The note guides taxman to avoid seeking voluminous details.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
West Bengal Chief Minister Mamata Banerjee on Monday ordered an immediate ban on the screening of the controversial film The Kerala Story to avoid "any incident of hatred and violence", a senior official said in Kolkata.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
Directors that are shareholders will also face more problems.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
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.
As many as 38,800 teachers will be hired for Ekalavya Model Residential Schools, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the last last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said a national digital library for children and adolescents will be set up for facilitating quality books.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
CM Siddaramaiah called it a 'politically motivated' move.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
Dismissing the bail petitions of Raju brothers and V Srinivas, a local court in Hyderabad granted permission to the I-T department to examine and record the statement of B Ramaling Raju in the Rs 7,800 crore (Rs 78 billion) Satyam fraud case.
On a tour to the US, Gandhi told reporters in Washington that the Muslim League is a completely secular party and there is nothing non-secular about it.
Demand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
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?
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
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.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
I-T department defended its probe saying that the investigation has entered the "fifth layer" and the approach towards the case has not been tardy.
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.
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 Central Board of Direct Taxes, the apex policy making body of the I-T department, issued the fresh directives after it recently got a number of complaints from taxpayers and others in this regard.
77 bank accounts of suspended Madhya Pradesh IAS couple Arvind and Tinu Joshi have been frozen and their properties attached by the Income Tax authorities which claimed that cash and investments of over Rs 360 crore have been detected.
With this batch, the department has now issued letters in 210,000 high priority cases.
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.
Failure to disclose any income can lead to penalties and legal issues.
"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.
