The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.
The change in the latest Budget will impact the sale and rent of SEZ units of companies like Adani Port, which has large SEZs in Mundra.
Seeking to lift investor sentiments, the government on Monday said that it will not wait for the Budget, which is due in February, to address the issues concerning retrospective amendment to Income Tax laws.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
There are four simple ways to link PAN to Aadhaar; make the most of the deadline to avoid hassles later, explains Bindisha Sarang.
In a major drive to help taxpayers file returns, the Income Tax Department on Tuesday offered to provide expert services at door-steps in the four metros and some major cities like Bangalore, Jaipur and Patna.
SC dismisses review petition; govt waits for Finance Bill passage.
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
Company analysts and tax experts say neither the foreign direct investment nor the portfolio investment by large institutions will be affected.
Tax experts said many would use this to bring black money and cash stashed in tax havens into the country.
Financial and tax expert Anil Rego of Right Horizons has his doubts.
'Though I welcome the reduction of tax rates for corporates, I wonder why the benefits have been restricted to corporates and not to other business entities such as limited liability partnerships and partnership firms. This needs consideration', says Dinesh Kanabar.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
An income tax tribunal held that the PoA could not be construed as an instrument of transfer concerning any right, title, or interest in the immovable property.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
"Kraft's acquisition of Cadbury is a global acquisition, where some value is attributable to India. This is different from Vodafone, where the transfer of a single share of the offshore company by Hutch resulted in the Indian business getting transferred to Vodafone," said Pranay Bhatia, associate partner at legal firm Economic Laws Practice.
Tax consultant Mahesh Padmanabhan throws light on six reasons why you must file your tax returns and then lists out the virtues of why you must not hide interest income earned while filing tax returns.
Option can be exercised only for self-applications and after a year of non-payment.
Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to Rs 2 lakh (Rs 200,000) per annum from Rs 1.6 lakh (Rs 160,000) to bring the rates in line with the Direct Taxes Code.
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
Certain provisions of the code would delay the negotiation process, increase the tax liabilities and introduce uncertainties due to the General Anti-Avoidance rules.
It is just a question of providing an additional facility to the taxpayer that if he is not quoting PAN and only has Aadhaar, his filing and processes do not get affected, said CBDT chief.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
Think that you are a tax expert? Take this simple tax quiz and find out.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
'If I were in the Indian government, I would look at the growth projections in the next year. If it is a good and normal growth number, I would go for roll back.'
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
"The (tax) exception given to BPOs has to be withdrawn under section 10 (A) of Income Tax Act. There is no provision in DTC for any such extension of benefits," tax expert and International Fiscal Association of India Branch Chairman T P Oswal told PTI.
Direct tax expert Vikas Gandhi offers some valuable tax-saving tips.
In a chat on rediff.com, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
In an hour-long chat on Thursday, direct tax expert Vikas Gandhi offered some valuable tips.
Taking a serious note of the flow of unaccounted money during polls, the Election Commission on Monday said it would deploy income tax experts to track expenses of candidates."A cell comprising experts drawn from the Income Tax Department will be set up in the Commission to deal with information on poll expenses of candidates," Chief Election Commissioner N Gopalaswami said at a press conference.He said the EC was highly concerned over the illegal use of money power.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
If losses from F&O, intra-day trades are below Rs 20,000-30,000, it's best not to claim them and opt for ITR-2.
Sources had said in a meeting last month, the empowered group of ministers on food, headed by finance Minister Pranab Mukherjee, had recommended that the import duty on rice be scrapped.
The appointment, expected shortly, will come in the backdrop of tax expert Parthasarathy Shome recently resigning from the post of adviser to Finance Minister P Chidambaram.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances