The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
The government on Monday appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India. The Appointments Committee of the Cabinet cleared Malhotra's name, who has been appointed as the RBI Governor for three years, starting Wednesday. Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, will replace Shaktikanta Das, whose tenure ends on Tuesday (December 10, 2024).
It's possible to curb tax evasion using high-end technology. But it requires an honest intention to make use of the treasure trove of data that is captured, points out Harsh Roongta.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
Apple will source the majority of the iPhone sold in the US from India in the June quarter while China will produce the vast majority of the devices for other markets amid uncertainty over tax tariffs, a top official said on Friday.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
The petition was mentioned on Tuesday by Income Tax counsel Beni Chatterjee and Vodafone lawyer Fereshte Sethna before a bench headed by Chief Justice Mohit Shah.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Gyanesh Kumar, a 1988-batch Kerala Cadre IAS officer, has been appointed as the next Chief Election Commissioner (CEC) of India. Kumar, who was previously an Election Commissioner, will serve until January 26, 2029. His appointment comes amidst controversy as the Congress party demanded the government defer its decision until the Supreme Court concludes its hearing on a petition challenging the composition of the selection panel. Kumar's tenure will see him oversee several state assembly elections, including Bihar, Kerala, Puducherry, Tamil Nadu, and West Bengal.
The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
The Supreme Court of India has released an inquiry report into the alleged discovery of a large amount of cash at the residence of Delhi High Court judge Yashwant Varma. The report, which includes photos and videos, was uploaded on the court's website. Chief Justice of India Sanjiv Khanna has formed an in-house committee to investigate the matter and has asked the Delhi High Court Chief Justice to not assign any judicial work to Justice Varma. Justice Varma has denied the allegations, claiming they are part of a conspiracy to frame him. The inquiry report, submitted by the Delhi High Court Chief Justice, has been made public and calls for a deeper probe into the incident. The incident has raised concerns about judicial accountability and has prompted the Congress party to call for strong measures to uphold public trust in the judiciary.
We have entered a new era in human history, asserts Aakar Patel.
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
According to the department, Kingfisher owes the sum for the April-September period and Air India's is for the period between April and August.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
The "construct of the DPDP Act" cannot be changed at this stage, though there may be some minor tweaks in the language of the Rules and formats in certain legitimate cases.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
These numbers have been submitted to the regulator, the Telecom Regulatory Authority of India, by various stakeholders in the cable industry, including broadcasters and multi-system operators. These are based on the information collected from the tax departments of various state governments.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
With this, 85 officers, including 64 high ranking ones, have been compulsorily retired.
Kailash Gahlot, a key minister in the Aam Aadmi Party (AAP) government in Delhi, has resigned, potentially impacting the party's ambitious plan to roll out a Rs 1000 monthly honorarium scheme for women ahead of the Assembly polls in February. Gahlot, who represented the Jat-dominated Najafgarh constituency in West Delhi, cited several issues, including the "Sheeshmahal" controversy over his former official residence, the Delhi government's tussle with the Centre, and the failure to clean the Yamuna River, in his resignation letter. Delhi BJP leaders welcomed Gahlot's resignation, fueling speculation that he could join the party before the assembly polls. However, AAP leaders claimed Gahlot resigned due to pressure from central agencies, including the Enforcement Directorate, and that joining the BJP was his last option. Gahlot's resignation has sparked speculation about his future and the impact it will have on the AAP's electoral prospects.
DRI seized contraband worth Rs 504.39 crore.
Simply put, tax evasion occurs when any trust, individual, or firm, seeks to avoid paying taxes by illegal and unfair means, by, for example, deliberately hiding income from the tax authorities to reduce the tax liability.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
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.
Kingfisher has faced lawsuits from GMR and GVK-group run airports and also faced cases of cheque bouncing.
While India has become the largest data generating nation, and hosts more than 152 data centres, it is fed by only 18 undersea cables.
