CBDT seeks to complete this investigation soon, so other investigation agencies can expedite their investigation. A source in the Enforcement Directorate told Moneycontrol “Currently we are investigating these cases in Foreign Exchange Management Act, once tax department start filing prosecution cases we have base to convert these cases into Prevention of Money Laundering Act”.
Form 10-IC will have to be filed by the companies that wish to avail the beneficial rate of 22 per cent upon relinquishment of the exemptions/incentives offered under the Income Tax Act.
The clarification came after Prime Minister Narendra Modi’s statements on February 12 drew flak on social media. Modi said it was unbelievable but true that only 2,200 people in the country had declared earnings of Rs one crore per annum.
Mody said the department is doing data mining and using artificial intelligence to augment revenue, and will not undertake any coercive action.
CBDT Chairman P C Mody said most of the issues pertaining to startups were already addressed in last budget and the remaining matter on ESOPs (employee stock option plans) was resolved this time.
In a special interview with Moneycontrol, KPMG 's Hitesh Gajaria explains his take on the taxpayers' charter and the new tax regime.
Currently, there are 4.83 lakh direct tax cases pending in various appellate forums -- Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court.
CBDT Chairman Pramod Chandra Mody said the charter will be notified very soon and once operationalised, India will be only the "third or fourth" country to have such a tax administration.
The set target for revenue collection (personal income tax, corporate tax and others) was Rs 13.35 lakh crore for the 2019-20 financial year that ends on March 31.
Nearly 1.90 lakh applications involving duties of about Rs 90,000 crore were filed during the amnesty window which closed on January 15, sources said.
The CBDT said the group is a "leading member of the hospitality industry, running a hotel abroad and a chain of luxury hotels under a prominent brand name situated at various locations in India".
The CBDT Chairman said that a shortfall in tax collections is not negotiable despite a cut in the corporate tax rate, and that this short fall of Rs 1.36 lakh crore has to be recovered with extra efforts.
The department said the issue was examined and "it has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions".
The CBDT, while launching the scheme in September last year, had said that this 'one-time measure' is being undertaken to mitigate unintended hardship to taxpayers in deserving cases and to reduce the pendency of existing prosecution cases before the courts.
The status check of grievances by the prime minister is part of the overall monthly review he undertakes under PRAGATI (Proactive Governance and Timely Implementation) platform.
SEBI has written to the Ministry of Finance ahead of the Union Budget, recommending about a dozen measures for the commodity market, mutual funds and AIFs.
As per section 208 of the I-T Act, every person whose estimated tax liability for the year is Rs 10,000 or more, is supposed to pay his tax in advance, in the form of advance tax.
Section 9A of the Income-tax Act, 1961, provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India, an official said.
Any such move will not only impact tax collection, but also affect the investment cycle
Though the Central Board of Direct Taxes (CBDT) did not identify the firm, officials sources claimed it to be the Oriental India Group.
The Central Board of Direct Taxes (CBDT) compulsorily retired 21 Group B officers of the rank of Income Tax Officer under Fundamental Rule 56 (J) in the public interest due to corruption and other charges and CBI traps, they said.
Direct credit to bank accounts of taxpayers is the only way the income tax department credits tax refunds.
While it did not identify the business house in the statement, I-T officials confirmed it as the Alankit Group that has presence in several cities of the country and also in Dubai.
Following the announcement, amendments have been made in the income tax act as well as in the Payment and Settlement Systems Act 2007.
This path-breaking DIN system has been created as per the direction of Finance Minister Nirmala Sitharaman and from now onwards every CBDT communication will have to have a documentation identification number, said a release by the finance ministry.