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.
rediffGURU T S Khurana answers readers' personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
Buying new cellphone could result in a tax inquiry. Here's how you can avoid the tax man's attention.
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.
The income tax department allows some extra tax deductions over and above the Rs 100,000 limit that we have under Section 80C.
Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country's richest billionaires tally, has decided to quit the UK as the Labour Party-led government's feared tax shake-up for the super-rich nears, according to a UK media report on Sunday.
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.
Rajkumar Gupta's hammy treatment and bombastic score strips the realism to turn Raid 2 into another hail the hero exercise, observes Sukanya Verma.
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.
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.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
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.
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.
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.
'...so cases that arose under the existing Act will be adjudicated under the old provisions.' 'Care has been taken to ensure that the new I-T Act does not give rise to interpretational issues.'
Delay raises doubts about govt's tax reform plans.
July 31 is still a fortnight away. Here are answers to top 10 questions often asked about filing tax returns.
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 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.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
The Delhi high court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the income tax department's decision to transfer their assessments to the Central Circle, which is mandated to check tax evasion, instead of an ordinary assessment in a matter related to fugitive arms dealer Sanjay Bhandari.
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 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.
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 income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
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 will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
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.
