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.
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.
The main issue is about their valuation as, unlike listed companies, they are unregulated, and the buyer can take advantage of this.
Justice Sanjiv Khanna, who has been part of several landmark Supreme Court judgements such as scrapping the electoral bonds scheme and upholding abrogation of Article 370, will be sworn in as the 51st Chief Justice of India on Monday.
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.
IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal.
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.
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.
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.
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.
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.
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.
Earlier, taxpayers were required to fill in complete details.
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
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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.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
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.
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.
With tax payers no longer required to append Form 16 with their returns, the Income Tax department has allowed employers to provide digitally signed statements of tax deducted at source to their employees.
According to sources, the tax department has prepared a list of non-filers based on their information records.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
The Bharatiya Janata Party also slammed Kejriwal's continuation as the chief minister of Delhi despite being under arrest, saying it is the most unfortunate moment in the country's political journey and the worst kind of politics.
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