The 2020-21 Budget unveiled on February 1, had announced a 'taxpayer charter', which is expected to have statutory status and will empower citizens by ensuring time-bound services by the Income Tax department.
MAP is an alternative dispute resolution process under the tax treaties, under which competent authorities of two countries enter into discussions to resolve tax related disputes.
Official data released showed the number of income tax scrutiny cases was 0.71 percent in AY 2015-16, 0.40 percent in AY 2016-17, 0.55 percent in AY 2017-18 and 0.25 percent in AY 2018-19.
This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal.
These agencies are already authorised to obtain real-time NATGRID data as part of a legal arrangement made in the past.
The department will launch an 11-day e-campaign starting July 20 to facilitate taxpayers who are either non-filers or have discrepancies in their returns for the fiscal year 2018-19 for ensuring voluntary compliance.
For quick processing of tax refunds, the Central Board of Direct Taxes (CBDT) further asked taxpayers to provide an immediate response to emails of the department
The Central Board of Direct Taxes (CBDT) in an order said that a large number of electronically filed ITRs still remain pending with the IT Department for want of receipt of a valid ITR-V (Verification) form at Centralised Processing Centre (CPC), Bengaluru from the taxpayers concerned.
Explaining the details of this facility, the CBDT said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.
In order to clear old-pending income tax refunds of taxpayers till the financial year 2016-17, the CBDT had issued an order last year allowing taxpayers to file claim for their pending refunds till and issuance of such refunds by tax authorities by December 31, 2019.
The I-T Department is asking for a 20 percent payment of the Rs 100 crore tax demand from Tata Trust, even if ITAT grants a stay
Although tax experts have welcomed the host of initiatives taken by the Finance Ministry to help the taxpayers in times of unprecedented crisis created by coronavirus pandemic, they feel that something more may have to be done till the normalcy returns.
Experts said as the first due date for payment of the equalisation levy is fast approaching, the income tax authorities seem to be working steadily towards the implementation of this new tax and chances of its deferment look bleak.
SBI said, "Received any message from the Income Tax Department, requesting you to put in a formal request for your refund? These messages are from fraudsters at play! Ensure you ignore and report the messages immediately,".
The due date for its filing is September 30 and if the taxpayer is covered by transfer pricing provisions, the due date is November 30.
The Central Board of Direct Taxes (CBDT) had on March 4 issued a detailed FAQ on the scheme. In a circular issued on Wednesday, the department has modified answer to a question in relation to prosecution cases with a view to "reflect the correct intent of law".
The Taxpayers will enjoy benfits of their transactions carried out during 1 April 2020 to 30 June 2020 in this revised ITR forms. Income tax department may also extend the July 31 deadline for filing ITR this year.
A senior official said the advisory has been issued in the wake of an increased vulnerability and attacks on online systems as the country and the world battle the COVID-19 pandemic and more online systems are being used due to a major scaling down of human interface.
The Central Board of Direct Taxes (CBDT) in its order gave a major relief to taxpayers whose application for lower or nil deduction of TDS/TCS is pending for disposal
The online procedure for making declarations under the 'Vivad Se Vishwas' scheme (VSVS) was notified by the Directorate of Income Tax (Systems) on March 19.
Replying to a question in the Rajya Sabha, Sitharaman further said investigation regarding tax evasion is an ongoing process and whenever any instance of tax evasion comes to the notice of the department, appropriate action, including search and seizure actions, surveys are taken as per law, depending upon the facts and circumstances of each case.
The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, had extended the deadline for this task for the eighth time on December 30 last year.
The petitioner, Deepak Maratha, had challenged the amendment to the section 115 BBE IT Act 1961, introduced post-demonetisation, which levied the penalty on undisclosed income from previous 30 per cent to 60 percent.
Infosys takes any breach of its policies and code of conduct seriously and "we are fully cooperating with the authorities," it said.
Patel, also a Rajya Sabha member from Gujarat, had informed the department that he was unwell when the first summons were sent to him for appearance in February.