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.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament 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.
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 ruling Bharatiya Janata Party on Wednesday hailed the Union Budget as an "all-inclusive" document while the Opposition dismissed it as "anti-people" and mere rhetoric lacking the vision for creating jobs and taming inflation.
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.
Karnataka Congress president D K Shivakumar on Monday appeared before the Enforcement Directorate in Delhi for a fresh round of questioning in the National Herald money laundering case.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
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.
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.
The provision provided for tax at a concessional rate.
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.
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.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment, said experts. While the language of the provision is quite broad, the title of the section limits itself to 'liability of directors of private companies in liquidation'. The Bill proposes to align the title with the scope of the provision, thereby ensuring that orders under this section can be issued even if the relevant company is not under liquidation.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
"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.
CBDT sets up committee to detect leakages in tax-exempt sectors.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
Musk blasted the "current lords and peasants system for who has or doesn't have a blue checkmark", using an expletive.
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 teary-eyed Congress worker said he committed a "grave error" and appealed to the party workers and leaders to accept his apology.
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.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
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.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
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.
The exhaustive list was uploaded on the official web portal of the department.
All classes of tax payers will henceforth file their annual returns for assessment year 2007-08 using eight new return forms classified as the ITR series 1 to 8.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
The moves will reduce the administrative burden of the department, banks and taxpayers.
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.
Under scanner from multiple government agencies, the Cricket Board has been served with fresh summons by the Income Tax authorities seeking details about the conduct of Indian Premier League, including bids for franchisees and payments made by the cash rich T20 League.
