The income tax department has slapped a Rs 1,067-crore (Rs 10.67 billion) demand notice on telecom giant Bharti Airtel for alleged non-payment of Tax Deducted at Source (TDS) dues in the past four financial years in connection with its operations abroad.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
In order to overcome the difficulty, Indian Industries Association (IIA) in its pre budget memorandum has proposed to the government to enhance the rate of depreciation on plant and machinery to 50 per cent from 15 per cent. They have also asked to reduce the income tax for manufacturing enterprises to 20 per cent from present 30 per cent, as this would unlock some money in the hands of the entrepreneur to make capital investment.
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
Can't believe you can file your income tax return without Form 16? Read this...
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
Lot of people miss the deadline every year due to lack of time or plain laziness. Did you miss it too? In case you have, do not worry. You can still file the belated return. As a taxpayer, you are likely to fall under one of these four categories. The associated rules and implications are outlined below.
The Delhi and Districts Cricket Association has requested Board of Control for Cricket in India CEO Rahul Johri through observer Justice Mukul Mudgal to release Rs 2 crore on ad-hoc basis for hosting the ODI against New Zealand in October last year.
'Today when people are fighting to get their salary, you are telling them you will privatise airports!'
It also said that over 1.38 crore entities have already filed their income-tax returns till now.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
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.
Today one can easily file returns online.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
The bike is the market leader in the 150 cc segment with a market share of 43 per cent.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
It is essential to file returns when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil.
A step-by-step guide to preparing and registering online for viewing the credit of taxes you paid to the income tax department.
For the common man already battling high inflation, the new fiscal will be tougher as virtually everything will be dearer in 13 big cities, where petrol and diesel will be costlier, while in the national capital they have to shell out Rs 30 more for cooking gas.
The Madras high court on Tuesday rejected a plea from mining giant Vedanta to order reopening of its Sterlite copper unit at Tuticorin in Tamil Nadu.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
Here are some mistakes taxpayers make and how to avoid them...
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
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 states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
"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 government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
If your interest income from bank fixed deposits falls well under the tax-exempt limit, tax deduction at source (TDS) can be avoided by submitting the details in Form Number 15A with the bank.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
Without Form 16, tax computation becomes cumbersome
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
Tax rules that could land you in trouble
The Income-Tax Department has written to more than 1,000 employers in the past few months on complying with rules on tax deducted at source and advance tax depository.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
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.
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