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.
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.
The moves will reduce the administrative burden of the department, banks and taxpayers.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
Senior officials in the ministry told Business Standard the rate of taxation would remain the same in the final version of DTC.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
The value of assets seized during raids by the Income Tax Department has more than doubled in last five years, as the department started going after the 'big fish'.
NCP president Sharad Pawar on Friday reiterated that the Income Tax Department's raids on Maharashtra deputy chief minister Ajit Pawar's relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.
The Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
The government on Tuesday said around 49 lakh cases of income tax refunds are pending with the revenue department.
The net Income Tax collection in the Mumbai region has gone up by 62 per cent to Rs 23,315 crore (Rs 233.15 billion) as on September 20, compared to Rs 14,369 crore (Rs 143.69 billion) during the same period last fiscal.
Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
The country-wide raids by the Income Tax teams on properties allegedly owned by former Jharkhand chief minister Madhu Koda and his associates continued for the second day on Sunday.
Client executives and relationship managers -- so far confined to the private sector and especially service providers -- have now made an entry into the tax department, too. Just like the relationship manager at your bank, the 'client executive' will coordinate all the tax requirements of a company, which could range from income tax to central excise and service tax.
In more trouble for senior Bharatiya Janata Party leader Gopinath Munde, facing an Election Commission's show cause notice for his poll spending remark, the Income Tax department has issued a notice seeking his explanation within a week.
Aayog feels expansion of the lowest base will enable more people to pay taxes.
If you are an individual, you will get your refunds quicker.
Under pressure on the black money issue, the government plans to monitor high-value savings and investments more closely to net tax evaders.
The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.
The commission has, over a period of time, identified various parties which have not contested polls since 2005 and has 'delisted' over 200 of them.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank's ATMs.
Total number of income-tax returns filed in 2010-11, both electronically and manually, was around 29.6 million.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled. Jayshankar Gramin Va Adivasi Vikas Sanstha Sangamner, a Charitable trust registered under Maharashtra Public Charitable Trust Act 1950, had approached the Maharashtra bench of the Authority for Advance Ruling (AAR), seeking clarity on whether it is liable to pay GST on the amounts received in the form of donations/grants from various entities, including the central and state governments. The trust is also registered under the I-T Act as a charitable trust.
In its next meeting, empowered committee of state finance ministers set to oppose a proposal on state govt undertakings' I-T deduction.
Online tax filing in 2010-11 was 91.57 lakh, compared to 51.06 lakh in 2009-10.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
That bliss is set to end soon, with the finance ministry planning to make it mandatory for individuals and Hindu undivided families to report assets and liabilities in income-tax return forms.
The RJD chief rapped the BJP for "sensing an opportunity to destabilise the Grand Alliance government in Bihar" and asserted that the coalition was "intact".
An equitable tax regime makes more sense than debates over whether the rich should pay more.
Accusing the government of spreading misinformation in the National Herald case, the Congress said it was proud to be associated with the newspaper that stood up in pre-independence times against the British for throttling free speech, similar to the present day climate.
The notices were issued to Bhave on September 14, 2010 and January 24, 2011, when he was at the helm of Sebi.
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