It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
Union minister Anurag Thakur said that "one should take complete information and sometimes many issues come up that are far from truth..."
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
'... there are challenges to overcome and the country needs money for that.'
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
The searches over suspected tax evasion began in the morning and it covered multiple premises connected to a prominent leader of the main opposition DMK, based in Tamil Nadu's Tiruvannamalai district.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
Failure to disclose any income can lead to penalties and legal issues.
"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.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
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.
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
The BSP supremo had disclosed Rs 64,700 as agricultural income in the Income Tax returns filed for the assessment year of 1997-98, the CBI said, citing an Income Tax department report.However, the CBI has informed the Supreme Court that most of the people, who were shown as having purchased the foodgrain, denied any such transaction.Mayawati has been accusing the CBI of being politically motivated.
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.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
Cautioning public against falling prey to fraudulent job offers, the Income Tax Department on Tuesday said aspirants should only consider offers or advertisements on official websites of SSC or the department. "Income Tax Department cautions the public not to fall prey to fraudulent persons misleading job-aspirants by issuing fake appointment letters for joining the Department," the I-T department tweeted.
"We are not going to tax ONGC's subsidy part," a top income tax department official said in Dehra Dun on November 17. The move follows ONGC's appeal to the department that it should not be taxed on the subsidy. ONGC, which pays its tax in Dehra Dun where its headquarters are located, said in its plea that subsidy discounts reflect heavily on the company's revenue, reducing the corporate tax paid.
Jharkhand Congress in-charge Avinash Pandey on Sunday said that a clarification has been sought from party MP Dheeraj Sahu in connection with the recovery of huge cash from premises linked to him.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
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 tax returns along with annexures make a very huge mass of records which is nearly impossible to handle in a properly required manner.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
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