The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
Delhi High Court quashes reassessment proceedings by Income Tax department.
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
The income tax department keeps track of taxpayers through extensively connected data sharing arrangements and data mining systems. If you don't pay your taxes, you can easily get caught.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
The Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
The action came after investigations carried out by an inter-ministerial committee formed by the home ministry in 2020.
The National Securities Depository Ltd has been asked to start the online PAN Book from April to enable assesses to see their tax filing records on the Internet.
A bench of Justices B R Gavai and Sanjay Karol deferred the matter after senior advocate Abhishek Singhvi, appearing for Shivakumar, said the matter is coming up before the high court on May 23.
Let us evaluate various possible situations an individual can find himself in and understand what the Income Tax Act permits him to do.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
Armed with crucial information, tax authorities will tighten noose on evaders and send SMS to 1-1.5 crore high-value Diwali purchasers to file Income Tax returns before the October 31 deadline.
Bharti Airtel on Monday reported a 168 per cent year-on-year rise in consolidated net profit to Rs 3,593 crore for the September quarter, and the company unveiled top-level changes, including Gopal Vittal moving into the role of executive vice chairman on January 1, 2026. India's second-largest telco - that competes with Reliance Jio and Vodafone Idea in the Indian telecom market - clocked quarterly revenues of Rs 41,473 crore, 12 per cent higher than the year-ago period, aided by strong momentum in India and growth in Africa.
If losses from F&O, intra-day trades are below Rs 20,000-30,000, it's best not to claim them and opt for ITR-2.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
Tax authorities on Friday notified a four-page income tax returns form that would ultimately replace Saral (simple) one-page form in a bid to capture undisclosed income of taxpayers.
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
According to police, during the probe of the case of a Hyderabad-based young CA student hacking into the IT account of Ambani, it has emerged that the business tycoon's account was also fraudulently accessed from Noida.
The government has received representations from various stakeholders.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
The government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
SC said that it will go into the issue of framing of charges only after hearing a petition filed by Jayalalithaa and others seeking discharge in the case.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
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