Contrary to the income tax department's hopes, many taxpayers continue to attach annexures (documents like tax deducted at source certificates etc) with the so-called annexure-less tax return forms introduced from this year.
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.
The Income Tax Department has detected "concealment of income" to the tune of Rs 17 crore after recent raids on institutions linked to former Maharashtra home minister Anil Deshmukh and his family members, official sources claimed on Monday.
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.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
The Income Tax department is probing tax evasion cases done through duplicate permanent account numbers, including over 100 cases detected by the Delhi Police.
The I-T probe is related to some trusts run by Khan and his family members, the sources said.
The Income-Tax department has challenged a Bombay High Court order which gave tax relief to Bachchan. The case relates to the actor's income from the popular TV game show Kaun Banega Crorepati.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
two of the highest tax payers in Bollywood, will star in a documentary produced by the Income Tax Department to spread the message of tax compliance.
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
In a case related to Mumbai-based Jai Trust versus Union government, the court ruled that a gift is a consideration-less transaction, and hence, not liable for capital gains tax. It quashes the reassessment notice issued by the tax authorities alleging that a specific income has escaped assessment on transfer of shares as gift by the trust.
'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.'
State-owned MTNL will soon reap a tax refund windfall, as the Income Tax department has been asked to return a whopping Rs 1,233 crore (Rs 12.33 bilion) to the telecom PSU
'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.'
Kharge also raised the issue of several companies purchasing electoral bonds soon after they faced raids by central agencies such as Enforcement Directorate and Income Tax Department.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
The income-tax (I-T) authorities have tightened disclosure norms for charitable trusts. They now have to declare the nature of their activities from October 1 for tax purposes. The Central Board of Direct Taxes (CBDT) has notified changes in reporting rules where the charitable institutions have to mention whether the activities undertaken are charitable, religious, or both to claim tax benefits.
The Income Tax return form seeks wealth information from professionals; experts feel the salaried should have been included.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Today one can easily file returns online.
rediffGURU T S Khurana answers readers' personal income tax queries.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
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