The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
Missing the deadline for filing Income Tax returns can lead to consequences.
The Income Tax department should be 'friendly and courteous' towards the tax-payers while recovering levies, Union Finance Minister P Chidambaram said on Friday.
On January 20, the court allowed Vodafone's appeal and had quashed the Bombay High Court verdict which had upheld the decision to levy tax on the overseas deal.
Delhi High Court quashes reassessment proceedings by Income Tax department.
The company moved the income-tax appellate tribunal and its appeal is pending there.
The Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
The Income tax department to come down heavily on errant taxpayers from India Inc.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
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.
On the charge of illegally owning a firearm as a drug user, he is yet to reach an agreement.
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
The Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said on Friday.
The 'angel tax' provision in the Finance Bill will not impact startups in India, a senior government official said on Tuesday. Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the IVCA Conclave. "Let me put one thing very clearly. It doesn't affect startups in the least," he said, addressing the audience at the event organized by the venture capital industry lobby grouping.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
After more than four years of probe, substantive evidence against Hasan Ali continues to elude investigating agencies.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore (Rs 200 billion) -- more than two and half times the tax amount the telecom major was "advised to withhold" on its $11-billion deal with Hutchison in 2007.
The Delhi High Court on Monday issued notices to the finance ministry and the Director General of Income Tax (Department of Revenue) on a petition challenging a scheme to train educated youth as Tax Return Preparers (TRPs).
Buying property valued considerably less than even Rs 30 lakh (Rs 3 million) in small cities may soon draw the attention of income-tax officials, if the transaction does not match payment of income tax.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
The Enforcement Directorate on Monday raided the premises of former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case and seized about Rs 30 lakh apart from some documents, official sources said.
The income tax department allows some extra tax deductions over and above the Rs 100,000 limit that we have under Section 80C.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
Buying new cellphone could result in a tax inquiry. Here's how you can avoid the tax man's attention.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
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