The ITR forms were put on hold by the ministry last month.
India's new tax policy which makes it mandatory to disclose foreign is not so common in developed countries.
Demonetisation is not the end but the beginning of a "long, deep and constant" battle against black money and corruption and will benefit the poor and the common man, Prime Minister Narendra Modi on Tuesday said as the BJP parliamentary party passed a unanimous resolution endorsing his "great crusade".
Sukumar Mukhopadhyay, former member, Central Board of Excise and Customs, and Govindrao Adik, MP and General Secretary, NCP, debate the pros and cons of offering amnesty to tax evaders.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
Directors that are shareholders will also face more problems.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
'Any normalisation exercise will bring its share of volatility.'
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Chidambaram mocked her with a tongue-in-cheek tweet.
The central government should provide for free vaccination to all Indian citizens and greatly ramp up RT-PCR testing in both rural and urban areas, a group of former civil servants said on Thursday in an open letter to Prime Minister Narendra Modi.
Acknowledging that the investigation wing of the Income Tax Department was exempted from the purview of Right To Information Act, the CIC said such blanket ban would 'dis-enthuse' whistle-blowers which may not be in the 'best interest of state revenues'
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
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
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT said on Tuesday.
The list includes Gautam Adani's brother Vinod Adani among others.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
Coming down heavily on MF players who in recent past chose to use shareholder fund to buy out debt of bleeding invested companies, Sebi said MFs can't have standstill agreements with companies and will take action against fund houses for such deals.
Raise the amount of life cover you own if your liabilities and responsibilities have increased during the year, says Arvind A Rao.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
It is important to clarify that availing of an exemption is neither evasion nor tax planning.
Facebook said its daily active users were 1.04 billion on an average for December 2015, an increase of 17 per cent year on year.
New ITR form may be simpler, but some changes could stump you.
The amnesty scheme is a 'practical and pragmatic' approach to bring back the black money stashed abroad, the chairman of Assocham's Legal Affairs Council R K Handoo said on the sidelines of the release of a study on black money in New Delhi on Friday.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
Experts say only three per cent individuals pay taxes.
ICDS is silent on the prudence aspect of accounting standards.
Since April, India has seen multiple strains of the coronanavirus sweep the nation, upending life and businesses alike. Out-of-home retail and discretionary categories such as durables, auto, fashion, lifestyle, hospitality, food services, travel, and tourism have been the worst-hit as Covid cases remain high, leaving state governments with no option but to curtail mobility and economic activity.
Sure we understand that isolating affected communities is part of the pandemic protocol, but we don't wish our life and freedom to be tossed aside at the slightest excuse, states Shyam G Menon.
The Association for Democratic Reforms slams the Budget proposals on political funding, says they lack teeth and show the "lack of political will" in proposing real reforms.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
