According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
FY14 sees 16% decline in adjustments; department adds only Rs 59,000 crore to the profits attributed by multinationals, against Rs 70,000 crore a year ago
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
A bench of Justice K S Radhakrishnan and Justice Vikramjit Sen also asked the trial court in Chennai to conclude the hearing of the case and pronounce its judgment within four months.
With economy showing a buoyant growth in the initial months of this year, Centre's tax collections grew by 21 per cent at over Rs 1,45,000 crore (Rs 1450 billion) in the first half of 2005-06.
The provision provided for tax at a concessional rate.
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
Bharatiya Janta Party's prime ministerial candidate Narendra Modi's 'Hoonkar Rally' in Patna on October 27 has come under the scanner of the income tax department in Bihar, officials said on Thursday.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
The CBI has said the mall belongs to Yadav who has made investment in the project through a company.
The order, which came on Monday, stated that revenue authorities cannot split the agreement when the parties to the agreement considered the royalty and technical knowhow as a single package.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
The government on Thursday extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31. "On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the finance ministry said in a statement.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
"Unprecedented" direct taxes collection of Rs 7.90 lakh crore in 2010-11 has "greatly strengthened" the country's efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
CBDT sets up committee to detect leakages in tax-exempt sectors.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
Sleuths of the Income Tax department on Monday conducted searches at the Lilavati Hospital in Mumbai in connection with the alleged financial irregularities committed by its trustees and owners, sources said.
The exhaustive list was uploaded on the official web portal of the department.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
Demanding an apology from former Bharatiya Janata Party chief Nitin Gadkari for allegedly threatening Income Tax officials, their apex body on Sunday claimed the remarks were aimed at hindering a free and fair probe into Purti Group's investments and sought security for those handling the case.
First-time Bharatiya Janata Party MLA Rahul Narvekar on Friday filed his nomination as the party candidate for the post of Maharashtra assembly speaker, election for which, if required, will be held on July 3.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Currently, if the IT department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
Cricket stars Sachin Tendulkar and Sunil Gavaskar have come under the scanner of Comptroller and Auditor General who has found that they have been given wrong benefit of income deduction as sportsmen.
Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
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