In a bid to curb harassment of taxpayers, Sitharaman said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
The SIT will ask the RBI for transaction details over 15 years
Once again, tax demands on foreign investors cause worry.
Life Insurance Corporation of India has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
The Enforcement Directorate has begun a "preliminary enquiry" into the financial transactions that took place in connection with the Antrix-Devas deal.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
The income tax department has sent notices to the two NGOs run by Team Anna member Kiran Bedi to find out whether they are engaged in commercial activities.
Supreme Court Chief Justice SH Kapadia has ruled on Friday that the tax deparment has no jurisdiction over Vodafone's purchase of mobile assets in India.
The Supreme Court on Monday sought reply from PricewaterhouseCoopers as to why the non-resident company should not pay advance tax on fee charged by it for providing services in India.
Demand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged
In the Budget 2012-13, the government had pegged 2012-13 gross domestic product growth at 7.6 per cent (plus, minus 0.25 per cent).
The Department refused to allow transfer of the plant till the dues claimed by the department are not remitted by the company.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
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.
Raj Kundra's stake in the franchise is legally questionable. The Income Tax department and Enforcement Directorate the two agencies investigating the Indian Premier League franchisees -- have come across a web of transactions that violated FIPB and RBI guidelines.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.
In continued post-demonetisation crackdown on black money, stashes of new notes continue to be seized in several states, including Rs 1.05 crore from a tea seller-turned-financier in Gujarat and nearly Rs 90 lakh in Andhra Pradesh.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
Regulator finds broker trading through conduits; 26 entities barred from market.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
The OTP will be sent on the registered mobile number and email of the individual
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.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
With the income tax department alleging former Chief Justice of India K G Balakrishnan's kin possess black money, ex-CJI J S Verma on Sunday demanded that Balakrishnan should quit as National Human Rights Commission chief and if he does not, President Pratibha Patil should intervene to get him removed from the post.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
A total of 728 applications have been received till July 18, 2016 for Start Up recognition.
The Securities and Exchange Board of India on Tuesday barred Austral Coke and Projects from raising any further capital on finding that the company was involved in a fraud amounting to Rs 1,047 crore.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
Higher levy on dividends earned by individuals also on radar.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
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