The one-page form will mandatorily seek the taxpayers name.
The government has finally accepted the resignation of Team Anna member Arvind Kejriwal from the Indian Revenue Service, almost six years after he quit the job.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
In another instance of Indian tax authorities adopting a hard-nosed stance to prevent abuse of tax avoidance treaties, the revenue department recently opposed a proposal of a Cyprus-based company to increase its stake in an Indian telecom services company from 40 per cent to nearly 74 per cent.
India's second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
Markets closed in the red on domestic worries.
Those people without the Aadhaar number have found a loophole in the system
There are four simple ways to link PAN to Aadhaar; make the most of the deadline to avoid hassles later, explains Bindisha Sarang.
Referring to her party's pre-poll alliance with the Samajwadi Party in Uttar Pradesh, she said it was based on "mutual respect" and "honest intentions", adding that "the SP-BSP alliance is perfect enough to defeat the BJP, especially in Uttar Pradesh.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
Government on Friday turned down in the Supreme Court the plea of Tata Group Chief Ratan Tata's for steps to stop the publication in the media of the leaked transcripts of tapped conversations between him, his corporate lobbyist Niira Radia and others.
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
'What is proposed is that we tax payers pay Rs 1,000 per month to selected JanDhan accounts of poor families.' 'I am sure there are at least 10 crore Indians for whom Rs 1,000 is no big deal.'
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
A prominent Indian American neurosurgeon, Dr Arvind Ahuja, of Milwaukee, Wisconsin, has been convicted for hiding $8 million (about Rs 44.8 crore) in secret offshore accounts in India, and is scheduled to be sentenced on January 13, 2013.
Geelani, who was a member of banned Jamaat-e-Islami and chairman of hardline Hurriyat Conference, had been suffering from various ailments for nearly last two decades.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore (Rs 22.50 billion) to it towards the tax liability of the company which is nearly Rs 6,500 crore (Rs 65 billion).
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
The government has exempted from service tax all services to foreign diplomatic missions and consular posts in India of official use.
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
The Central Board of Direct Taxes has asked all Chief Commissioners of Income Tax across the country to make special arrangements and keep open the I-T offices and receipt counters on March 29 (Saturday), March 30 (Sunday) and 31st (Monday) for the normal duration of office hours.
The department had initiated proceedings against Vodafone and TTSL in 2011 on the ground that the companies had allegedly failed to deduct tax deducted at source (TDS) for those assessment years.
Providers write to Sebi, FinMin; launches may hit pause.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
Bihar Deputy Chief Minister Sushil Kumar Modi said, a hike in GST rates would have hampered consumption amid the economic slowdown. The revenue augmentation panel in the Council meeting recently recommended revisiting and restructuring the GST rate slabs, besides correcting the inverted duty structure. The panel listed 24 items, including mobile phones, footwear, fabrics, LED light, medical equipment, utensils, agri machinery, pharma, and renewable components, which have an inverted duty structure, resulting in refunds of close to Rs 20,000 crore annually.
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
Jaitley assured that both the banking system and the government will make the resources available to them.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
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