Experts say only three per cent individuals pay taxes.
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 Income-Tax Department has written to more than 1,000 employers in the past few months on complying with rules on tax deducted at source and advance tax depository.
You don't need to be intimidated by the thought of filing tax returns
Rai also asserted that the Congress will win the upcoming Assembly elections in all five states.
The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
The group's digital news site had put out reports, along with pictures, on dead bodies of suspected coronavirus patients floating down the river Ganga in Uttar Pradesh and Bihar which had led to nationwide consternation.
The state's tax department had collected Rs 64 crore (Rs 640 million) from ACC, against which the company moved the Himachal Pradesh High Court.
It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
Searches are being conducted in connection with a case of alleged tax evasion.
Buying new cellphone could result in a tax inquiry. Here's how you can avoid the tax man's attention.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
All entities operating in India must fully comply with relevant laws, External Affairs Minister S Jaishankar Wednesday told his British counterpart James Cleverly, who raised the BBC tax surveys issue during a meeting with him.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
More than Rs 2 lakh crore was wiped off from the overall investor wealth
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
Delay raises doubts about govt's tax reform plans.
Senior advocate Prashant Bhushan, who appeared for the petitioners in the court, said at least 30 shell companies purchased electoral bonds worth over Rs 143 crore.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The finance minister could review customs duty on crude oil, other exemptions.
'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.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
The department found that Microsoft India's Gurgoan unit carried out marketing activities for its India operations and not for the Singapore unit as it had claimed in its reply to a show cause notice served by the department earlier. Microsoft officials, however, said they have not received any official communication from the tax department in this regard.
Speaking at the Congress manifesto launch programme, Gandhi said it is a much closer contest than what is propagated by the media, and expressed confidence in winning the polls.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
The Supreme Court on Monday refused to offer any immediate relief to Vodafone, which has challenged the Bombay High Court order allowing the government to tax the company's $11 billion deal with Hutch.
