Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
The case relates to protests near the I-T office in Bengaluru by the leaders including the then chief minister H D Kumaraswamy against the income tax raids at the residence of Congress and JD-S leaders.
CBDT feels 30% growth in income-tax not feasible.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
The income-tax (I-T) authorities have tightened disclosure norms for charitable trusts. They now have to declare the nature of their activities from October 1 for tax purposes. The Central Board of Direct Taxes (CBDT) has notified changes in reporting rules where the charitable institutions have to mention whether the activities undertaken are charitable, religious, or both to claim tax benefits.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
Officials said the searches covered multiple premises of the firm in Mumbai and Delhi.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
It will launch jurisdiction-free assessment from October
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
The Enforcement Directorate on Wednesday morning raided the premises of Aam Aadmi Party MP Sanjay Singh in connection with the Delhi excise policy-linked money laundering case, officials said.
Taxpayers are allowed to make the changes under certain circumstances
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
In a report submitted to the Election Commission, the department, which has been investigating the donations list of the party for the last over an year, has said that the records of donations made to the AAP during 2013-14 and 2014-15 had "factual discrepancies" and did not match with the actual funds received by it from various donors.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Young India opener Shubman Gill has said he went back to the basics.
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
The allegation against Khan is that he had applied to purchase the agricultural land for farming but constructed a farmhouse for personal use instead.
The income tax department on Tuesday said its new utility developed to help TDS deductors and TCS collectors identify non-filers or "specified persons" on whom higher rate of taxes will be levied will help ease compliance burden. From July 1, non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The provision was introduced in the 2021 Budget. The TDS deductors and TCS collectors would be required to check on the functionality of the PAN of the vendor from whom TDS is to be deducted or TCS to be collected, only at the beginning of the financial year.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
The one-page form will mandatorily seek the taxpayers name.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) in Mumbai for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the central agency again later this week for completion of the exercise.
Former Bharatiya Janata Party president Nitin Gadkari was on Thursday questioned for over four hours by income tax authorities in connection with the probe into alleged dubious investments in Purti Group of companies. Gadkari, who was earlier slated to appear on Friday, was quizzed by Geetha Ravichandran, director of I-T (Investigations) at the I-T office in central Nagpur's Sadar area, sources said.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
I-T teams have scanned documents and payment details related to TDS.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Income Tax officials plan strikes, stoppage of searches and surveys if their demands on vacant positions, infra aren't met.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
During the searches at about 66 places, I-T officials said they've seized cash and jewellery worth over Rs 15cr.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
Promoter entity RRPR - owned by Prannoy and Radhika Roy - says allegations baseless; replies to queries by Sebi.
The Income Tax department will hold public meetings every Wednesday to resolve taxpayers grievances and tax issues as part of the 'Good Governance' initiative mooted by Prime Minister Narendra Modi.
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