The Income-Tax department has been conducting various raids and searches in the premises of the former Maharashtra Home minister Mr Anil Deshmukh and the income tax department has suspected tax evasion of rupees 17 crores recently.Though the lawyer seems to still defend Mr Deshmukh in the said case.
As per the new tax rules accumulated with a balance that is due and payable to the employee it will be balanced to his credit from the date of his employment and hence is someone lives in the US and he qualifies as a tax non-resident of India he will get a transaction of gift and it will not lead to any implications of income tax.
The income tax department is continuing searches at all linked property and institutes of the former Maharashtra home minister Anil Deshmukh in a tax evasion case the focus of the investigation continues to be rupees 4.18 crore donation received by the Shri Sai Shikshan Sanstha.This is the second-day investigation to find out bout the proceedings.
The Income-Tax department has been investigating the premises of a prominent actor of Mumbai and has announced tax evasion of more than rupees 20 Crores but the income tax department has not named the actor,there are rumours that the investigation is associated with Sonu Sood believing that he has violated the FCRA regulations.
The finance minister had there GST council meeting in Lucknow on 17 September where the income tax was also discussed and it is decided to relax the provisions of income tax on payment of interest by a scheduled bank to a member of a scheduled tribe committee and hence there will be no deduction of tax on the payment under section 194A of the income tax act.
The Central Board of Direct Tax has analysed and announced that rupees 70120 crores will be refunded to more than 2600000 taxpayers in this current financial year the income tax department has promised to generate these refunds which will cost from rupees 16753 crore and corporate tax difference around 53367 crores.
The supreme court had elevated the issue of the lying vacant post in the tribunals to the central government and now the central government has finally cleared the appointment of judicial and technical members of the National Company Law tribunal and income Tax appellate tribunal. 18 members are been appointed which include 8 judicial members and 10 technical members.
Recently the income tax department carried a survey on two news websites out of which one of them is Newslaundry The survey continued for 12 hours and the CEO of news laundry has accused the income tax department that the privacy was violated since his mobile laptop and a lot of office machines were taken and the data in it was downloaded.
The income Tax department has confirmed that their officers went on a survey to different offices of news portals which included Newsclick and Newslaundry today these surveys were based upon the allegation of tax evasion and the entry of account books on the portal.
The income Tax portal has been experiencing glitches and technical errors for quite some time now and the taxpayers are facing difficulty to register and fill the tax return details hence the deadline for filing income tax returns has been extended to 31st December 2021. Keeping in mind the deadline to file belated or revised ITR the government has extended the date to March 31 2022.it is expected that the new portal will now be free from technical issues and many tax filers will be able to
As the deadline comes closer for the e filing of income tax the users still face glitches on the new income Tax portal which has started being a burden for the Infosys company since its reputation is going down in front of the entire nation and the taxpayers are not able to register to get verified and process the taxes. Union finance minister Mrs Nirmala Sitaraman has asked Infosys to look into the matter and rectify the error as soon as possible.
The Kerela government is planning to bring some resolutions in the state assemblies after the central government has decided to impose income tax on all primary milk cooperatives since due to this step by the government has put a huge burden on the dairy farmers since their profit and income will eventually reduce and they might face financial crisis.
Owing to the new income tax e-filing portal being marred by glitches and other problems from inception, Chartered accountant society representatives are of the view that the deadline should be extended in view of the state of the e-filing portal beyond September 30, 2021.
Starting FY22, senior citizens over the age of 75, who draw income only from pension and fixed deposits, need not file income tax returns, provided they meet certain conditions. They will have to declare their income in Form 12BBA, which has been notified by the CBDT, and submit this form to specified banks where they maintain their accounts and receive pension.
The pandemic has hit all of us and disrupted not just our lives but many projects that were important for a country but the client still prefer to get the work done before the deadlines, Embark is an Infosys's platform that has been in news for the past couple of days because of its portal glitches and technical issues and the income tax department has been hitting them to get the work done flawlessly as soon as possible.