Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
Rishi Piparaiya lists three simple steps to manage the impact of rising prices and protect your financial future
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
Spanish soccer champions Real Madrid said on Wednesday they are confident their star player Cristiano Ronaldo, who faces accusations of committing tax fraud in the country, acted legally.
Income-Tax authorities on Thursday conducted "survey" at the premises of Escorts Group of Hospitals, in the national capital region and Chandigarh, for alleged illegal appropriation of assets to the tune of crores of rupees.
The Guardian reported that accounts filed in Dublin showed that in 2009 Her Majesty's Revenue and Customs settled a dispute with the British telecoms provider over its Irish tax returns.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Income tax authorities and public service broadcaster Prasar Bharti were given eight weeks time by the Board for Industrial and Financial Reconstruction on Tuesday to resolve the outstanding issues with Amitabh Bachchan Corporation Ltd.
Vadra was asked to join the investigation at the tax authority's office but as he cited COVID-19 restrictions, a team of officials visited his premises in Delhi's Sukhdev Vihar area.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
Move to address MNCs' taxation woes; UK likely to be the next.
Justice Sanjiv Khanna, who has been part of several landmark Supreme Court judgements such as scrapping the electoral bonds scheme and upholding abrogation of Article 370, will be sworn in as the 51st Chief Justice of India on Monday.
The government has made pan card mandatory for all transactions above Rs 1 lakh.
The Board of Control for Cricket in India, is locked in a legal battle with the Service Tax (ST) department, which has demanded an amount of Rs 536 crore (approx) as taxes on cricket board's earnings from royalty and media rights in the last one decade.
At that time, nobody would have thought a construction period of three to four years would be grossly inadequate
The government has ruled out amending the RTI Act to give immunity to political parties from providing information after the recent CIC's landmark order brought them under the ambit of the transparency law.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
A sum of Rs two crore was on Wednesday seized from the residence and other premises of a Dravida Munnetra Kazhagam candidate and his son at Karur, a senior electoral officer said.
'Housewives depositing cash up to a limit of Rs 250,000 need not worry.' 'It is understood that in India housewives save money which they get from their husbands for household expenses.' 'The intent of the government is not to question them.'
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Once again, tax demands on foreign investors cause worry.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
Indian companies are generating more cash than ever. The net cash flow from listed firms' operations hit a new high of Rs 11.1 trillion in financial year 2023-24 (FY24), crossing the Rs 10-trillion mark for the first time, according to the Centre for Monitoring Indian Economy (CMIE) data going back to 1990-91. The FY24 figure represents a 19.3 per cent jump over the previous year, even as quite a few companies are yet to release their numbers.
The RTI exemptions cited by the CPIO to deny information relate to intellectual property rights, trade secrets and information in the nature of commercial confidence, fiduciary relationship, threat to life and safety of persons who give information to law enforcement agencies in confidence, impediment to investigation, prosecution or apprehension and privacy of an individual.
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.
While for the consumers, there is some gain and some pain, for India Inc, it's all about compliance, consolidation and parity
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Unlike Income Tax, service tax is not charged automatically.
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