Jharkhand Congress in-charge Avinash Pandey on Sunday said that a clarification has been sought from party MP Dheeraj Sahu in connection with the recovery of huge cash from premises linked to him.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
Customs officials in Kerala conducted raids across the state, seizing luxury vehicles illegally imported from Bhutan with forged documents. The operation, dubbed 'Operation Numkhor,' targeted multiple locations and uncovered a network involved in smuggling cars, gold, and drugs.
Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
The Income Tax return form seeks wealth information from professionals; experts feel the salaried should have been included.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
The I-T probe is related to some trusts run by Khan and his family members, the sources said.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Today one can easily file returns online.
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
Officials close to the development said the I-T department's suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has said charitable organisations enjoy a double deduction by claiming tax breaks through both depreciation and capital expenditure write-offs.
Officials explained that the basic condition for charitable bodies to claim exemption is that the income should be derived from property held under a trust and the income should be applied to charitable or religious purposes in India.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
The Supreme Court will hear the issue related to taxing of business processing outsourcing units of multinationals in the country on February 13.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
The income-tax (I-T) authorities have tightened disclosure norms for charitable trusts. They now have to declare the nature of their activities from October 1 for tax purposes. The Central Board of Direct Taxes (CBDT) has notified changes in reporting rules where the charitable institutions have to mention whether the activities undertaken are charitable, religious, or both to claim tax benefits.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
To decide whether capital gains on surrender of call options are taxable
'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.'
PMO asked income-tax department to submit report on action taken against identified benami owners
The Income Tax department is expecting around Rs four crore from the dashing cricketer, who has already paid Rs 73 lakh as advance tax.
In a case related to Mumbai-based Jai Trust versus Union government, the court ruled that a gift is a consideration-less transaction, and hence, not liable for capital gains tax. It quashes the reassessment notice issued by the tax authorities alleging that a specific income has escaped assessment on transfer of shares as gift by the trust.
'Do exhaustive research and then select the one that best fits your budget and requirements.'
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
Kharge also raised the issue of several companies purchasing electoral bonds soon after they faced raids by central agencies such as Enforcement Directorate and Income Tax Department.
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