CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
The Supreme Court will decide whether domestic companies must deduct tax at source on salaries paid to their expatriate staff and if tax can be levied on these employees on wages given abroad by foreign joint venture partners of the Indian firms.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Delhi High Court quashes reassessment proceedings by Income Tax department.
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.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
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.
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.
The Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
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.
Let us evaluate various possible situations an individual can find himself in and understand what the Income Tax Act permits him to do.
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.
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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.
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.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
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.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
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.
The action came after investigations carried out by an inter-ministerial committee formed by the home ministry in 2020.
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
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.
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.
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.
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.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
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