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.
Today one can easily file returns online.
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".
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
First things first: For those wondering if they need to reapply, the answer is no.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
Officials close to the development said the I-T department's suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has said charitable organisations enjoy a double deduction by claiming tax breaks through both depreciation and capital expenditure write-offs.
Officials explained that the basic condition for charitable bodies to claim exemption is that the income should be derived from property held under a trust and the income should be applied to charitable or religious purposes in India.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
The Supreme Court will hear the issue related to taxing of business processing outsourcing units of multinationals in the country on February 13.
To decide whether capital gains on surrender of call options are taxable
PMO asked income-tax department to submit report on action taken against identified benami owners
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of the portal, the department said Infosys is resolving the issue on priority. "Issue relating to the search functionality of the e-filing website has come to our notice.
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.
The Income Tax department is expecting around Rs four crore from the dashing cricketer, who has already paid Rs 73 lakh as advance tax.
West Bengal Chief Minister Mamata Banerjee has set an ambitious goal of winning over 215 seats in the 2026 state assembly elections, aiming to secure a fourth consecutive term for the Trinamool Congress (TMC). She declared that the party will work to significantly reduce the BJP's tally and ensure that their candidates struggle to retain their deposits. The TMC's national general secretary, Abhishek Banerjee, echoed this sentiment, urging party workers to ensure a decisive victory and achieve a two-thirds majority in the upcoming polls. The BJP, however, dismissed the TMC's claims, stating that Banerjee is merely trying to boost morale among party workers.
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
Each year, the newspapers carry notices issued by the income tax department to pay advance tax by 31st March. What is advance tax? What are its pros and cons? Here we take a look at this tax that is a must for both individuals and corporates.
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
The Central Board of Excise & Customs will develop the process over the next few months.
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
She had shown some cash and other assets as gifts from party men "given to her out of love and affection", an argument the department rejected.
The Congress on Wednesday expressed sadness over 'pictures of Indians getting handcuffed and humiliated' while being deported from the United States and recalled that America had to express regret over the treatment meted out to India diplomat Devyani Khobragade in 2013 after the then United Progressive Alliance government retaliated sharply.
The government has cancelled the FCRA registration of nearly 1,900 NGOs for violating various provisions of the law in the last five years. There were 22,762 FCRA-registered organisations till December-end 2021.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal.
During 2023-24, while the BJP received over Rs 723 crore worth of donations from Prudent Electoral Trust, it also got over Rs 127 crore from Triumph Electoral Trust and over Rs 17 lakh from Einzigartig Electoral Trust.
The government asked all income tax assessees to disclose their true income or risk getting a notice from the tax department.
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