The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
The bloodbath at the markets ended with the Sensex losing 457 points to close at 10,482.
The government on Monday extended the date for payment of first instalment of the advance Fringe Benefit Tax by a month to August 15.\n\n
Stick to low-cost ULIPs launched in the past few years. Go with an insurer with a good investment team and solid track record of long-term returns, suggests Sanjay Kumar Singh.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
Following the footsteps of the Central Board of Direct Taxes, the Employees Provident Fund Organisation has entrusted the UTI Investor Services with the job of creating the required infrastructure for issuing its much-bragged social security number.
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
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.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
The Central Board of Direct Taxes is developing a data bank on tax returns and expenditure by tax payers to improve the quality of assessments and revenues, which could lead to reduction in raids, P L Singh, chairman, CBDT, said in Mumbai.
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