Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
Maharashtra government on Wednesday decided to acquire the iconic Air India building at Nariman Point in Mumbai for Rs 1,601 crore. The decision was taken at a meeting of the state cabinet in Mumbai. The meeting, chaired by Chief Minister Eknath Shinde, also decided to waive off around Rs 250 crore unrealised income and interest on the property, an official said.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
Delay in receipt of income tax returns is the most registered grievance of taxpayers in the national capital with the I-T Ombudsman receiving almost 85 per cent complaints in this regard.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
The Income Tax department on Thursday carried out a raid at the Delhi Daredevil office owned by conglomerate GMR in connection with the IPL probe.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
Income Tax gazetted officers and employees under the umbrella of Joint Council of Action (JCA) have threatened to strike work on September 9, to protest delay in implementation of a 11-point charter of demands, pending with the Central Board of Direct Taxes (CBDT).
Searches are being conducted in connection with a case of alleged tax evasion.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
Prime Minister Narendra Modi addressed the nation at the Central Hall of Parliament ahead of the GST launch at midnight. Here are highlights from the PM's speech
At least six people are believed to be trapped in a fire at the IP Estate building near the Income Tax Office in New Delhi on Friday.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
A search operation was launched in the office block and a room used by jailed and deposed All India Anna Dravida Munnetra Kazhagam leader V K Sasikala
The name of the successful bidder was not disclosed.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
According to the IT department's complaint, Burman was holding foreign bank accounts but he had not disclosed about it in his income tax returns and there were undisclosed deposits in those two accounts.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
If you're a salaried person there are many ways to save taxes
As required, Modi submitted the affidavit while filing his nomination papers Tuesday as an election candidate from the Varanasi parliamentary constituency, a seat he has held twice earlier.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
Nearly 100 foreign funds have been asked to cough up an estimated $5-6 bn.
The agency had in October arrested Sameer Vishnoi, an IAS officer of the state, and two others, after conducting several raids in the case.
Income Tax department raided office of the Sahara Group, owner of IPL's Pune team, at Aliganj in Lucknow on Thursday.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
