Any offence which has to bear on any offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 would not be generally compounded, the revised guidelines said.
The Government has compulsorily retired almost a dozen senior tax officers on charges ranging from extortion, bribe and sexual harassment.
Form 16 revised: The Income Tax department has notified changes in Form 16 that requires more details from employers about deductions under tax saving schemes. Aim is to felicitate stricter scrutiny of claims made by assessees to check tax avoidance or evasion.
Irfan Raza Ansari owns various businesses and has total assets worth Rs 66.54 crores, according to an affidavit filed by him.
Recently, Amitabh Bachchan had paid off loans of around 2,084 farmers in Muzaffarpur, Bihar.
After exposing Rs 281-crore 'collection racket' in MP, IT team reaches Delhi
Political row erupts over IT raids on two aides of Congress CM in Madhya Pradesh
The board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs (MCA).
Income tax raid on former IAS officer Netram's residence in Lucknow
Income tax assessments will be "completely faceless", without the taxpayer having to face the taxman, in about two years and assessees will be provided pre-filled return forms as part of the government's initiative to simplify procedures, a senior government official said on Sunday.
The new income tax provisions introduced by the government can help you save on taxes. Check the table given here to know how.
Making a strong re-election pitch, the BJP-led NDA government on Friday announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year.
The key highlights of the Interim Budget 2019 presented by Acting Finance Minister Piyush Goyal today was the full tax rebate to individuals with annual income upto Rs 5 Lakh.
Those having an annual income of Rs 5 lakh per annum will get full rebate in Income-tax, Piyush Goyal announced during his Budget speech on Friday.
Modi government is set to come out with its final Union Budget before the Lok Sabha polls later this year. But before the Union Budget is presented on February 1, the Ministry of Finance has issued a series “Know Your Budget” to clear the confusion around financial terms which leave many baffled. Here are some key terminologies of the Union Budget:
Briefing media about the decision, he said the processing time at present for ITR is 63 days and it will come down to one day after implementation of the project.
The industry body has recommended that income below Rs 5 lakh should be exempt while between Rs 5-10 lakh should be taxed at a lower rate of 10 per cent.
With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to "maximise" their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes.
Actors Shivarajkumar and Puneeth Rajkumar, sons of Kannada thespian late Rajkumar along with Yash and Sudeep were raided by I-T officials.
On September 10, Gandhis had failed to get any relief from the High Court which dismissed their challenge on reopening of their tax assessments for 2011-12.
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