Beleaguered Kingfisher Airlines on Monday virtually blamed the Income Tax authorities for the large-scale flight disruptions, saying freezing of its bank accounts by them had "severely affected" payment schedules that had led to the curtailment in its services.
The Income Tax department will soon come out with new forms for filing tax returns in lieu of the existing one-page Saral form, even as officials said the new ones would be more tax assessee-friendly.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Objective of the examination is to study the tax implications of such deals.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
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.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
While saying money was due from Suzuki, the HC told the tax department to determine an appropriate arm's-length pricing mechanism in this case.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
Although the prosecutor has argued Lionel Messi should not have to answer the charges as his father oversaw his finances, a court document published on Thursday showed the judge in the case had ruled he must still appear as a defendant.
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India
Tamil Nadu Chief Minister M Karunanidhi's daughter Kanimozhi was on Thursday questioned by Income Tax authorities for nearly 90 minutes about the Rs 200 crore transaction from Shahid Balwa-owned DB Realty to Kalaignar TV, in which she holds a minority stake. The 43-year-old Member of Parliament appeared after summons were issued by the department, as a Delhi court probing the 2G spectrum allocation exempted her from personal experience.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
Your EMIs may help you to reduce your tax liability... Here's how
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crore, according to an RTI reply from the department.
The disclosure comes hours after Cameron admitted that he could have handled the tax row arising out of the Panama Papers leak "better", saying he will imminently publish details of his personal tax affairs.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
.jpg)
The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
Whether you're a young professional, a seasoned entrepreneur, or someone simply looking to take control of your financial future, adopting these principles can be life-changing, says Ramalingam Kalirajan
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
Nearly 100 foreign funds have been asked to cough up an estimated $5-6 bn.
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
