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Cash Seizures Rise Ahead Of Elections In Five States, Says Tax Department
In the run-up to the assembly elections in five states, the Income Tax department has seized more unexplained cash as compared to elections held in those states earlier, CBDT (Central Board of Direct Taxation) chairman Nitin Gupta said on Wednesday.
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Crypto Tax FAQs to be Published in Next 22 Days Before July 1: India’s Tax Board Chief
Sangeeta Singh, the chairperson of CBDT has said that FAQs around crypto taxations in India will be released around July 1. These FAQs will help the Indian crypto community get clarifications on the taxation of virtual digital assets. As per Sangeeta Singh, the chairperson of CBDT, these FAQs will be released around July 1.
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Undisclosed Income Of Rs 500 Crore Detected During Raids At Chennai Bullion Firm
Multiple raids conducted by the Income Tax (IT) department at premises of a leading bullion trading firm in Chennai detected undisclosed income of over Rs 500 crore, the Central Board of Direct Taxation said on Thursday.
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Tax Officials Raid 2 Government Contractors, Silk Trader In Poll-Bound Bihar
The Income Tax Department has seized cash and bullion worth Rs 2.4 crore after it raided two government contractors in poll-bound Bihar, the Central Board of Direct Taxation (CBDT) said on Wednesday.
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Central Board Of Direct Taxes Deploys Two-Third Staff For Faceless Assessment
Faceless Assessment Scheme was inaugurated as Phase 1 on October 7, 2019, with 58,320 assigned cases. On August 13 this year, Prime Minister Narendra Modi launched the platform for transparent taxation.
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1,000 Crore Money Laundering Case: Firms Of China Nationals Raided In Delhi
The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the Central Board of Direct Taxation said today.
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Deadline To Link PAN With Aadhaar Extended From December 31 To March 2020
The deadline to link PAN with Aadhaar has been extended to March 31 next year, the Central Board of Direct Taxation said today. The earlier deadline was December 31. The Income Tax department had in September, too, extended the deadline for linking PAN with Aadhaar for the seventh time for the public to link the two identification numbers.
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Will Your Income Tax Change? New Report Given To Finance Ministry
A Direct Tax Code task force constituted by the government has proposed a new taxation system that will bring about dramatic changes to the age-old Income Tax Act-1961, providing concessions to tax-payers and enhancing their spending power amid an alarming economic slump.
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Madhya Pradesh Man Gets 3,000 Letters As Replies To Income Tax RTI Query
An activist in Madhya Pradesh's Indore has received over 3,000 letters and 50 e-mails as replies over the past one year from the Income Tax department on a Right to Information (RTI) query on the country's biggest tax defaulters.
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Taxman Provides On Taxation For Alternative Investment Funds
The Central Board of Direct Taxes (CBDT) said income from transfer of unlisted shares would not be taxed in the case of certain categories of Alternative Investment Funds (AIFs) registered with markets regulator Sebi.
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Notes Ban: No Immunity For Political Parties, Liable To Income Tax Query, Says Finance Ministry
Reports on the alleged privilege to political parties in the wake of demonetisation are false, the Finance Ministry said, adding that the parties are also liable for questioning like anyone else by the tax authorities.
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'Google Tax' Kicks In From June 1: Five Things To Know
The Central Board of Direct Taxes (CBDT) has notified rules regarding equalisation levy, a tax which will be levied on income arising to companies like Google, Facebook, for providing services like online advertisements to professionals and businessmen of India.
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DTAA Benefits Applicable to Partnership Firms in India, UK
Apprehensions that the term 'person' in the DTAA does not specifically include partnership were brought to the notice of the CBDT and clarity was sought on whether the provisions of the treaty are applicable to a partnership.
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Eyeing Consistency, Taxman Streamlines Transfer Pricing Norms
Looking to streamline the taxation procedure, the Central Board of Direct Taxes (CBDT) has issued detailed guidelines on transfer pricing cases that are expected to bring about uniformity in determining arm's length price in similar instances.
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Assocham Seeks Tax Friendly Environment for Startups
In a pre-Budget submission to the Finance Ministry, Assocham today sought a taxation friendly environment for the startups saying they should be freed from restrictions on shareholding pattern as budding entrepreneurs require fund infusion during the initial phase.
-
Cash Seizures Rise Ahead Of Elections In Five States, Says Tax Department
In the run-up to the assembly elections in five states, the Income Tax department has seized more unexplained cash as compared to elections held in those states earlier, CBDT (Central Board of Direct Taxation) chairman Nitin Gupta said on Wednesday.
-
Crypto Tax FAQs to be Published in Next 22 Days Before July 1: India’s Tax Board Chief
Sangeeta Singh, the chairperson of CBDT has said that FAQs around crypto taxations in India will be released around July 1. These FAQs will help the Indian crypto community get clarifications on the taxation of virtual digital assets. As per Sangeeta Singh, the chairperson of CBDT, these FAQs will be released around July 1.
-
Undisclosed Income Of Rs 500 Crore Detected During Raids At Chennai Bullion Firm
Multiple raids conducted by the Income Tax (IT) department at premises of a leading bullion trading firm in Chennai detected undisclosed income of over Rs 500 crore, the Central Board of Direct Taxation said on Thursday.
-
Tax Officials Raid 2 Government Contractors, Silk Trader In Poll-Bound Bihar
The Income Tax Department has seized cash and bullion worth Rs 2.4 crore after it raided two government contractors in poll-bound Bihar, the Central Board of Direct Taxation (CBDT) said on Wednesday.
-
Central Board Of Direct Taxes Deploys Two-Third Staff For Faceless Assessment
Faceless Assessment Scheme was inaugurated as Phase 1 on October 7, 2019, with 58,320 assigned cases. On August 13 this year, Prime Minister Narendra Modi launched the platform for transparent taxation.
-
1,000 Crore Money Laundering Case: Firms Of China Nationals Raided In Delhi
The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the Central Board of Direct Taxation said today.
-
Deadline To Link PAN With Aadhaar Extended From December 31 To March 2020
The deadline to link PAN with Aadhaar has been extended to March 31 next year, the Central Board of Direct Taxation said today. The earlier deadline was December 31. The Income Tax department had in September, too, extended the deadline for linking PAN with Aadhaar for the seventh time for the public to link the two identification numbers.
-
Will Your Income Tax Change? New Report Given To Finance Ministry
A Direct Tax Code task force constituted by the government has proposed a new taxation system that will bring about dramatic changes to the age-old Income Tax Act-1961, providing concessions to tax-payers and enhancing their spending power amid an alarming economic slump.
-
Madhya Pradesh Man Gets 3,000 Letters As Replies To Income Tax RTI Query
An activist in Madhya Pradesh's Indore has received over 3,000 letters and 50 e-mails as replies over the past one year from the Income Tax department on a Right to Information (RTI) query on the country's biggest tax defaulters.
-
Taxman Provides On Taxation For Alternative Investment Funds
The Central Board of Direct Taxes (CBDT) said income from transfer of unlisted shares would not be taxed in the case of certain categories of Alternative Investment Funds (AIFs) registered with markets regulator Sebi.
-
Notes Ban: No Immunity For Political Parties, Liable To Income Tax Query, Says Finance Ministry
Reports on the alleged privilege to political parties in the wake of demonetisation are false, the Finance Ministry said, adding that the parties are also liable for questioning like anyone else by the tax authorities.
-
'Google Tax' Kicks In From June 1: Five Things To Know
The Central Board of Direct Taxes (CBDT) has notified rules regarding equalisation levy, a tax which will be levied on income arising to companies like Google, Facebook, for providing services like online advertisements to professionals and businessmen of India.
-
DTAA Benefits Applicable to Partnership Firms in India, UK
Apprehensions that the term 'person' in the DTAA does not specifically include partnership were brought to the notice of the CBDT and clarity was sought on whether the provisions of the treaty are applicable to a partnership.
-
Eyeing Consistency, Taxman Streamlines Transfer Pricing Norms
Looking to streamline the taxation procedure, the Central Board of Direct Taxes (CBDT) has issued detailed guidelines on transfer pricing cases that are expected to bring about uniformity in determining arm's length price in similar instances.
-
Assocham Seeks Tax Friendly Environment for Startups
In a pre-Budget submission to the Finance Ministry, Assocham today sought a taxation friendly environment for the startups saying they should be freed from restrictions on shareholding pattern as budding entrepreneurs require fund infusion during the initial phase.
