The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
The Income Tax Department has slapped a penalty of Rs 944.20 crore on IndiGo, which said it will contest the order that is "erroneous and frivolous". The order was received by InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Saturday.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
The Indian National Congress is in no way connected with the businesses of Dheeraj Sahu, MP. Only he can explain, Congress general secretary in-charge communications, Jairam Ramesh said.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
The judge set aside the order of the principal district judge, Villupuram, acquitting Ponmudy and his wife in the case.
This has affected all political activity of the party, Maken said at a press conference.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
The BBC said on Tuesday that it is "fully cooperating" with the Income Tax authorities who are at its offices in New Delhi and Mumbai and hoped that the situation will be resolved "as soon as possible".
'We are not worried about raids. We have nothing to hide.'
A division bench of Justices Vibhu Bakhru and Amit Mahajan set aside the single judge's December 24, 2019 order pegging the value of the property at Rs 130 crore.
Income tax authorities on Friday launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said.
While there has been no official statement related to the action, British government sources said they are 'closely monitoring reports of tax surveys conducted at the offices of the BBC in India'.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
My grandfather Ashok Kumar made me sack my secretary as he thought she was a bad influence in my life.'
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India.
The Maharashtra Congress has convened a meeting of its legislators on Tuesday in view of the developments in the state that saw a split in the Nationalist Congress Party and Ajit Pawar being inducted as deputy chief minister in the Eknath Shinde government.
All entities operating in India must fully comply with relevant laws, External Affairs Minister S Jaishankar Wednesday told his British counterpart James Cleverly, who raised the BBC tax surveys issue during a meeting with him.
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
Missing the deadline for filing Income Tax returns can lead to consequences.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
Opposition parties on Sunday lashed out at the Bharatiya Janata Party after Nationalist Congress Party leader Ajit Pawar and eight others were inducted into the Eknath Shinde-led Maharashtra government, saying the ruling party's 'washing machine' has resumed its operation to clean tainted leaders and it was an 'ED-facilitated power grab'.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
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