The income tax department is likely to be holding back the refunds to exhibit a high tax collection figure.
Angel tax is on the difference of fair market value and face value, but methods of determining fair market value is flawed.
In a move to give relief to the middle class, Goyal announced in the Budget 2019 that individual taxpayers will get a full tax rebate for income earned up to Rs 5 lakh.
A populist budget on the face of it raises more questions than answers
Individual taxpayers having taxable annual income up to Rs 5 lakhs will get a full tax rebate and therefore will not be required to pay any income tax
The rebate under Section 87A of the Income Tax Act, has been enhanced to Rs 12,500 from Rs 2,500 earlier. The threshold has also been enhanced to income of Rs 5 lakh from Rs 3.5 lakh earlier.
Neeru Ahuja, Partner, Deloitte joins in to discuss all that and more.
The notification excludes startups who already received assessment notices and only people with certain financial stature can be investors and it is taking the form of an investment tax.
The Cabinet, chaired by Prime Minister Narendra Modi, gave its "approval to expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department", Union minister Piyush Goyal said.
The raids began in the morning across 23 locations in Karnataka with teams comprising around 200 sleuths in total involved in the exercise, the officials said.
This is not the first time Sula Vineyards has been under the authorities’ lens.
While the income tax department is non-intrusive, tax evasion will not be tolerated, CBDT Chairman Sushil Chandra said at an industry event.
He was speaking at a programme organised here by the department with an objective to reaching out to tax-payers.
These builders and developers allegedly constructed additional floors of building against approval of the municipal bodies and evaded Income Tax,.
The crucial report was finalised eight months before the PNB scam came to light, but was not shared with other agencies as there was 'no protocol' for such sharing at that time
Watch this episode to know how parking a portion of your funds in small savings schemes can be a good investment, as well as a tax benefit.
We discuss the exemptions and deductions you can avail of, what exactly is Section 80C, and much more.
The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Central Board of Direct Taxes
The Ministry of Corporate Affairs has started an inspection of the books of four companies belonging to the DY Patil Group.
Sakshi Batra is in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol to discuss what India's burgeoning crorepati club tells us about the economy economic situation in the country.
The move comes at a time when the department is analysing data on deposits of cancelled currency notes after demonetisation
A committee under CBDT is working to chalk out the broad parameters for extending such "courtesies" and benefits to taxpayers who pay their taxes on time and in full
IT officials had conducted searches at Raghav Bahl's residence and office on October 11
A committee has been set-up under the Central Board of Direct Taxes to draw up a scheme which will encourage a habit of compliance with tax rules
As per I-T law, interest payable by an Indian company or a business trust to a non-resident, including a foreign company, on rupee denominated bond issued outside India before the July 1, 2020, was liable for concessional rate of tax of 5 per cent.