The government is determined to keep fiscal deficit at 3.3 per cent of GDP on the back of buoyant tax revenues and expectations of surpassing the disinvestment target.

Cash worth Rs 42,200 crore was deposited in 3.74 crore Jan Dhan accounts between November 8, 2016 - when Prime Minister Narendra Modi made his surprise note ban announcement - and December 30, 2016.

At present, providing father's name in the PAN application Forms is mandatory, however, the applicant has been given an option to select the name of either father or mother, which the applicant may like to be printed on PAN card.

The government has introduced a single application form for foreign investors to enter into the domestic capital market as part of the exercise to improve ease of doing business.

In June, the government had decided to increase the threshold monetary limits for filing appeals with the objective to reduce the number of pending tax litigations at different levels.

The I-T Department added 1.06 crore new return filers during 2017-18 and aims to add 1.25 crore new filers for the current year. In the North East region, this number was 1.89 lakh, she said.

Whatever be the source of tax - whether an MNC, a local homegrown company or an individual, the pivot for any successful tax compliance and collection is ensuring a sound set of data and an insight into the taxpayers' journey.

Infosys to build software development centre in NoidaInfosys Ltd has said it would build a software development centre in Noida in Uttar Pradesh, with an initial investment of about 7.5 billion rupees ($109 million). India's second-biggest software services exporter said the 2.7 million square feet facility would be able to accommodate 5,000 staff. \"The facility is a critical part of our effort to enhance our presence in the national capital region and leverage the talent pool ...

The CBDT has directed the Income Tax Department to ensure filing all its petitions before the NCLT by next month to recover due taxes worth crores of rupees from a number of de-registered shell or dummy companies.

Bharti Airtel turns a surprise profit of Rs 97 crore in June quarter due to tax gainsIndian telecom conglomerate Bharti Airtel managed to defy street expectations and come out with a profit in the June quarter. After the slim profit the telecom major managed in the March quarter of the last fiscal, it seems to be finding its feet back in the competitive Indian telecom industry. Bharti Airtel posted a sequential rise of 17.37 per cent in its profit attributed to owners, which rose ...

As mentioned in the new section, 234F, added in the Income Tax Act, an individual would have to pay a penalty of Rs 1,000, Rs 5,000 or Rs 10,000 depending on when the returns are filed.

Apart from facilitating ease of doing business, the measure would also reduce future litigation flow from the tax departments. Overall, around 41 per cent cases related to direct taxes and 18 per cent cases related to indirect taxes would be withdrawn after the move.

Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today.

The fresh CBDT order has come against the backdrop of the Supreme Court earlier this year directing extension of the March 31, 2018 deadline for linking Aadhaar card with various other services.

Thousands of GST officials from CGST office have decided to stay away from the one year GST celebration across the country. It indicates though the BJP government is trying to make it a bigger celebration event, everything is not okay within the taxmen fraternity who alleges pressure from seniors to meet the targets.

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.

Days after ICICI Bank CEO Chanda Kochhar was asked to go on an indefinite paid leave, the tax sleuths are now probing the complex transactions linked to Kochhars family residence in South Mumbai. BusinessToday.In Editor Rajeev Dubey talks about the investigation being conducted. ICICI Bank has initiated its own probe and on Monday announced that Chanda Kochhar will be on leave until the investigation is over.

In the course of investigation, Panamanian law firm, Mossack Fonseca, the epicentre of the 2016 Panama Papers confirmed the existence of several customers who had denied any links as well as unmasked new clients in a bargain.

The second set of Panama Papers - dubbed Panama Papers: The Aftermath - comprises more than 1.2 million fresh documents of which at least 12,000 are linked to Indians.

The Income Tax department is probing the acquisition of the Kochhars' flat at 45, CCI Chambers CHS Limited, following which it informed the Central Board of Direct Taxes (CBDT) about its findings.