The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date
'From the investor's point of view, a real change would happen only when business environment in all our states qualitatively improves,' says NITI Aayog Vice-Chairman Rajiv Kumar.
The government had earlier announced a proposal to set up LTUs which would act as a single window facilitation centre for all large entities paying excise duty, corporate tax/income tax and service tax, initially in the metros.
Mandatory scrutiny soon by large taxpayer units the FM set up in 2006.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
Finance Minister P Chidambaram today said innovative search engines were being created to mine information and unearth tax evaders
The LTU in Mumbai will come up next month, while in the national capital it will be opened in April, Chidambaram said inaugurating the country's second LTU in Mumbai on Sunday. The first LTU was set up in Bangalore in 2006.
Disfavouring 'blunt' steps like search and seizures, Finance Minister P Chidambaram on Wednesday invited 582 top corporates to avail a single-window tax payment facility
Stressing that lowering of tax rates should provide no reason for tax evasion, the government on Thursday said about 130 help centres will operate from Friday to assist small assessees pay taxes.
On the eve of the redemption of India Millennium Deposits of $7.3 billion t the non-resident Indians, Finance Minister P Chidambaram
While the exact figures of the total number of taxpayers who will be honoured is not known, officials said these numbers would be few lakhs.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
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