Arun Jaitley declared proposal for a comprehensive law.
There is no word on extending the February 6, 2018 deadline for linking mobile SIM cards with Aadhaar.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
On the education details of the candidates, the survey said 669 have declared their education qualification to be between 5th pass and 12th pass, while 380 have declared having an educational qualification of graduate or above, 29 have declared themselves to be simple literates and 7 have declared to be illiterate.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
In DigiLocker, a user can get different government departments to issue documents in digital format. At present, there are 117 such issuers. You can get PAN, Aadhaar, vehicle fitness certificate, vehicle tax receipt, class ten and twelve mark sheets, driving licence, caste certificate, ration card, birth certificate, college degrees and diplomas, marriage certificate, and many more.
According to a legal expert, the clause of 'reasonable restriction' could still mean the government can make Aadhaar mandatory for monetary transactions and therefore, for banking.
This is part of a strategy to mop up as much revenue as possible in the current financial year.
Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not
Purohit had allegedly said in the sting video that there is no collective leadership in the BJP. Only two people take decisions and others merely implement it.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
Tomar had discussed the two proposals with trade unions on June 24 and assured that the government will take at least two weeks to take a decision.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The government plans to implement the single rate GST, which would subsume central excise, service tax and other local levies, from April 1, 2016
Here's why consumers are shifting to large brands.
Information gathered from a person's social media account will be matched with his or her declared income.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
The retired Karnataka high court judge is frail but sharp as a tack is a staunch disbeliever of Aadhaar, saying all it does is replace other forms of identification.
'You need to be careful about this.' 'Growth without fundamental principles is like fat.' 'Growth with good base and fundamentals is like muscles.'
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
A number of tax department officials PTI spoke to said the circular does not state that such a document has to be a 'sworn affidavit' or a 'notarised document'.
But mobile wallet companies say many consumers are not ready to give out their PAN
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
Entrepreneurs would be able to apply online for 26 services.
For some assessees, the range may not have changed.
EPFO has recently issued Universal PF Account Numbers for 4.17 crore contributing members.
The I-T department expects that some more revenue would be garnered.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
There will be tripartite pact with member, bank/housing agency and EPFO.
