In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
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.
A team of tax department officials is undertaking the raids against Jadhav, also the chairman of the BMC standing committee, since early morning, they said.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The government has cancelled the FCRA registration of nearly 1,900 NGOs for violating various provisions of the law in the last five years. There were 22,762 FCRA-registered organisations till December-end 2021.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
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.
The period of assessment of these defaulters range from 1989-90 to 2013-14.
The government on Tuesday proposed a relief to taxpayers with respect to capital gain tax on real estate properties by giving them the option to choose between 20 per cent and 12.5 per cent tax rates.
The United Forum of Bank Unions (UFBU) on Thursday said its two-day nationwide strike on March 24 and 25 will be observed as scheduled since discussions with the Indian Banks' Association (IBA) over key demands failed to yield any positive outcome. In a meeting with the IBA, all UFBU constituents raised issues, including recruitment in all cadres and a five-day workweek.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
Bank employees want a five day work week.
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.
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
Union minister Anurag Thakur said that "one should take complete information and sometimes many issues come up that are far from truth..."
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
The name of the successful bidder was not disclosed.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
'... there are challenges to overcome and the country needs money for that.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
A look at what constitutes as Income on Indian soil and what is not from the viewpoint of the income tax department.
Rai also asserted that the Congress will win the upcoming Assembly elections in all five states.
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