Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
Income Tax sleuths on Thursday made it clear that former Jharkhand Chief Minister Madhu Koda will be arrested as soon as he is discharged from the hospital.The Enforcement Directorate and IT department have also directed the ARA Memorial Weaver's Hospital in Ranchi, where Koda is recuperating, not to release him without informing them. The IT department has already sealed Koda's house in Ranchi.The ED had also issued a summons to Koda and seven of his aides.
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
The real problem is not the poor Internet access or non availability of computer. It is the mindset and misconception of the people which they have about filing their tax returns online. Here's the reality behind some of the common myths regarding e-filing of income tax returns.
It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
Income Tax department has introduced a new facility this financial year 2009-10 (AY 2010-11) for viewing your tax payments made it is called 'Tax Credit Statement' or PAN LEDGER or Form 26AS.
The main issue is about their valuation as, unlike listed companies, they are unregulated, and the buyer can take advantage of this.
The department has taken the step after protests by individuals and organisations affiliated to the community.
The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country.
By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres.
IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
Priyanka Chopra talks about her upcoming film 7 Khoon Maaf and clarifies her stand on the Income Tax raid at her house.
Widening its probe, the Income Tax Department, which is looking into the source of money used in a garland presented to Chief Minister Mayawati, will also investigate funds and donations received by Bahujan Samaj Party in the last few months.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
The Income tax department to come down heavily on errant taxpayers from India Inc.
Taking a serious note of the flow of unaccounted money during polls, the Election Commission on Monday said it would deploy income tax experts to track expenses of candidates."A cell comprising experts drawn from the Income Tax Department will be set up in the Commission to deal with information on poll expenses of candidates," Chief Election Commissioner N Gopalaswami said at a press conference.He said the EC was highly concerned over the illegal use of money power.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
The income tax department on Tuesday launched on-field inquiries at around nine locations in Mumbai belonging to alleged shell companies related to Nitin Gadkari's Purti group, a day before he seeks a second straight term as Bharatiya Janata Party president.
After Vodafone, UK-based Vedanta Resources Plc and Aditya Birla group firm Indian Rayon also face a potential tax demand of around Rs 900 crore and Rs 45 crore, respectively, for their failure to deduct taxes on payments to buy Indian assets, said a senior government official.
The Income Tax Department had earlier instituted an inquiry on the expenses incurred on the wedding of Laloo and Rabri's daughter.
The income tax department has come out with a circular that redefines the term "charitable purpose", that is likely to bring associations like Confederation of Indian Industry or Ficci and Board of Control for Cricket in India, one of the world's richest sports bodies, outside the purview of exemptions. The circular, which was published on December 19, now says any entity that does business or trade in exchange for a fee or income cannot claim exemption from paying income tax
Earlier, taxpayers were required to fill in complete details.
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.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
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Officials said the notice was issued by the taxman in January this year after the special audit of AVL's income for the Assessment Year 2012-13.
In more trouble for senior Bharatiya Janata Party leader Gopinath Munde, facing an Election Commission's show cause notice for his poll spending remark, the Income Tax department has issued a notice seeking his explanation within a week.
It would be ludicrous to expect Modi, Erdogan or Biden to pay to keep blue ticks on their respective official accounts. It would be equally ludicrous to expect the Delhi Metro or the Income Tax Department to pay, points out Devangshu Datta.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
The Ministry of Finance has secured another order from the Special Court, Mumbai, allowing a release of a total amount of Rs 650 crore (Rs 6.5 billion) to the Income Tax Department, banks and financial institutions from the liquidated assets of the Harshad Mehta Group of entities, against pending claims.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Move follows income tax department's decision to lift freeze on some bank accounts
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
