On March 30, 2016, the income-tax (I-T) office reportedly raised an incorrect demand of Rs 10,000 crore on State Bank of India (SBI) and forced it to pay up on the same day. This was refunded the very next month.
The July 31 deadline for filing tax returns is only two days away. If you have not filed your returns yet, you should scramble and do so post-haste as there is a cost attached to not filing your returns on time.
With the Income-Tax Department planning to issue 700,000 letters to individuals who have done high-value transactions without declaring their Permanent Account Number (PAN), many individuals are soon likely to face scrutiny.
The Siddhivinayak temple has announced it will accept shares as donation, following the example of the Tirupati temple. However, remember that from a tax perspective, it would be a good idea to donate money rather than stocks.
In his radio programme ‘Mann ki Baat’, he said no questions would be asked about the source of undisclosed income or assets if the declaration was made voluntarily under the scheme that began this month.
To save long-term capital gains tax liability arising due to theselling of a residential property, the seller can use the proceeds to buy or construct another house. This is clearly stated in Section 54 of the Income Tax (I-T) Act.
In stricter measures on tax defaulters, the department of revenue has decided to block their Permanent Account Number (PAN), cancel their cooking gas subsidy and ensure non-sanction of loans by banks, among others.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are