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Permanent account number card rules are going to change from 5th December 2018 as announced by the income tax department. The changes in the rules are aimed at curbing tax evasion while giving relief to the new PAN card applicants.
To curb the Black Money, the Income Tax Department has started doing investigations on illegal funds and properties stashed abroad by Indians. It has been done through anti-black money drive.
The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
The government along with income tax department is now taking some strict actions against all the doubtful account holders showing and in the same league, in an offer to clip down on unaccounted money piped into bank accounts post demonetisation, the tax office has examined and coordinated upwards of 1-crore accounts and requested that 18 lakh individuals clarify the wellspring of reserve.
The Tax Department has announced an SMS facility to be provided for the 2.5 crores of taxpayers regarding quarterly Tax Deducted at Source (TDS) deductions. The facility will be offered by the Central Board of Direct Taxes (CBDT).
The income tax department has started issuing notices to the merchant navy personnel, seeking them to pay taxes on behalf of the money earned in the duration of work on Indian or foreign vessels. Till date, the merchant navy personnel didn’t pay their taxes in India and enjoyed all the benefits similar to non-resident Indians. The notice started to circulate when the June judgment of an income tax tribunal in Kolkata suggested that the merchant navy personnel are eligible to pay their taxes in India.
An initiative ‘name and shame’ was introduced by the Income Tax department, last year, which now witnessed a reform for this financial year. Under which from now the taxpayers of all category, who are defaulters of Rs one crore and above, their names will be published in the leading national dailies. Earlier, under this exercise, […]
The Indian income tax department may send a notice to call all Indians whose named leaked in Panama Papers. The notices could be sent within 2 months. Recently, the panama papers news was picked up a big issue in India as the more than 500 Indian names including top industrialists and Bollywood actors that mentioned in […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
