NRI taxpayers cannot seek MAP if they opt for Vivad se Vishwas
The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns
He said that India was also engaging with other countries for global regulations on cryptocurrencies, and India's role in such actions
India will soon come up with standards for shared-economy services players owing to the rising number of complaints from consumers
The CBDT has issued a circular pertaining to Sections 206AB and 206CCA of the I-T Act, which provide details regarding people to whom higher TDS/TCS rates should apply
Here are the top Business Standard headlines on Friday
Income-Tax department selects cases manually for comprehensive scrutiny
The CBDT said that for three years, viz. assessment years (AY) 2013-14, 2014-15 and 2015-16, reassessment notices will not be issued for small taxpayers whose asset is less than Rs 50 lakh.
PAN will also be required for opening of current and cash credit account
Faceless assessment units identify issues, seek information, and analyse material to conduct assessment
Singh will take charge on Monday.
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22
In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21
IT sleuths can now trace all transactions of an individual, if they are not 'benami'. New reassessment regime allows them to probe any transaction worth Rs 50 lakh or more in the last 10 years
GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax system that naysayers had written off as being a failure.
The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets
Experts said there aren't too many changes in the forms this year. "The forms have been largely kept unchanged," said Rohit Arora, advocate, Uttarakhand High Court.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) forms cater to small and medium taxpayers.
This includes 1.85 crore refunds of 2020-21, AY2021-22, amounting to Rs 38,447.27 crore
The Income Tax department has detected undisclosed income of about Rs 224 crore after it recently raided a unicorn start-up group based in Pune and Thane in Maharashtra, the CBDT said on Sunday