The disputed amount for 1.83 lakh cases was Rs 3.6 lakh crore in September 2019, thus the amount involved in still-unresolved disputes is a staggering Rs 2.9 lakh crore.
Taxpayers must respond online to the notice received and check the status constantly
As per the CGST Act, any supply of goods or services or both between different GST registrations having the same PAN (distinct persons) shall be treated as "supply" and shall attract GST.
The secretary also said that to increase availability of funds for startups, the department has asked Small Industries Development Bank of India (SIDBI) to commit Rs 3,300 crore by March next year.
The department is currently studying the details received from the company, the official said, adding that they can issue notices seeking details of taxes withheld once the transactions are completed.
According to the Customs Brokers Licensing Regulations, 2018, notified by the Central Board of Excise and Customs (CBEC) recently, an applicant seeking to get a licence for customs broker should hold Aadhaar as well as PAN card.
The Central Board of Excise and Customs (CBEC) has shared the zone-wise data of businesses under the Goods and Services Tax (GST) with regional commissioners to handhold them in case they are facing difficulty while filing returns under the new indirect tax regime.
Though the deadline for getting the PAN or Form 60 (if PAN is not available) by banks ended on February 28, the tax department on April 5 notified the extension of the time till June 30.
Online fund transfers worth over Rs 2.5 lakh will now be under the tax department’s scanner.
Action will "definitely" be taken against 9.29 lakh entities who have not responded to the I-T department's queries over cash deposited by them which did not match their income profile, the government asserted today.
The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.
News from the north block, the latest data from the finance ministry shows that domestic and multinational companies owe a staggering Rs 6 lakh 89 thousand crore to the tax department in outstanding arrears. The tax department has already sent a missive to the companies asking them to pay up.
If you have refurbished your home with expensive furnishings or bought a high-end television set but not bothered to file income tax returns, then you could be under the taxmen‘s radar as part of a new move to detect â€œnon-filersâ€ who may have concealed assets and evaded taxes.
The four APAs signed yesterday pertain to the manufacturing, financial and information technology sectors of the economy. The international transactions covered in these agreements include contract manufacturing, IT-enabled services and software development services, an official statement said.
In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund.
The tax department today signed three advance pricing agreements (APAs) with taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The taxman has conducted hundreds of raids since November 8 and has seized concealed income of nearly Rs 2,600 crore in cash and jewellery. CNBC-TV18 first broke the story on Thursday and the tax department confirmed the details today.
In a bid to prevent laundering of black money, the tax department today warned of penal action against those filing "drastically" revised income tax returns by including bank deposits made post-demonetisation.
"The data indicates that the main sectors in which black money is rampant include real estate, finance, trading, manufacturing, educational institutes and services," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha.
Warning people against depositing their unaccounted old currency in someone else's bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years.
Quoting PAN is mandatory for cash deposit of over Rs 50,000 in a single day in scheduled or a cooperative bank.
The Income Tax Dept has issued notices to nearly 400 religious bodies in an attempt to avoid any loophole where people can convert black money.
The crackdown on Rs 500 and Rs 1000 denomination notes has led to a sudden surge in demand for gold. People having huge stash of unaccounted cash are trying to convert their wealth into gold as they fear scrutiny by the tax department if the cash is deposited in banks.
The HC posed questions to the department on a PIL, seeking to consider revoking exemption granted under the Income Tax Act to charitable organisations if they were found violating rules and if fraudulent acts were committed.
Observing that it would be difficult for anyone to evade taxes under the new framework, CAIT said even the instances of under-invoicing will gradually wane as the tax department will have PAN-based registration and sale-purchase data of traders.