The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Each year, the newspapers carry notices issued by the income tax department to pay advance tax by 31st March. What is advance tax? What are its pros and cons? Here we take a look at this tax that is a must for both individuals and corporates.
Officials close to the development said the I-T department's suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has said charitable organisations enjoy a double deduction by claiming tax breaks through both depreciation and capital expenditure write-offs.
Officials explained that the basic condition for charitable bodies to claim exemption is that the income should be derived from property held under a trust and the income should be applied to charitable or religious purposes in India.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
Officials are relying on both formal and informal methods for reaching non-filers.
With several cases of Guillain-Barre Syndrome (GBS) being detected in Sinhgad Road area in Pune, local residents on Tuesday claimed that contaminated water of a well on private land could have led to the outbreak.
Finance Minister P Chidambaram has asked the Income Tax department to focus on the companies that pay less than effective tax rate of 24 per cent.
The Central Board of Direct Taxes has asked field officers to augment tax collections by ensuring that sectors growing at faster rates compensate for those growing slower.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
I'...additional concessions, such as opening government procurement, reducing agricultural subsidies, weakening patent protections, and allowing unrestricted data flows -- demands India has resisted for decades.'
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
Guarantees given to overseas arms under I-T scanner.
It is welcome that the government tried to make its intentions clear last week - especially as risk concerns return to global markets.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
The bank said it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
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.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
GST authorities have identified about 17,000 non-existent GSTINs and cancelled over 4,900 registrations in the ongoing pan-India drive against fake registration, a senior tax official said on Wednesday. Currently, there are 1.40 crore businesses registered under Goods and Services Tax, nearly double the number of businesses registered in indirect tax regime pre-GST rollout. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said in the drive against fake registration, till July 4, over 69,600 GST Identification Numbers (GSTINs) have been selected for physical verification by field tax officers.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
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.
The Income Tax department is expecting around Rs four crore from the dashing cricketer, who has already paid Rs 73 lakh as advance tax.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, issued the fresh directives after it recently got a number of complaints from taxpayers and others in this regard.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
The government has cancelled the FCRA registration of nearly 1,900 NGOs for violating various provisions of the law in the last five years. There were 22,762 FCRA-registered organisations till December-end 2021.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
The "construct of the DPDP Act" cannot be changed at this stage, though there may be some minor tweaks in the language of the Rules and formats in certain legitimate cases.
Leaders of the Indian National Developmental Inclusive Alliance (INDIA) have decided to raise the NEET issue in both houses of Parliament on Friday and members will give notices in this regard, sources have said.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect "the interests of the (tax) department".
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
The Supreme Court addressed concerns about misinformation spreading related to an incident involving Delhi High Court judge Justice Yashwant Varma. The court clarified that the proposal to transfer Justice Varma to Allahabad High Court was independent of an internal investigation into the discovery of a large sum of cash at his residence following a fire. The Delhi High Court Chief Justice is conducting the investigation and will submit a report to the Chief Justice of India today.
Plans to outsource record-keeping to private entities.
