Govt to keep track of deposits above Rs 2.5 lakh, to attract tax plus 200% penalty on income mismatch
Further dangling the stick, government on Wednesday night warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty in case of income mismatch.
Nov 10, 2016, 09:03 AM ISTAuto industry meets Revenue Secretary Hasmukh Adhia; cess, luxury car definition in focus
The auto industry today discussed with Revenue Secretary Hasmukh Adhia, the rate of cess and definition of luxury cars under the GST regime, which is likely to kick in from April next.
Nov 07, 2016, 15:01 PM ISTNarendra Modi compliments Arun Jaitley, says income tax disclosure scheme successful
Prime Minister Narendra Modi on Saturday complimented Finance Minister Arun Jaitley and his team for the Income Tax Disclosure Scheme and said their hard work had led to a "successful outcome".
Oct 01, 2016, 18:29 PM ISTGST Council to finalise registration, other rules on September 30
Moving on fast track to meet the April 2017 GST rollout deadline, the tax department on Monday came out with draft rules relating to registration, invoice and payment which will be finalised by the GST Council on Friday.
Sep 26, 2016, 22:37 PM ISTNo extension in deadline for black money disclosure scheme
Government on Friday ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window.
Sep 24, 2016, 00:29 AM ISTIndustry chambers meet Adhia, discuss model GST law
Raising concerns over the model GST law, industry chambers today sought more clarity on various issues like dual administrative control, discretionary power of tax authorities and taxation of electricity.
Aug 19, 2016, 19:21 PM IST60,000 officers to be trained on GST; IT infra to be ready by March
As many as 60,000 revenue officials of central and state governments will be trained on GST laws and IT infrastructure framework to prepare them for rollout of the new indirect tax regime by April 2017.
Aug 04, 2016, 18:52 PM ISTRs 43,000 crore undisclosed income unearthed in 2 years, says govt
The Income Tax Department has unearthed undisclosed income of Rs 43,000 crore in the last two fiscals, Union Revenue Secretary Hasmukh Adhia said on Friday.
Jul 02, 2016, 00:17 AM ISTGovt checking if any blackmoney returned to India: Revenue Secy
In the wake of deposits held by Indians in Swiss banks dropping by 33 percent, Revenue Secretary Hasmukh Adhia on Friday said the government is checking if any of the blackmoney has been routed back to India.
Jul 01, 2016, 18:34 PM ISTNo target of 10 crore tax base: Government
In the wake of confusion over whether Prime Minister Narendra Modi had set a target of doubling the income tax base to 10 crore, government on Saturday came out with a statement correcting an earlier press release and saying no specific target has been prescribed.
Jun 18, 2016, 18:11 PM ISTScope for expansion of tax base: Hasmukh Adhia
A day after Prime Minister Narendra Modi spoke about near-doubling of taxpayer base to 10 crore, Revenue Secretary Hasmukh Adhia on Friday sought to contextualise the statement saying he was talking about "scope for expansion" and getting to that mark is "impossible".
Jun 17, 2016, 22:12 PM ISTDirect tax collection picks up 18% to Rs 43,391 crore in Apr-May
What comes out as a good news for the economy, a jump of 18 percent to Rs 43,391 crore was registered in net direct tax collections during the first two months of the current fiscal, the government said on Friday.
Jun 10, 2016, 18:55 PM ISTWrap up probes early, improve conviction rate: Hasmukh Adhia to Enforcement Directorate
Concerned over "very poor" conviction rate in money-laundering cases, Revenue Secretary Hasmukh Adhia today asked the Enforcement Directorate (ED) to step up and complete probes as early as possible.
Apr 30, 2016, 18:10 PM ISTIn need of cash, Finance Ministry chases nearly Rs 8 lakh crore billion in elusive back taxes
India's Finance Ministry is asking for regular progress reports from tax collectors and has set a date for an amnesty to pay off arrears on undeclared domestic assets, as the government intensifies efforts to meet its ambitious deficit target.
Apr 18, 2016, 14:44 PM ISTITR asset disclosure norm to affect 1.5 lakh ultra rich: Hasmukh Adhia
The new income tax return form requiring assessees earning more than Rs 50 lakh per annum to disclose assets will only impact 1.5 lakh ultra-rich individuals, the Revenue Department said on Friday.
Apr 01, 2016, 22:13 PM ISTConfusion on EPF due to bad phrasing in Budget speech: Adhia
Union revenue secretary Hasmukh Adhia today defended the proposal to tax Employee's Provident Fund withdrawals, saying the intention was only to encourage investment in pension schemes, but the phrasing in the Budget speech caused the confusion.
Mar 05, 2016, 22:47 PM ISTPoEM postponed for convenience of accounting: Adhia
The rules for determining place of effective management of a company have been deferred till April 2017 so as to give corporates sufficient time to prepare accounts according to their place of residency under the new norms, Finance Ministry said today.
Mar 03, 2016, 14:06 PM ISTPrinting of Budget document begins with 'halwa' ceremony
The process of printing documents for the Budget 2016-17 began on Friday with the ritual 'halwa ceremony', which was attended by Finance Minister Arun Jaitley and his deputy Jayant Sinha in the North Block office.
Feb 19, 2016, 15:29 PM ISTRetrospective tax issues: Govt open to out-of-court settlement
Keen to put an end to the overhang of legacy issues, the government is open to any proposal for an out-of-court settlement of retrospective tax issues like the ones facing Vodafone and Cairn Energy.
Dec 27, 2015, 11:44 AM ISTBad elements in tax dept to be dealt with: Revenue secy
Promising just and fair decision in all tax matters, the new Revenue Secretary Hasmukh Adhia today said "bad elements" in the tax department will be identified and "taken care of" so that they don't spoil the investment climate.
Sep 01, 2015, 15:30 PM IST