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.
The rejection of the pleas of the top Congress leaders, including Oscar Fernandes, will pave the way for the Income Tax Department to scrutinise their records for the assessment year 2011-12.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
The new penalty regime could create a fresh set of complications for tax payers.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
All entities operating in India must fully comply with relevant laws, External Affairs Minister S Jaishankar Wednesday told his British counterpart James Cleverly, who raised the BBC tax surveys issue during a meeting with him.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
Burman did not file the details of foreign account on the ground that he did not have its statements.
Income Tax officials on Friday carried out simultaneous raids on the residences and offices of Malayalam superstars Mammootty and Mohanlal in Kerala, Tamil Nadu and Karnataka.
Income Tax officials on Friday carried out simultaneous raids on the residences and offices of Malayalam superstars Mammootty and Mohanlal in Kerala, Tamil Nadu and Karnataka.
A separate and dedicated window for grievance redressal has been launched recently.
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
The Enforcement Directorate on Wednesday carried out searches at the Pune residence as also the office of Sunil Shinde, the chartered accountant of businessman Hasan Ali Khan, who is facing charges of money laundering and tax evasion.
Condemning the raids, the TDP said it was "pure political vendetta" as Ramesh had been vociferously fighting for the state's causes in Parliament.
The Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
The department said that total confidentiality is ensured to those who declare their black assets and funds
This is part of a strategy to mop up as much revenue as possible in the current financial year.
Income Tax officials plan strikes, stoppage of searches and surveys if their demands on vacant positions, infra aren't met.
The CBDT has initiated a major exercise for issuing refunds and has also written a number of letters to field offices to expedite the process.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
The Income tax department to come down heavily on errant taxpayers from India Inc.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
Delhi High Court quashes reassessment proceedings by Income Tax department.
The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment, said experts. While the language of the provision is quite broad, the title of the section limits itself to 'liability of directors of private companies in liquidation'. The Bill proposes to align the title with the scope of the provision, thereby ensuring that orders under this section can be issued even if the relevant company is not under liquidation.
With a view to improving services to the tax payers, the Prime Minister's Office has directed the Income Tax department to adopt the benchmark World Bank governance model in its offices.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
The tax forces young startups to part with a portion of the capital they have raised from investors due to disagreements over the valuation of the company by Income Tax officials.
Direct tax collections missed the revised target for 2019-20 by Rs 1.42 trillion at Rs 10.27 trillion, an 8 per cent fall over the previous year.
