There are some important tax considerations to be cognisant of when you return to India
The slab rates proposed would rationalise the present ones and do away with surcharges.
The agency, which has been pursuing this case for several months now, has started a probe into 12 companies.
The I-T Department said in a tweet, "On consideration of representations recd from across the country,CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 to 31st of Oct,2019 in respect of persons whose accounts are required to be audited.Formal Notification will follow."
The ordinance throws more light on the tax cuts, the exemptions that go and what stays
In case of any grievance, the preliminary action taken report is to be submitted CBDT by the next day, that is within one working day of calling of the report by this office, the CBDT order to the tax department said.
The tax changes are a fundamental reset in India’s corporate history
New rules mandate officials to refer a suspected case of tax avoidance to a panel of senior officials. The Income Tax (8th Amendment) Rules, 2019 specify how tax officials should refer a suspected case of tax avoidance to a panel of senior officials and what should be the role of the panel.
The state treasury has been paying the taxes of the chief minister and his council of ministers in five states, besides Uttar Pradesh
The Central Board of Direct Taxes (CBDT) believes that of the many client code modifications taking place on exchanges, a few may not be genuine.
We may make an error due to insufficient information or lack of knowledge.
Nearly 50 lakh people filed their tax returns online on August 31, the last date for ITR filing, the Central Board of Direct Taxes (CBDT) data showed.
Those who fail to file tax returns by August 31 will be fined Rs 5,000 until December 2019. Post which they will have to pay Rs 10,000 as penalty.
Currently, personal income is taxed at 5 percent for income between Rs 2.5 to Rs 5 lakh, at 20 percent for income between Rs 5 lakh and Rs 10 lakh, and 30 percent for an income of over Rs 10 lakh.
The DTC panel has suggested three tax brackets at 5 percent, 10 percent and 20 percent, the last one being the highest.
The 58-year old tax regime is on the cusp of a sea change that can put more money in the hands of tax payers
Confirming the development, a senior official of the I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi and also of a difference between the sale price of housing units shown on the books and the registered prices.
What prompts a revenue official to go overboard in his/her drive to assess taxpayers? The main culprit seems to be the government’s need to fill up its coffers.
In the new approach, text messages similar to those used for TDS updates will be sent to taxpayers, rather than jargon-heavy, intimidating notices
An equalisation levy may now be applicable in Jammu & Kashmir after the central government abrogated Article 370 on 5 August, 2019.
This year was unique, since a number of provisions in both the Budgets (in February and in July) have significantly impacted taxpayers
Companies like Google, Facebook and Twitter, among others do not pay tax on income generated locally, including that from advertising revenue, as they do not have permanent establishments. But, that’s going to change soon.
FPIs were aiming for the conversion to gain relief from the surcharges announced in Budget 2019
The rate of TDS shall be 5 per cent and it shall be deducted on the ‘income’ portion and not on the entire amount.