After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore (Rs 200 billion) -- more than two and half times the tax amount the telecom major was "advised to withhold" on its $11-billion deal with Hutchison in 2007.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
Buying property valued considerably less than even Rs 30 lakh (Rs 3 million) in small cities may soon draw the attention of income-tax officials, if the transaction does not match payment of income tax.
The Delhi High Court on Monday issued notices to the finance ministry and the Director General of Income Tax (Department of Revenue) on a petition challenging a scheme to train educated youth as Tax Return Preparers (TRPs).
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
The CBI arrested an NIA deputy superintendent of police posted in Patna and two middlemen on Thursday for allegedly accepting a Rs 20 lakh bribe to extend favours to a person in an ongoing probe, officials said.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
The income tax department allows some extra tax deductions over and above the Rs 100,000 limit that we have under Section 80C.
Buying new cellphone could result in a tax inquiry. Here's how you can avoid the tax man's attention.
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Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
A senior income tax department official in the know of the discussions to have taken place in the finance ministry said the ministry was looking into the issue as a possible option.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Don't feel miserable if you missed the cut-off date for filing income tax returns for financial year 2013-14, which was, July 31, 2014. You have another chance to e-file your tax return before March 31, 2015. Don't miss this one.
The government said it has identified a few more cross-border merger and acquisition cases, including Barclays-Intelnet deal, for possible tax evasion after slapping Rs 11,000-crore (Rs 110 billion) tax notice on Vodafone for Hutchison Essar deal.
The Income-Tax Department has written to more than 1,000 employers in the past few months on complying with rules on tax deducted at source and advance tax depository.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
By setting up Central Technical Committee, the Central Board of Direct Taxes aims to bring clarity on contentious legal issues and reduce litigation by adopting a consistent approach on them.
The SC's dismissal of the Income-Tax department's plea that companies cannot claim deductions against tax liabilities on account of losses due to foreign exchange rate fluctuations legitimises the way companies were accounting for these forex losses.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Delay raises doubts about govt's tax reform plans.
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
The Income Tax department will soon start training the second batch of 5,000 tax return preparers (TRPs) across the country. Launched in 2007, the programme aims at assisting tax payers file returns. The TRPs have also been asked to bring in more people under the tax net. They charge existing tax payers Rs 250 for each return, while the department pays them 3 per cent, 2 per cent, and 1 per cent of the tax paid by a new assessee in the first three years, respectively.
The tax payers base is just over 4 crore (Rs 40 million).
The income tax department on Monday launched a new portal e-filing 2.0, which will make online filing of returns and tax payment easier. The new portal -- www.incometax.gov.in -- replaces the 'http://incometaxindiaefiling.gov.in' site, and can be accessed by taxpayers in various regional languages. The income tax department also asked taxpayers to re-register their DSC (Digital Signature Certificate), update personal mobile number and email ID under 'primary contact', act on 'pending action', if any, and respond to 'outstanding demand'.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The Income Tax department is still in the process of assessing assets and income of Kadapa Member of Parliament Y S Jaganmohan Reddy and the group of companies owned by him as well as that of former Karnataka minister Gali Janardhan Reddy, a senior official said in Hyderabad on Friday.
A questionnaire sent to Price Waterhouse was not answered.
The purported letter, which is believed to be the final note by the late promoter and widely circulated on social media, contained statements alleging harassment on VG Siddhartha by the Income Tax department.
The move would help in further promoting ease of doing business in the country.
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