This is part of a strategy to mop up as much revenue as possible in the current financial year.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
Tax Guru Anil Rego answers your personal income tax queries.
Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate."
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
It's possible to curb tax evasion using high-end technology. But it requires an honest intention to make use of the treasure trove of data that is captured, points out Harsh Roongta.
Government auditor CAG on Friday pulled up the Income Tax Department (ITD) for allowing irregular tax exemption to two Tata trusts involving tax implication of over Rs 1,000 crore (Rs 10 billion).
During a review, the EC found that the performance of some officers was "unsatisfactory" and they were found "complacent, if not complicit" in various matters, including the illegal supply of liquor as a possible poll inducement, sources said.
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
In the event of the BJP's poor performance in the assembly polls this year and in early 2025, Modi's hold will get further weakened because he will no longer remain the invincible electoral persona tightly controlling the machine at his disposal, asserts Nilanjan Mukhopadhyay.
It has become clear that many things were wrong with the taxation proposals made in the 2012-13 Budget. In attempting to fix the fiscal deficit, the government decided it was necessary to increase the tax base.
In order to deal with the issue of accumulation of wealth, Finance Minister P Chidambaram had said the time has come for a debate on imposition of inheritance tax.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Begin the year-end review by assessing whether your portfolios are on track to achieve your life goals.
The taxman can come to different conclusions in different years on similar facts
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
Though the government is yet to notify the new form, begin with collating documents, checking interest certificates and tallying form 26AS.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
The Central Board of Excise & Customs will develop the process over the next few months.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
Delhi High Court quashes reassessment proceedings by Income Tax department.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
If the refund is wrongly adjusted against any past tax liability, immediately clarify it online
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
A tax assessment panel found violations such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business, following which it decided to impose a penalty on ICAI, a government official said.
If, as promised, the refunds are done within 24 hours it will obviate one of the biggest reasons that taxpayers distrust the tax department -- delayed refunds especially in cases of large refunds.
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
The move would help in further promoting ease of doing business in the country.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Officials are relying on both formal and informal methods for reaching non-filers.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
