Tax collection misses target by a wide margin; inches up 4.7% in April-September

MUMBAI: As against a steep 17.5 percent higher tax collection budgeted for the full year, the government could mop-up only 4.7 percent more so far this year, with the direct tax kitty growing to Rs 5.50 lakh crore as of September 17, up from Rs 5.25 lakh crore a year-ago. The lower mop-up reflects the … Read moreTax collection misses target by a wide margin; inches up 4.7% in April-September

Tax Notice To Be Issued With Document ID Number Starting October

Revenue department will bring in faceless assessment for Central Board of Direct Taxes (CBDT). From October 1, any notice issued by the Income Tax department for tax claim will have to be issued with a Document Identification Number (DIN), Finance Minister Nirmala Sitharaman told reporters after her meeting with tax officials in Kolkata. “When a … Read moreTax Notice To Be Issued With Document ID Number Starting October

ITR forms with pre-filled investment data soon

NEW DELHI: Imagine not having to fill up any details of dividend from mutual funds or gain or loss on equities, and interest income in your income tax return! One may soon get all those details filled in advance in one’s I-T return form; just check the details, pay tax if due, and file it. … Read moreITR forms with pre-filled investment data soon

700 Crores “Undisclosed Income” Found In Raids On Tamil Nadu Distilleries

Searches were carried at 55 locations in Tamil Nadu. (Representational image) The Income Tax Department has detected Rs 700 crore unaccounted income during search and seizure operation on two major producers of beer and IMFL (Indian-made foreign liquor) in Tamil Nadu. The search — launched early on Tuesday — was carried at 55 locations in … Read more700 Crores “Undisclosed Income” Found In Raids On Tamil Nadu Distilleries

Govt seeks to ‘right a wrong’, will tweak law to allow tax free perks to ministers, LoP

Punjab, Punjab news, Amarinder Singh, Punjab Cabinet, tax, tax changes, taxes for ministers, Punjab CM, Income Tax, Indian Express

Punjab Chief Minister Capt. Amarinder Singh arrives at Vidhan Sabha. (Express Photo by Kamleshwar Singh) The Punjab Cabinet Monday approved an amendment in a 1947 law to make the state government pay the income tax on perks allowed to state ministers and the leader of the opposition. The perks include plush ministerial bungalows in prime … Read moreGovt seeks to ‘right a wrong’, will tweak law to allow tax free perks to ministers, LoP

Tax Rise For High Earners May Trigger Fund Flight, Says Ex-RBI Governor

“In theory if tax rates are very high, obviously people look for other countries,” Mr Jalan said. NEW DELHI:  A former Reserve Bank of India (RBI) governor, Bimal Jalan, has warned that the higher income taxes the government introduced in its budget could lead to a flight of funds from the country. “In theory if … Read moreTax Rise For High Earners May Trigger Fund Flight, Says Ex-RBI Governor

Deadline to file income tax return for FY2018-19 extended to August 31

The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by individuals in filing returns by July 31. July 31 was the deadline to file income … Read moreDeadline to file income tax return for FY2018-19 extended to August 31

Mamata Banerjee slams Centre over I-T notices to Durga Puja organisers

West Bengal, Mamata Banerjee, religious festivals tax, Income Tax, Mamata Banerjee on Modi, BJP government, I-T notices to Durga Puja committees, Durga Puja, Durga Puja bengal, Indian express

Mamata Banerjee at a meeting of panchayat leaders in Kolkata on Monday. (Express) Stating that religious festivals should be exempted from Income Tax, Chief Minister Mamata Banerjee on Monday slammed the BJP government at the Centre for sending I-T notices to Durga Puja committees in West Bengal. “Festivals are festivals. Many political parties do not … Read moreMamata Banerjee slams Centre over I-T notices to Durga Puja organisers

A Summary Of Seven Income Tax Return (ITR) Forms And Who Can Use Them

A Summary Of Seven Income Tax Return (ITR) Forms And Who Can Use Them

Income Tax Return (ITR): The last day for filing ITR for assessment year 2019-20 is July 31. In order to ease tax compliance, the Income Tax department has introduced pre-filled Income Tax Return (ITR) forms for certain class of taxpayers. There are seven ITR forms available to file returns, out of which four are currently … Read moreA Summary Of Seven Income Tax Return (ITR) Forms And Who Can Use Them

No changes in ITR forms, software utility being updated, clarifies CBDT

J-K bank case: I-T raids premises of former finance minister

IT raids popular food joints, including Saravana Bhavan, in Tamil Nadu Issuing clarification on reports of taxpayers facing difficulties in filing Income Tax Returns (ITR) due to “large-scale changes” in the forms, the CBDT said only the utility software had been updated. “CBDT today clarified that no changes have been made in any of the … Read moreNo changes in ITR forms, software utility being updated, clarifies CBDT

Things You Should Know Before Filing Your Income Tax Returns (ITR)

Things You Should Know Before Filing Your Income Tax Returns (ITR)

The department is providing pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms. The last day for filing Income Tax Return (ITR) for assessment year 2019-20 (financial year 2018-19) is July 31. This time, the income tax department has introduced pre-filled ITR (Income Tax Return) forms for certain class of taxpayers. The department is providing pre-filled ITR-1, … Read moreThings You Should Know Before Filing Your Income Tax Returns (ITR)

Misconception to think taxman snoops on social media posts: CBDT boss

It is a “misconception” to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said. CBDT Chairman P C Mody told during an interview that the tax department does not need to undertake such … Read moreMisconception to think taxman snoops on social media posts: CBDT boss

Taxman plans to go after new NRIs possessing undeclared foreign assets

NEW DELHI: Tax authorities would soon start targeting undisclosed overseas assets of individuals, who had acquired those when they were residents in India but had since become non-residents. Changes proposed to the black money law as part of the 2019-20 budget are aimed at covering such non-residents who possess undeclared overseas assets, a government official … Read moreTaxman plans to go after new NRIs possessing undeclared foreign assets

Data Analytics Showed Disability Pension Benefits Misused: CBDT Chairman

Latest News Today

The circular issued on June 24 was only a clarification to the stated policy, he said. New Delhi:  The latest circular which clarified the eligibility for availing disability pension by armed forces personnel was issued after data analytics found that the provision meant for the needy was being misused, the CBDT chairman has said. CBDT … Read moreData Analytics Showed Disability Pension Benefits Misused: CBDT Chairman

Aadhaar Can Be Used For Cash Transactions Above Rs 50,000: Official

Latest News Today

While Aadhaar is backed by biometric data, there have been instances of people quoting a wrong PAN New Delhi:  The Aadhaar can now be quoted for cash transactions of more than Rs 50,000 and all other purposes where traditionally income tax PAN number was a must, according to a top official. Banks and other institutions … Read moreAadhaar Can Be Used For Cash Transactions Above Rs 50,000: Official

Budget 2019: 5 expectations and 5 things that previous budget gave you

Mutual Funds

Finance Minister Nirmala Sitharaman is all set to present her maiden budget in the Lok Sabha today. Various sections of society and the corporate world are expecting a lot from Sitharaman since this is the first budget after the BJP’s sweeping victory in the general elections in May. Here is a look at five key … Read moreBudget 2019: 5 expectations and 5 things that previous budget gave you

Budget 2019 Live Updates: Nirmala Sitharaman To Present 1st Budget Of PM Modi’s New Government Today

Budget 2019 Live Updates: Nirmala Sitharaman To Present 1st Budget Of PM Modi

Budget 2019 India: Nirmala Sitharaman is India’s first full-time woman finance minister. New Delhi:  Finance Minister Nirmala Sitharaman will present the first budget of the second term of Prime Minister Narendra Modi’s government. It will also be the first budget for Ms Sitharaman, India’s first full-time woman finance minister. She will present the full-year budget … Read moreBudget 2019 Live Updates: Nirmala Sitharaman To Present 1st Budget Of PM Modi’s New Government Today

Government to revamp procedure for tax assessment

India has set the ball rolling for what could completely reset the taxpayer-income tax department relationship. The government has handed out the task of firming up modalities for faceless income tax assessment and scrutiny to high-level direct taxes panel. “Terms of reference of the direct tax task force have been expanded,” a senior government official, … Read moreGovernment to revamp procedure for tax assessment

I-T dept searches offices of Srinagar Deputy Mayor Sheikh Imran

What Govt calls neutral: Six months, fifteen raids against Opposition

In a statement, the department said it conducted search and seizure operations on a business group based in Srinagar, covering eight premises in Srinagar and one each in Bengaluru and Delhi. (Photo for representational purpose) The private offices of Srinagar Municipal Corporation’s Deputy Mayor Sheikh Imran were searched by officials of the Income-Tax Department on … Read moreI-T dept searches offices of Srinagar Deputy Mayor Sheikh Imran

CVC awaits sanction to prosecute 123 corrupt govt employees; 45 from banks

Central Vigilance Commissioner KV Chowdary. The Central Vigilance Commission (CVC) is awaiting sanction from different organisations to prosecute 123 government employees, including IAS officers and those working in central probe agencies like CBI, ED and Income Tax Department, for over four months for their alleged involvement in corruption. Of the total accused, the highest of … Read moreCVC awaits sanction to prosecute 123 corrupt govt employees; 45 from banks

Translate »