The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
A look at what constitutes as Income on Indian soil and what is not from the viewpoint of the income tax department.
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Disclosing an individual's income-tax returns is tantamount to violating the person's fundamental right to privacy as recognised by the Constitution.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
rediffGURU T S Khurana answers readers' personal income tax queries.
The identity of the informant shall be kept a secret, it said.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
The Enforcement Directorate (ED) and Income Tax (I-T) Department are likely to join the Assam Police in investigating alleged organised financial crimes and acquisition of benami properties by event manager Shyamkanu Mahanta, an accused in the death of Assam's cultural icon Zubeen Garg.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
Noting that recent uncertainties created by global tariffs have not impacted the Indian economy severely, Anuradha Thakur, secretary, Department of Economic Affairs, said the central government is hopeful that the recent goods and services tax (GST) rationalisation will ignite the much needed animal spirits in the financial sector.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
The searches over suspected tax evasion began in the morning and it covered multiple premises connected to a prominent leader of the main opposition DMK, based in Tamil Nadu's Tiruvannamalai district.
Tribunal ruling in I-T's favour may open floodgates to claims against other MNCs.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal.
The government on Tuesday proposed a relief to taxpayers with respect to capital gain tax on real estate properties by giving them the option to choose between 20 per cent and 12.5 per cent tax rates.
The Supreme Court has sought responses from the Centre and the Ladakh administration regarding the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). Wangchuk's wife has filed a plea challenging the detention, claiming it violates his fundamental rights. The court has given the Centre and Ladakh administration 10 days to respond and has scheduled the next hearing for November 24.
The tax returns along with annexures make a very huge mass of records which is nearly impossible to handle in a properly required manner.
