Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
Booming demand for chartered accountants services fuelled by a rapidly growing economy has meant that Shetty's experience is not an isolated one.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Badrinath-Kedarnath Temple Committee on Wednesday dismissed Jyotirmath Shankaracharya Swami Avimukteshwaranand's allegations that 228 kg gold bought for lining the Kedarnath temple's internal walls is missing, and asked him to approach authorities if he had any evidence.
This taxation applies to all types of transfer of property.
Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
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.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
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.
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.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
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.
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.
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.
'We are not worried about raids. We have nothing to hide.'
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
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.
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.
Move to address MNCs' taxation woes; UK likely to be the next.
The government has made pan card mandatory for all transactions above Rs 1 lakh.
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.
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.
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 on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
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.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'There is a huge tax differential of 15% to 20% depending on income classification.'
"What we have been able to gather is that Newsclick stands accused of offences under the Unlawful Activities Prevention Act (UAPA), for purportedly carrying Chinese propaganda on its website. All devices, laptops, gadgets, phones, etc have been seized in the past. All emails and communications have been analysed under the microscope," the statement by NewsClick read.
