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.
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.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
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).
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.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.
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.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
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.
In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
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The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
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.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
The Aditya Birla group has taken The Indian Express Ltd, publishers of the Indian Express newspaper, to court.
The special court, however, did not permit the ED to attach the paintings owned by Modi and seized by the Income Tax department as the Bombay high court had earlier directed for the artworks to be auctioned but the money to be deposited and not disbursed.
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.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
Finance Minister Nirmala Sitharaman on Tuesday asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints. Infosys was in 2019 awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. The portal went live Monday evening.
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 voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturers of Dolo-650 tablet that was widely used by COVID-19 patients during the last over two years, on charges of alleged tax evasion. Officials said the department is looking at financial documents, balance sheets and business distributor networks of the company as part of the searches. The PTI has sent queries on the action to the company and a response is awaited.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
The government will soon launch a facility under which a Permanent Account Number card will be issued within 48 hours of applying.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Delay in receiving income tax refunds has been a major complaint of taxpayers and the department is hoping to address the issue on priority basis.
The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
The NCP also asked the Income Tax department and the Enforcement Directorate to find out the source of "black money" involved.
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 Income Tax return form seeks wealth information from professionals; experts feel the salaried should have been included.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
