The IT department is into computerisation and reform, and we are committed to making the taxpayer's life easy, says Urvashi Saxena, Chief Commissioner of Income Tax, Mumbai.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
Congress on Monday left it to the government to proceed against Bharatiya Janata Party chief Nitin Gadkari following a TV channel's finding that a company which allegedly got benefits when he was a Maharashtra minister later gave him a loan of Rs 165 crore.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
It suggested reforms in the real estate sector.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
This would be a practical way of bringing a huge sum of money.
The Congress unit described Ramesh's suicide an outcome of "targeted harassment" of their rank and cadre to keep them away from the party.
The government is expected to dole out some populist policies, especially for the rural / farm sector while presenting the interim budget, given that the country is heading towards general elections over the next few months.
The OTP will be sent on the registered mobile number and email of the individual
The court also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property.
The CBI will now have all powers to take up corruption and other cases in AP.
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
The Madras high court on Wednesday set aside an order of the previous AIADMK regime to convert late Tamil Nadu Chief Minister J Jayalalithaa's residence, 'Veda Nilayam' in Chennai as a memorial.
The norms pertain to the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.
The I-T department has also filed 77 prosecution cases.
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
Information gathered from a person's social media account will be matched with his or her declared income.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
The Central Board of Direct Taxes is set to rationalise I-T rules.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
The Lucknow bench of the Allahabad high court on Thursday ordered a CBI probe against tainted Noida official Yadav Singh, whose disproportionate assets were exposed in a raid by the Income Tax department several months ago.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
More companies with unconventional business models to get into messy legal hassles in India.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
The reward could vary between 1% and 5% of the total tax paid.
Even given politicians' penchant for self-promotion, Tamil Nadu Chief Minister Jayalalithaa takes it to another level altogether, says A Ganesh Nadar. Nothing wrong with it, provided it's not done at the tax-payer's expense.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
The Income Tax department and the Unique Identification Authority of India have agreed "in-principle" to come together for rolling out PAN cards with unique 16 digit Aadhaar number.
The British government has strongly defended the BBC and its editorial freedom in Parliament after the Income-Tax department's survey operations on the United Kingdom-headquartered media corporation's New Delhi and Mumbai offices over three days last week.
The minister said any declaration made under the law will be protected
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Taxpayers are allowed to make the changes under certain circumstances
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
