CBDT is the apex policy making body of the IT department.
Employers will have to quote the Permanent Account Number of their employees while submitting TDS (tax deducted at source) returns to the government as tax refund has become difficult without PAN after annexure-less forms were introduced. Income Tax department would not accept these returns if employers fail to quote PAN in at least 95 per cent cases of salaried employees and 85 per cent cases of non-salaried staff.
The All India Motor Transport Congress on Saturday called off their seven-day old 'indefinite' truckers strike after it reached an agreement with government on the contentious issue of service tax and various other demands.
The central contracts stand-off between Pakistan Cricket Board and top national players ended on Wednesday.
Finance Minister P Chidambaram has directed Income-Tax officials to monitor advance tax mop-up, tax deducted at source, and hasten the recovery of tax arrears to attain direct tax target of Rs 1,39,510 crore (Rs 1395.1 billion) in 2004-05.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Every individual has to necessarily file the income-tax returns if the total income, before allowing any deduction, exceeds the exemption limit.
If you are filing income tax returns during 2007-2008 for the previous year, do collect the new Tax Deduction at Source certificate from your employer.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Dividend distribution tax in FY20 would only be applicable after deducting Rs 70 received from the foreign subsidiary, meaning 20.56 per cent DDT would be paid only on Rs 30.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
The government said on Wednesday that it has appointed management consultant Ernst & Young and NSE's infotech subsidiary, NSE.IT, as its technology advisors for providing online facilities to all tax payers under the "taxnet" scheme.
The last date for e-filing of TDS (tax deducted at source) returns has been extended by six months to March 31 in view of certain administrative difficulties.
Paving the way for a low-cost paperless filing of income tax returns and eliminating Tax Deducted at Source frauds, the government on Wednesday gave the go-ahead for setting up of the Phase-II of the Tax Information Network at a cost of over Rs 100 c
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Are you a salaried employee and a bit confused by how much tax your employer is deducting at source from your salary? If at all tax is deducted at source, do you know how to plan to save taxes? Get ahead tax expert has the answers.
The rate of tax deduction at source (TDS) has been doubled from the earlier 5 per cent to 10 per cent for these professionals, reports Economic Times.
Returns for income earned till FY12-13 can be filed till March 31.
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
Central Bureau of Investigation has swooped on senior Income Tax officials, chartered accountants and advocates in three states and registered cases against some for allegedly duping the government of Rs 87 lakh.
TDS collections stood at around Rs 37,500 crore (Rs 375 billion) during April-August, about 50 per cent of the gross direct tax collections of Rs 75,244 crore (Rs 752.44 billion).
The finance ministry is expected to announce the abolition of tax deducted at source (TDS) on corporate bonds in Budget 2008-09, official sources told Business Standard.
There is a misconception among some salaried individuals that because the employer has deduced tax at source they are not required to file tax returns.
Both private and state-owned banks have told the government that tax deduction at source (TDS) certificates issued to Satyam by them between 2001-02 and 2006-07 were genuine.
Government on Monday extended the last date for filing income tax returns for 2002-03 to September 30.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
Are you afraid that you have paid more taxes than what you were eligible for and want to claim a refund of excess taxes paid. Here's help.
Akansha Dixit, who works in a firm in Mumbai, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
The government is simplifying the procedure for filing tax deducted at source returns to assist taxpayers and mop up higher revenues.\n\n\n\n
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
