The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be 'captivating' and 'inspiring', particularly to the young and future taxpayers.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
Leaders of the Indian National Developmental Inclusive Alliance (INDIA) have decided to raise the NEET issue in both houses of Parliament on Friday and members will give notices in this regard, sources have said.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
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.
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.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
Her immovable assets are worth over Rs 7.74 crore, which includes two inherited half shares of agricultural land in Mehrauli area of New Delhi and a half share in a farmhouse building located therein, all of which together are now worth over Rs 2.10 crore.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
The income tax department on Tuesday said its new utility developed to help TDS deductors and TCS collectors identify non-filers or "specified persons" on whom higher rate of taxes will be levied will help ease compliance burden. From July 1, non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The provision was introduced in the 2021 Budget. The TDS deductors and TCS collectors would be required to check on the functionality of the PAN of the vendor from whom TDS is to be deducted or TCS to be collected, only at the beginning of the financial year.
While addressing a rally at Alipurduar, Banerjee accused the Election Commission of removing the deputy inspector general of police of Murshidabad at the behest of the BJP.
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.
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).
The income tax department on Wednesday said it will immediately issue pending refunds up to Rs 5 lakh, benefitting around 14 lakh taxpayers. The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to business entities.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
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.
It also issued notice to the Centre and the IT department on Vodafone's plea.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
The income tax department said it has received representations from taxpayers that the last date for intimating the Aadhaar number may further be extended in the wake of the on-going COVID-19 pandemic.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
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.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
As the raids were completed, the I-T team took two managers of the distillery located at Sutapada to an unknown location for interrogation, they said.
Cairn Energy of UK is seeking compensation from the Government of India.
It's possible to curb tax evasion using high-end technology. But it requires an honest intention to make use of the treasure trove of data that is captured, points out Harsh Roongta.
The Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
Burman did not file the details of foreign account on the ground that he did not have its statements.
Tax officials saidsome instances of "asset transfers" are also under their scanner
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