Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.
Services attract highest foreign direct investment, despite Make in India push.
While Team Anna spokesperson Arvind Kejriwal is attending a meditation course at Sohna in Haryana, income tax department officials are losing their peace of mind over more worldly affairs involving their former colleague.
Kejriwal's supporters have bombarded Income Tax offices with cheques and demand drafts, offering to pay his tax dues.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
'There shall be no change in India-Japan ties,' predicts Rajaram Panda.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
The Income Tax Department needs to immediately add 30,000 more employees to carry out its existing operations, a senior Finance Ministry official said.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
Conformity assessment procedures will be put in place to verify that goods and services sold on e-commerce platforms meet required standards and technical regulations, according to the draft e-commerce policy. The policy, which is under discussion, also stated that actions and things which cannot be done by the online platform entities "can also not be done" by any of its associates and related parties. Government may, from time to time, notify parties which fall in the definition of associates and related parties, it said.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
OSAT majors have concerns about India's ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
Officials said that taxmen visited seven locations in Bengaluru and three in Hyderabad of those event management companies which were given contracts to give a blockbuster look for the wedding of Bramhani last week.
The high court's order, which says refunds paid on service inputs can be restricted, runs contrary to Gujarat HC verdict and could complicate matters.
Union Commerce Minister Nirmala Sitharaman said she will pursue the matter with the finance ministry
The Madras high court on Wednesday set aside an order of the previous AIADMK regime to convert late Tamil Nadu Chief Minister J Jayalalithaa's residence, 'Veda Nilayam' in Chennai as a memorial.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
Income Tax officials plan strikes, stoppage of searches and surveys if their demands on vacant positions, infra aren't met.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
NCP president Sharad Pawar on Friday reiterated that the Income Tax Department's raids on Maharashtra deputy chief minister Ajit Pawar's relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.
The Income Tax department has claimed to have found defaults in the payment of TDS returns by the IPL franchises to various service providers in its ongoing probe into the tournament's finances.
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
The government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
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