Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
The paper said that the taxation proposal needs to be accompanied by explicit redistributive policies to support the poor, lower castes, and middle classes.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
After securing the resignation of Union Minister Shashi Tharoor, Government on Monday said the entire Indian Premier League (IPL) will be under scrutiny including its funding and vowed not to spare any 'wrong-doer', as its top boss Lalit Modi came under the scanner of Income Tax authorities.
The Bombay High Court ruled that possessing documents like Aadhaar, PAN, or voter ID does not automatically grant Indian citizenship, emphasizing the importance of the Citizenship Act of 1955.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
'I am doing the drive in making sure that people pass this on. So the drive is not with distrust. The drive is just in case.' 'Just in case it doesn't get passed on, I am here.'
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Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
The tax imposed on buyback of shares and employee stock options is different in case of listed and unlisted companies, says Sudipto Dey
The company made the announcement on Tuesday as it reported a 2013 loss of $556 million after costs for unsuccessful exploration in Morocco and the North Sea soared.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
Here's what Indian investors diversifying into equities, ETFs, and real estate abroad to manage risk, returns, and currency exposure must watch out for.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
The Bombay high court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to Bollywood star Aishwarya Rai Bachchan by the Income Tax Appellate Tribunal.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The Karur tragedy has exposed the huge gaps in Vijay's understanding of realpolitik, elections and political administration, asserts N Sathiya Moorthy.
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
The Income Tax Department has put real estate firms, who developed housing projects for low- and medium-income groups, under the scrutiny for wrongful tax exemption claims.
Realty major DLF has said the Income Tax Authorities have slapped additional tax notices for over Rs 1,700 crore (Rs 17 billion) pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
"The British Broadcasting Corporation (BBC) is a globally respected institution and broadcaster whose news material I consume everyday. Secondly, all organisations have to obey the law of India. BBC is talking to Indian authorities about that," Ellis said.
'They are positioned as defensive products and can potentially give marginally higher returns than liquid funds.'
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
