alleged tax evasion and holding of directorship in multiple firms against the former banker pertains to a time period between 2015-17, they said.
The demand relates to certain tax benefits on income from software development done overseas.
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).
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
A bench of Justices Surya Kant and JK Maheshwari set aside the pre-arrest bail granted to Indian Revenue Service officer Santosh Karnani on an appeal by the Central Bureau of Investigation.
The Income Tax department on Friday conducted separate 'survey operations' at the premises of online news portals Newsclick and Newslaundry in New Delhi, officials said.
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