NEW DELHI: Unaccounted income of Rs 100 crore has been detected after the income tax department raided three “leading” contractors of Northeast India based in Assam early this week, the CBDT said on Saturday. The search and survey action was initiated on December 22 at fourteen locations in Guwahati, Silapathar and Pathsala in Assam and … Read more
The Central Board of Direct Taxes (CBDT) has restricted the coercive or intrusive powers of tax officers in case of tax recoveries, with immediate effect. CBDT said such powers should be exercised only as a last resort after other means of recovery have been exhausted. The Board has restricted recovery surveys to non-responsive or non-traceable … Read more
The Central Board of Direct Taxes (CBDT) has deployed two-third of its workforce to deal with the faceless assessment scheme. “Now, the National e-Assessment Centre (NeAC) which is headed by Principal Chief Commissioner of Income Tax is having a team of 32 Commissioners, 96 Principal Commissioner, 261 Assistant and Deputy Commissioners and 1274 Income Tax … Read more
Income from dividend, interest and long term capital gains of sovereign wealth funds, the Abu Dhabi Investment Authority and pension funds, from investments in rental housing for lower income groups will be exempt from income tax. The Central Board of Direct Taxes added the ‘affordable rental housing complex’ to the list of infrastructure projects that … Read more
By Vivek SinghIncome tax, by its very nature, is based on a delicate social contract between the government and the taxpayer. Complexity of tax laws, high element of discretion in tax administration, and undue focus on search, seizure and probe have sometimes disrupted this social contract and made the process of tax collection somewhat adversarial … Read more