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.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
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 Supreme Court will hear the issue related to taxing of business processing outsourcing units of multinationals in the country on February 13.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
To decide whether capital gains on surrender of call options are taxable
The Enforcement Directorate (ED) in India has declared that cash and gold worth approximately Rs 52 crore, seized from an abandoned SUV in Madhya Pradesh last year, belonged to former state transport department constable Saurabh Sharma. The ED's statement ends months of speculation about the ownership of the seized assets and comes as part of an ongoing investigation into corruption charges against Sharma. The agency has also attached assets worth Rs 92.07 crore belonging to Sharma and his associates, alleging they were acquired through illegal means.
The Income Tax department is expecting around Rs four crore from the dashing cricketer, who has already paid Rs 73 lakh as advance tax.
PMO asked income-tax department to submit report on action taken against identified benami owners
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.
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.
Robert Vadra, husband of Priyanka Gandhi Vadra, appeared before the Enforcement Directorate for questioning in connection with the Sanjay Bhandari money laundering case.
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.
Each year, the newspapers carry notices issued by the income tax department to pay advance tax by 31st March. What is advance tax? What are its pros and cons? Here we take a look at this tax that is a must for both individuals and corporates.
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
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 suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
The Central Board of Excise & Customs will develop the process over the next few months.
She had shown some cash and other assets as gifts from party men "given to her out of love and affection", an argument the department rejected.
'... there are challenges to overcome and the country needs money for that.'
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.
"Remember, the IT Department and the ED implement the Pradhan Mantri Hafta Vasuli Yojana. The State Bank of India implements the #ElectoralBondScam. And at the end of the day, all of these institutions report to the same person: the Finance Minister," Ramesh alleged.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
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 asked all income tax assessees to disclose their true income or risk getting a notice from the tax department.
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 Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
