The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
The BBC said on Tuesday that it is "fully cooperating" with the Income Tax authorities who are at its offices in New Delhi and Mumbai and hoped that the situation will be resolved "as soon as possible".
Missing the deadline for filing Income Tax returns can lead to consequences.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
The Income Tax department has sent a detailed questionnaire to about 50 individuals and entities figuring in the list of those allegedly holding offshore assets in tax havens.
In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
More than Rs 2 lakh crore was wiped off from the overall investor wealth
These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.
The Income Tax department has issued summons to the BCCI seeking complete details of the eight original Indian Premier League franchises.
Congress President Sonia Gandhi, her son Rahul, Motilal Vora, Oscar Fernandes, Suman Dubey and Sam Pitroda are accused in the case.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Responding to the Income Tax department's summons, the BCCI on Friday furnished before it complete details, including share holding pattern, player auction and bidding process of all eight original Indian Premier League franchisees.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Finance Minister Arun Jaitley on Friday said Switzerland has agreed to share information on Indians having illicit money in Swiss banks on independent evidence provided in each case to the Alpine nation.
The Income Tax department probing alleged irregularities in the funding and bidding of Indian Premier League franchisees has received reports relating to expenses incurred by franchisees in South Africa where the second edition of the T20 tournament took place last year.
Do not declare them under Income Tax.
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
The SIT will ask the RBI for transaction details over 15 years
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
The note guides taxman to avoid seeking voluminous details.
The tax department was given the land at Mumbai's posh location, measuring 2,786 square metre, with a minimum capacity of 100,000 sq ft, in 1992. Instead of constructing an office building, the department recently took a few floors on rent at the nearby Air India building.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
The ministry of home affairs has suspended the Foreign Contribution Regulation Act (FCRA) licence of prominent public think-tank Centre for Policy Research (CPR) over violation of laws, officials said on Thursday.
Switzerland will not share details about accounts held prior to September 2018.
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