Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
CBDT feels 30% growth in income-tax not feasible.
'It was like rigorously preparing for a solid, good exam...' 'I don't know what marks I will get, but I felt the rigorous preparation of an exam.' 'You may sweat, but I feel rejuvenated.'
The tax department surveyed the office of the news portal located at Sarvodaya Enclave in south Delhi on Friday along with that of another digital news platform Newsclick in Saidulajab area (south Delhi) on charges of alleged tax evasion.
The Enforcement Directorate (ED) has filed a chargesheet in the National Herald case, accusing Congress leaders Sonia Gandhi and Rahul Gandhi of a "criminal conspiracy" to "usurp" properties worth Rs 2,000 crore of its public company AJL by transferring 99 per cent shares for just Rs 50 lakh to their private company Young Indian. The ED has named Sonia Gandhi as accused no 1 and Rahul Gandhi as accused no 2 in the chargesheet, which was filed under various sections of the Prevention of Money Laundering Act (PMLA).
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
The Enforcement Directorate (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
In a relief to Indian companies, the Income-Tax Department has decided to suspend collection of taxes if the Mutual Agreement Procedure is invoked by a US-based entity under the Indo-US Double Taxation Avoidance Convention. To avoid hardship to taxpayers, the competent authorities of India and the US had entered into a memorandum of understanding regarding suspension of collection during the pendency of MAP in 2003.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
The Comptroller and Auditor General of India report for 2010-11 on direct taxes, tabled in Parliament on Friday, revealed that 958 lakh (95.8 million) PANs were issued up to March 2010 but IT returns filed in the last fiscal were only 340.9 lakh (34.09 million).
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
The rejection of the pleas of the top Congress leaders, including Oscar Fernandes, will pave the way for the Income Tax Department to scrutinise their records for the assessment year 2011-12.
The object of AIR is to identify large financial transactions in respect of certain items.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The Income Tax Department invites all artists and designers, both professionals and amateurs, to develop a Mascot to be used in all advertising and communications of the Department.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
Without Form 16, tax computation becomes cumbersome
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
The Income Tax Department has put on its Web site the list of tax refunds that could not be sent to salaried taxpayers for want of correct address.
The move would help in further promoting ease of doing business in the country.
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Vodafone had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Undisclosed income has been detected in respect of 10 assessee groups which included those linked to AIADMK leader V K Sasikala.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
