Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
The Income Tax department will soon start training the second batch of 5,000 tax return preparers (TRPs) across the country. Launched in 2007, the programme aims at assisting tax payers file returns. The TRPs have also been asked to bring in more people under the tax net. They charge existing tax payers Rs 250 for each return, while the department pays them 3 per cent, 2 per cent, and 1 per cent of the tax paid by a new assessee in the first three years, respectively.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
Are you still confused over the new income tax return forms? Read this to clear all your doubts.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
If you don't have enough money to spend on your vacation you can always go for travel loans. But you must also watch out for pitfalls.
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.
A three-judge bench headed by Chief Justice S H Kapadia asked the company to file its representation before the IT department.
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal, the CBDT said in the statement.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Cairn Energy of UK is seeking compensation from the Government of India.
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
A national data centre of the income tax department will come up in the National Capital Region this year.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
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).
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
Acknowledging that the investigation wing of the Income Tax Department was exempted from the purview of Right To Information Act, the CIC said such blanket ban would 'dis-enthuse' whistle-blowers which may not be in the 'best interest of state revenues'
'There is a huge tax differential of 15% to 20% depending on income classification.'
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
