A fire broke out on the sixth floor of the IncomeTaxBuilding in Marine Lines area in south Mumbai tonight but there were no report of casualties.
TIOL has come to know that in a path-breaking judicial decision, the Commissioner of Income Tax (Appeals) handling international taxation cases in Delhi has held that the Gracemac Corporation, a 100% subsidiary of Microsoft which had in 1999 granted proprietary and ownership right in license and in intellectual property of Microsoft software and hardware products, is liable to pay income tax on its gross royalty income earned out of licensing of software to Indian customers.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
We take the opportunity to bust a few myths
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
Is the parabolic rise in silver running out of steam or just getting started? Ramalingam Kalirajan offers his take on if you should invest in silver now?
Here's a simple primer to what actually Form 16 is and what must be done with it.
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
According to official sources, complaints were received by the department that TDS was being collected arbitrarily by the payers. Another reason for this decision is that refunds from the department have also gone up. Sources said it should not affect the assessee who may be paying a high rate of TDS and is not compensated even after the employer or broking firm or any other organisation gets a refund on higher rate of TDS which may not be applicable to such income.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Several politicians said they were not even aware of the provision in the UP Act.
Eight teachers in Maharashtra's Beed district have been suspended for allegedly using false hearing impairment claims to obtain government benefits. An inquiry revealed discrepancies in their disability certificates, leading to departmental action.
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
In nation-wide raids on Wednesday, Income Tax sleuths swooped down on offices of Indian Premier League franchisees Kolkata Knight Riders, Chennai Super Kings, Deccan Chargers and Kings XI, and companies handling broadcast rights of the cash-rich cricket League.
Here are some mistakes taxpayers make and how to avoid them...
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
Trinamool Congress leader Abhishek Banerjee accuses the BJP of using central agencies to undermine Mamata Banerjee in the West Bengal elections, alleging a lack of public support for the saffron party.
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
It's tax time and you need to know your basics. . .
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
Priyank Kharge accused the RSS of money laundering, demanding transparency in their financial dealings and questioning their exemption from laws applicable to other organizations.
Punjab Chief Minister Bhagwant Mann has accused the BJP-led central government of playing 'dangerous games' with Punjab, alleging the misuse of agencies like the Enforcement Directorate (ED) and the CBI for political purposes.
Punjab Chief Minister Bhagwant Mann has criticised the BJP-led central government following ED raids on state minister Sanjeev Arora, alleging political harassment and misuse of central agencies.
Forty years ago, an individual in the highest tax bracket (above Rs 70,000 per annum) had to pay 70 per cent income tax.
Uttar Pradesh Chief Minister Yogi Adityanath announced that the state has secured investment proposals worth approximately Rs 50 trillion over the past nine years, attributing this economic revival to the enforcement of the rule of law and strategic policy changes. He affirmed UP's trajectory towards becoming a $1 trillion economy by 2029-30.
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
Mahindra & Mahindra (M&M) is largely bullish among analysts following its Q4FY26 results, driven by strong SUV demand, a robust product pipeline, and improving growth visibility across segments, despite near-term margin pressures from rising commodity costs and potential weakness in the tractor cycle.
Because they can easily find them out by analysing your financial transactions.
According to CNBC's list based on KPMG's 2011 survey of 96 countries, these eight nations don't have to pay any income tax to their government.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
Kanpur Police solved a robbery case leading to the discovery of a large hawala network. Six people were arrested, and investigations are ongoing to uncover the full extent of the illegal financial activities.
