The Appointments Committee of the Cabinet has approved the proposal for re-appointment of Chandra as CBDT chairman for a period of one year from June 1 to May 31, 2018, an order issued by the Department of Personnel and Training (DoPT) said.
The Central Board of Direct Taxes in a release on Tuesday has said that in the event such self-certification is not provided by the end of April, the accounts such account holders will be blocked. Thus, the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts.
The Income Tax department today conducted searches at over 50 locations as part of its crackdown against tax evasion to the tune of over Rs 100 crore, its first major action after the black money disclosure window of PMGKY ended recently.
Taxpayers who deposited Rs 2 lakh or more post demonetisation, will have to make this disclosure in the new Income Tax Returns (ITRs) forms notified today.
The taxman will seek data on deposits made by an assessee during the demonetisation period as part of the new Income Tax Returns (ITRs) that would be notified soon for assessment year 2017-18.
The policy-making body of the Income Tax department made it clear that such condonation of delay in making payments by the deadline of November 30, 2015 will be "discriminatory" against those declarants of the Income Disclosure Scheme (IDS) who adhered to the deadline and paid the tax, surcharge and penalty on the stash declared by them.
The Income Tax department has said that Assessing Officers cannot issue show-cause notices or require personal appearance of the depositor in the tax office.
The income tax department has sent a fresh set of certificates of appreciation to 3.74 lakh taxpayers for payment of taxes and filing of returns in time.
Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the income tax department will come out with a clarification on which companies would be eligible to avail the tax benefit.
Industry body Assocham termed as a "positive development" the Central Board of Direct Taxes (CBDT) assertion that General Anti-Avoidance Rules (GAAR) would be applicable from April 2017.
The Central Board of Direct Taxes (CBDT) today made public the long-pending "guiding principles" to determine place of effective management of a company, which have been effective April 1, 2016.
The Central Board of Direct Taxes' released recently circular proposes to bring foreign portfolio investors under the purview of a withholding tax. The circular ever since it was released late last year has been sending jitters down the spines of FPIs.
The tax department today signed three advance pricing agreements (APAs) with taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
Speaking to CNBC-TV18, Dinesh Kanabar, CEO of Dhruva Advisors said, "Negative point would be that the foreign investors will now budget taxes and therefore will want higher returns and will allocate funds to India only if the net of tax returns meet their threshold."
The clarification states that if all offshore funds deriving more than 50 percent of its value from Indian capital assets, and the value of the holding exceeds Rs 10 crore, the transaction would be taxed in India.
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation announcement on November 8, it has come to its notice that people have been unscrupulously trying to convert their black money holdings in cash into white by depositing in bank accounts.
The tax authorities to speed up investigation and look into large purchases of gold and other high-value goods in cancelled Rs 500 and Rs 1,000 notes.
Income Tax officials today said they have post-demonetisation uncovered several cases of fraud including one wherein a syndicate was exchanging old currency notes for 35 percent commission.
The CBDT on Wednesday released some numbers on the deposits made into such accounts stating that average per account Jan Dhan deposit stood at Rs 13,113 between November 8 and December 2.
Disputing government's claim that demonetisation of higher value currency notes would check black money, former Union Finance Minister P Chidambaram today said it would only affect the common man.
A huge sum of Rs 65,250 crore in black money was declared through the one-time declaration window that closed last week, marking the biggest-ever disclosure of hidden wealth that will rake in Rs 29,362 crore in taxes to the exchequer.
The due date for filing of income tax returns by taxpayers whose accounts are required to be audited under the Income Tax Act is the September 30 of the following year, Central Board of Direct Taxes said in a statement.
As part of larger exercise of Budget overhaul, government is looking at advancing the dates of its presentation in Parliament by a month to January-end to ensure that the whole process is completed before the new financial year begins.
"Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situation, I am working on it and will make the change happen," Modi said in his Independence Day address.
In a strongly worded statement, the ministry said: "Finance Minister Arun Jaitley has taken a serious view of such a resolution by officers of organised Group 'A' service to advise the government on what role it should play.