The new e-assessment regime will be voluntary and taxpayers can take a call on whether to conduct their dealings over the e-system or through the existing procedure of manual submission of documents by visiting the tax office.
The newspaper said it had reviewed 100,000 documents, including the elder Trump’s tax returns, to calculate that Trump and his siblings had received the equivalent in today’s dollars of $413 million worth of assets.
One of the reasons petroleum products such as crude oil, natural gas are not part of the GST is the reluctance on part of the states and the Centre to share this steady stream of revenues from the sector, which is a cash cow for them.
Poorva Prakash, Senior Director, Deloitte India, explains that as a trend Finance Ministers don't make any major personal tax changes in a Vote on Account. However, she expects the Finance Minister to lay a roadmap for tax sops in this.
The I-T department is considering setting up a centralised cell for scrutiny of income tax cases as part of efforts to reduce personalised interface between the taxmen and taxpayers with a view to curb corrupt practices. The proposed cell will be on the lines of the Central Processing Centre (CPC) that the department currently has […]
The GST Council, in its 14th round of deliberations in Srinagar over two days, focused on the approval of the GST rules, the fitment of over 1,200 commodities into the five pre-announced tax slabs and the tax rates on services. The Council decided to tax services under four slabs of 5 per cent, 12 per […]
As it analyses bank deposits post-demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of […]
Speaking at the India Economic Convention, finance minister Arun Jaitley said that the Indian government will put to rest pending tax disputes with companies in the coming days as the it strives to make the country an attractive investment destination. In a big relief to Foreign Institutional Investors, the government recently accepted recommendation of a […]