Income Tax officials plan strikes, stoppage of searches and surveys if their demands on vacant positions, infra aren't met.
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.
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.
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.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
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 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.
Railway travel, capitation fees or donations in educational institutes and non-compete services are among the many new services that may come under the proposed Goods and Services Tax (GST), says a concept paper on the issue.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
"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.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
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 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.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
The action has been taken against officials harassing tax assesses.
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.
The exhaustive list was uploaded on the official web portal of the department.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
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.
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
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.
The Income Tax Department has slapped a tax demand of over Rs 450 crore (Rs 4.5 billion) on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed on Friday.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
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.
The Cabinet on Thursday approved a proposal to create an additional 1,349 additional posts in the Indian Revenue Services cadre and 19,402 in the non-IRS cadres.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
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 will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Queing before Income Tax Department officials will soon become a practice of the past. The department is making an elaborate plan to equip its offices throughout the country with Aaykar Seva Kendras (ASKs) which will work as a single-window facility for taxpayers for filing applications for services and redressal of grievances including paper returns.
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
Since 2009, the Department has publicly charged 73 account holders and 35 professionals with violations arising from their offshore banking activities, and 72 individuals have plead guilty or were convicted at trial.
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
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