The promise of a less suspicious government is surprising. What about the disconnect between the new business stance and earlier push to dictate the narrative in politics and public life, wonders T N Ninan.
The Union finance ministry has temporarily suspended the facility for e-filing of income tax returns as it could not procure a security certification for the Income Tax Department's website in time.
Tax benefits should not be the driving force for an insurance policy.\n\n
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
The new Income Tax return forms are much simpler in many respects.
http://im.rediff.com/money/2023/jul/20uv.jpg
'Every person is presumed innocent unless proved guilty in a court of law,' the statement said.
The government introduced new tax rules on Wednesday aimed at reducing litigation with multinational firms over cross-border transactions the government considers tax avoidance schemes.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Around 75 per cent of total returns are expected to be e-filed in current year.
But there are fears that any reform could be reduced to tweaking because the tax is so lucrative.
.jpg)
As of September, account for bulk of applications for availing of the government's amnesty scheme.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
Balanced advantage funds have the potential to earn superior risk-adjusted returns for the investor and offer a smoother investment journey.
Even domestic income can be subjected to scrutiny by the taxman.
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
The Bombay High Court would examine the Ernst & Young report on the erstwhile Sahara Airlines buyout by Jet Airways to decide the onus on payment of tax liability amounting to Rs 107 crore (Rs 1.07 billion).
The key numbers in Mr Jaitley's Budget will be looked at closely to assess the extent of revisions they represent over what Mr Chidambaram had presented in February.
Finance Minister Arun Jaitley, in his Budget speech on Monday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action.
'To achieve a corpus of Rs 10 crores in the coming years, I would suggest you increase your SIP, advises Nikunj Saraf, vice president, Choice Wealth.
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name.
The income tax department on Monday launched a new portal e-filing 2.0, which will make online filing of returns and tax payment easier. The new portal -- www.incometax.gov.in -- replaces the 'http://incometaxindiaefiling.gov.in' site, and can be accessed by taxpayers in various regional languages. The income tax department also asked taxpayers to re-register their DSC (Digital Signature Certificate), update personal mobile number and email ID under 'primary contact', act on 'pending action', if any, and respond to 'outstanding demand'.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
The department said that total confidentiality is ensured to those who declare their black assets and funds
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
The Delhi high court on Monday granted "last opportunity" to the Enforcement Directorate to respond to a petition by media baron Raghav Bahl to quash a money laundering case against him, but refused to pass an order staying the investigation at this stage.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
MakeMyTrip filed its objections before the Commissioner of Income Tax (Appeals) on May 30.
