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No tax on gold purchased out of disclosed income; maximum 500 gm per married woman allowed: Govt

No tax on gold purchased out of disclosed income; maximum 500 gm per married woman allowed: Govt

Gold in all its forms that is purchased out of disclosed or exempted income, household savings and inherited through a legal course from ancestors will not be subject to tax, said Finance Ministry on Thursday.

Banks to accept payments under Income Disclosure Scheme till 2017 without seeking source

Banks to accept payments under Income Disclosure Scheme till 2017 without seeking source

Banks will be accepting the first installments of tax payments under the  Income Disclosure Scheme 2016 with creating any hassle for the declarant or seek any source of funds.

Big blow for black money hoarders: India to get info on Swiss bank accounts

Big blow for black money hoarders: India to get info on Swiss bank accounts

CBDT Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India Gilles Roduit on Tuesday signed the 'Joint Declaration' for the implementation of Automatic Exchange of Information (AEOI) between the two nations.

Depositing Rs 2.5 lakh or above? Quoting PAN is mandatory, says CBDT

Depositing Rs 2.5 lakh or above? Quoting PAN is mandatory, says CBDT

Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said Thursday.

Black money crackdown: Taxmen keep close vigil on jewellers

Black money crackdown: Taxmen keep close vigil on jewellers

Intensifying the crackdown on laundering of illicit wealth, tax authorities are keeping a close vigil on jewellers to check if sales are being broken down into sub-Rs 2 lakh to avoid quoting of PAN.

This is not demonetisation: P Chidambaram

This is not demonetisation: P Chidambaram

Former Union Finance Minister P. Chadambaram on Saturday criticised the Narendra Modi government`s decision to demonitise Rs 1,000 and Rs 500 currency notes, saying the the move pushed the common man into misery and despair.

CBDT directives to IT dept: Widen tax base, prevent avoidable disputes

CBDT directives to IT dept: Widen tax base, prevent avoidable disputes

In fresh directives, the CBDT has asked the taxman to take steps for widening the existing tax base, prevent avoidable disputes and ensure that the honest taxpayer is "facilitated" while stressing that tax evasion cases are handled without fear.

Sushil Chandra takes charge as CBDT chairman, to serve till May 2017

Senior Indian Revenue Service (IRS) officer Sushil Chandra Tuesday took over as chairman of the Central Board of Direct Taxes (CBDT).

Tax department issues SMS, emails to assessess on resolution scheme

With over Rs 5.16 lakh crore locked up in tax disputes before Commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December end.

CBDT comes out with final rules for taxing share buy back by companies

CBDT comes out with final rules for taxing share buy back by companies

Seeking to minimise litigations over taxation, CBDT has come out with rules for computing distributed income arising out of issue of shares following buy back, demerger, amalgamation or bonus issue by companies.

CBDT tells officers to submit data of appeals disposed of every month

To fast-track disposal of tax cases, CBDT has started reviewing performance of its officers and asked commissioners to submit data on number of appeals they have disposed of every month against the given target.

Electoral trusts can't accept funds from PSUs, foreign sources

Electoral trusts can't accept funds from PSUs, foreign sources

Tightening funding norms, the income tax department has barred state-owned companies and foreign sources such as trusts and foundations from contributing money to electoral trusts that are formed to fund political parties.

Thank You, says Income Tax department to taxpayers

Thank You, says Income Tax department to taxpayers

Known for harassing taxpayers over the years, sometimes including innocent ones, the I-T Department is taking a new step for an image changeover – thanking taxpayers in the form of a certificate.

Direct tax collections till September grow 9% to Rs 3.27 lakh crore

Direct tax collections during the six months ended September grew about 9 percent to Rs 3.27 lakh crore, buoyed mainly by personal income tax mop-up.

Black money disclosure: Identity of individuals strictly confidential, says CBDT

Black money disclosure: Identity of individuals strictly confidential, says CBDT

Income Tax Department Monday said "strict confidentiality" will be maintained about the identity of persons who have disclosed black money during the 4-month window under the Income Declaration Scheme (IDS).

Rs 30,000 crore tax expected from IDS declarations: CBDT chief

Rs 30,000 crore tax expected from IDS declarations: CBDT chief

The CBDT expects to mop up a tax revenue of Rs 30,000 crore, with 50 percent coming this fiscal, under the one-time domestic black money compliance window that has seen stash declarations to the tune of Rs 65,250 crore.

 'Rush' of blackmoney declarants on last day; I-T dept enthused

'Rush' of blackmoney declarants on last day; I-T dept enthused

The "rush" of black money declarants, under the one-time compliance window, peaked across various Income Tax department offices on the last day Friday with the CBDT indicating the collections to be "very good" and may touch an estimated Rs 40,000-Rs 50,000 crore.

Black money disclosure window: Unaccounted wealth can be declared till today

Black money disclosure window: Unaccounted wealth can be declared till today

Today is the last day for making declaration of unaccounted wealth under the Income Disclosure Scheme and declarations can be made online as well as in printed copies in prescribed form till Friday (Sept 30) midnight.

 

Black money: IDS counters to be opened till 8 pm today, tomorrow

Black money: IDS counters to be opened till 8 pm today, tomorrow

With two days remaining for the black money disclosure scheme to close, the tax department has decided to keep counters for receiving physical declarations open till 8 pm today (Wednesday) and tomorrow (Thursday).

Black money disclosure window offers no absolution, to yield little cash for govt

Black money disclosure window offers no absolution, to yield little cash for govt

As the four-month campaign draws to a close this week, there looks to be few takers despite a high-profile warning that this is the last chance for tax dodgers to come clean.