In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
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 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.
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.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
It also issued notice to the Centre and the IT department on Vodafone's plea.
Rai also asserted that the Congress will win the upcoming Assembly elections in all five states.
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.
The CBI arrested an NIA deputy superintendent of police posted in Patna and two middlemen on Thursday for allegedly accepting a Rs 20 lakh bribe to extend favours to a person in an ongoing probe, officials said.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
Karnataka Congress president D K Shivakumar on Wednesday said he has been asked by the Enforcement Directorate to appear before it on February 22, while his daughter has been served notice by the Central Bureau of Investigation.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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.
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.
Cairn Energy of UK is seeking compensation from the Government of India.
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.
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.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances