Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Tax Guru Anil Rego answers your personal income tax queries
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
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.
Customs officials in Kerala conducted raids across the state, seizing luxury vehicles illegally imported from Bhutan with forged documents. The operation, dubbed 'Operation Numkhor,' targeted multiple locations and uncovered a network involved in smuggling cars, gold, and drugs.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
Of the total tax arrears, the two scam-tainted brokers -- Ketan Parekh and late Harshad Mehta -- accounted for Rs 30,000 crore (Rs 300 billion).
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.
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 Delhi High Court Tuesday said the Income Tax department is bound by its assurance to maintain confidentiality of the material seized during a survey operation at news portal Newslaundry's premises and to ensure that it is not leaked.
A week after the Income Tax Department's much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual logging time, inability to respond to notices and not all features functioning yet, chartered accountants said on Monday. The new portal, "http://www.incometax.gov.in/"www.incometax.gov.in, was launched last Monday (June 7), which the tax department as well as the government said was aimed at making compliance more taxpayer-friendly. But users complained of technical issues facing the site from the very first day and not everything has been fixed even after a week, chartered accountants (CAs) said, adding that taxpayers are unable to view past e-filed returns and many features/ facilities continue to be marked 'coming soon'. Finance Minister Nirmala Sitharaman herself had asked Infosys - the vendor which created the portal - and its Chairman Nandan Nilekani to fix the technical glitches.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
The BBC said on Tuesday that it is "fully cooperating" with the Income Tax authorities who are at its offices in New Delhi and Mumbai and hoped that the situation will be resolved "as soon as possible".
It also issued notice to the Centre and the IT department on Vodafone's plea.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
Cairn Energy of UK is seeking compensation from the Government of India.
No attention to detail seems to have been paid while introducing such a major provision and the wide arc of people it will take in its ambit, states Harsh Roongta.
Though the surveys were still going, the IT sleuths said they are investigating the records and books of accounts of these traders to ascertain the mismatch between physical stocks of goods and stocks maintained in account books.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
