Uttam Ghosh wonders why the slightest hint of dissent so irks the most authoritarian government since Indira Gandhi's time that it deploys the agencies at its command to try and silence dissenting voices.
The Supreme Court will hear the issue related to taxing of business processing outsourcing units of multinationals in the country on February 13.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Income-Tax department has challenged a Bombay High Court order which gave tax relief to Bachchan. The case relates to the actor's income from the popular TV game show Kaun Banega Crorepati.
A notice put up at the Bandra-Kurla Complex office of the income-tax department says that salaried individuals filing their returns for assessment year 2008--09 (i.e. the last financial year, 2007--08) need to attach annexures.
After a nationwide 'lifestyle survey' on sale of expensive home theatres, plasma TVs, modular kitchen, watches and pens, the income tax department has started sending 'polite' letters to buyers, asking them to file returns of their income.
"We are not going to tax ONGC's subsidy part," a top income tax department official said in Dehra Dun on November 17. The move follows ONGC's appeal to the department that it should not be taxed on the subsidy. ONGC, which pays its tax in Dehra Dun where its headquarters are located, said in its plea that subsidy discounts reflect heavily on the company's revenue, reducing the corporate tax paid.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
In his letter to Sitharaman, Venugopal said media reports have exposed the alleged "quid-pro-quo between BJP and several firms, which in a strange coincidence donated to it, after the Enforcement Directorate (ED), Income Tax Department (IT) and Central Bureau of Investigation (CBI) and others, raided or searched those enterprises".
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
The Congress on Wednesday questioned the Election Commission's move to get a post on electoral bonds scheme deleted from social media platform X and said that the issue raised in the post makes the government 'extremely uncomfortable'.
With declared assets worth over Rs 600 crore, Chennur Congress candidate G Vivekananda is the richest politician contesting in the November 30 assembly polls, followed by P Srinivas Reddy from the same party with over Rs 460 crore.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
In a bid to reduce harassment of tax payers, the income-tax department is mulling setting up five centralised return processing centres in different parts of the country.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
Finance Minister P Chidambaram on Monday said the Income Tax department was scrutinising records of those who have not been filing and stopped filing IT returns.\n
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.
Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
The Enforcement Directorate on Friday conducted multiple raids in connection with its money laundering probe into the alleged irregularities in the National Stock Exchange (NSE) co-location case, officials said. The central probe agency is covering nine premises in Delhi and neighbouring Gurugram including those of some brokers involved in the case, they said. The raids are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA).
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
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