The department has taken the step after protests by individuals and organisations affiliated to the community.
Around 73,388 people have defaulted aggregating to Rs 3,859 crore.
The Income Tax department has agreed to give priority to 'sons of soil' and use of Marathi language in its offices, a Sena leader said.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
The department on March 21 asked the firm to submit the amount of Rs 2,000 crore in about a week's time, I-T department sources said on Thursday.
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
The Bombay high court, in a very significant ruling on Wednesday, dismissed telecom major Vodafone International's petition challenging the Income Tax department's show cause notice for payment of capital gains tax of around $2 billion.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
The Income Tax (I-T) Department has embarked on a plan to create a national data centre to facilitate a management information systems-based, real-time analysis of data for quick and effective decision making.
The taxman, said the party 'incorrectly disclosed the hawala money as voluntary donations'
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
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.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
About Rs 8.33 crore cash has been seized from Delhi, Rs 2.5 from Bengaluru and Rs 60 lakh from Mysuru till now, a senior official said.
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
The union cabinet on Thursday approved an additional expenditure of Rs 442.03 crore (Rs 4.42 billion) for the computerisation of income tax department.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the Income Tax Department on Monday introduced a new facility called e-filing vault.
Banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.
The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. These two sections deal with reinvestment of proceeds from sale of long-term assets (housing or other capital assets) to buy residential properties. "For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore," Finance Minister Nirmala Sitharaman said in her Budget speech.
Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment. "Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP.
The Sports Ministry has got a fillip with the government allocating Rs 3,397.32 crore, an increase of Rs 723.97 crore, in the Union Budget on Wednesday.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
The Income Tax department has struck an estimated Rs 50 crore (Rs 500 million) deal with state-owned telecom company BSNL to provide 51,000 mobile connections and 1,000 high-end Blackberry phones for secure and fast communication amongst its officers and staff.
The new office will have its base in the national capital.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
The Finance Ministry on Monday made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.
The note guides taxman to avoid seeking voluminous details.
A bench headed by Justice S B Sinha refused to hear the Vodafone plea that had challenged the Bombay high court judgment, which on December 3 last year had dismissed a petition by Vodafone International Holdings BV, contesting a showcause notice by the I-T department. Vodafone, Netherlands-based company, had bought a 67 per cent stake in Hutchison Essar from Hutchison Telecom International in February 2007 for $11.2 billion.
Raids on two city builders conducted by the investigation wing of the Income-Tax Department last week have yielded Rs 30 crore (Rs 300 million) in unaccounted assets, I-T sources said.
Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21. Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.
Various corporate bodies from US and UK had cautioned that such tax proposals could dent India's image as an investment hotspot.
Karnataka Congress president D K Shivakumar on Wednesday said he has been asked by the Enforcement Directorate to appear before it on February 22, while his daughter has been served notice by the Central Bureau of Investigation.
The income tax department on Wednesday said it will immediately issue pending refunds up to Rs 5 lakh, benefitting around 14 lakh taxpayers. The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to business entities.
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