Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.
The government on Wednesday said there won't be any capital gain tax if physical gold is converted to an electronic gold receipt and vice versa.
So how do you rate the Modi government's 11th budget?
Finance Minister Nirmala Sitharaman on Wednesday announced a 66 per cent hike in the Pradhan Mantri Aawas Yojana (PMAY) outlay to Rs 79,000 crore.
The world has recognised India as a bright star as the country is recording healthy economic growth despite global uncertainties, finance minister Nirmala Sitharaman said on Wednesday. India's growth at 7 per cent in the current fiscal is the highest among major economies and the Indian economy is on the right track, she said in her Budget speech.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
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.
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
Income Tax dept to enhance prosecution against large defaulters.
Addressing the inaugural session of the joint conference of chief ministers and chief justices of high courts in Delhi last year, Prime Minister Narendra Modi had appealed to them to give priority to cases related to undertrial prisoners languishing in jails and release them, as per law, based on human sensitivities.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
In times of global challenges, G-20 presidency gives an opportunity to strengthen India's role in the global order, she added. The government is implementing scheme to supply free foodgrains to poor under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) with expenditure of Rs 2 lakh crore from January 1, the finance minister said.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
Missing the deadline for filing Income Tax returns can lead to consequences.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.
Income Tax dept will launch over 100 fresh prosecution complaints.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
The searches at the Tamil television channel were conducted over alleged tax evasion.
"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.
The move would help in further promoting ease of doing business in the country.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
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.
Beleaguered Kingfisher Airlines on Monday virtually blamed the Income Tax authorities for the large-scale flight disruptions, saying freezing of its bank accounts by them had "severely affected" payment schedules that had led to the curtailment in its services.
The department notified the new set of ITR forms early this week
Gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, exceeding the government's revised collection target. Buoyed by personal income tax collection, the gross collection has exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporate, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
Includes those dealing in high-value property and petrol pump owners
The government can seek details from sellers such as sources of funds while buying.
The Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
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