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
Prime Minister Narendra Modi and Rajasthan Chief Minister Ashok Gehlot on Thursday exchanged jibes over the red diary that a sacked state minister claims records financial misdeeds of the CM and his colleagues.
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.
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 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.
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.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
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).
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A summary of Indian athletes' showing at the Paralympics in Paris on Saturday.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
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.
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.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
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).
New norms for issuance of PAN card requiring verification of original documents have been put on hold.
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.
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".
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
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.
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'.
Vodafone had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
In coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka -- the former deputy chief minister and former MP R L Jalappa's son J Rajendra.
The income tax department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
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