Firm to continue to press ahead with arbitration challenging new law on the tax, will seek $1 bn in damages
The department has calculated and arrived at the figure and may raise two separate demands.
The income tax department is asked to keep names of blackmoney holders under wraps.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Indore-based textiles firm Neo Corp is the latest in a series of Indian names that have been published in the official gazette of the Swiss govt.
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
Last week, the government had introduced the black money Bill.
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
'What is proposed is that we tax payers pay Rs 1,000 per month to selected JanDhan accounts of poor families.' 'I am sure there are at least 10 crore Indians for whom Rs 1,000 is no big deal.'
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
India can be rated as among the best performing economies in the world
Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
.jpg)
HC restrains Nokia from selling, transferring ownership rights in India.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
'The world is yet to watch him, show his prowess as a batter, but given the chance he will do a great job.'
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
A random check of the database for India displays about 22 offshore entities, 1,046 officers or individual links, 42 intermediaries and as many as 828 addresses within the country ranging from the tony and posh locations of metropolitan cities like Delhi, Mumbai, Kolkata and Chennai to mofussil locations like that in Haryana's Sirsa, Bihar's Muzaffarpur and Madhya Pradesh's Mandasaur and state capital Bhopal.
While the first three parts of the operation, codenamed 'Red Spider', dealt with Indian banks (both private and state-run), the fourth part targeted a couple of foreign banks.
The Central Board of Direct Taxes is set to rationalise I-T rules.
India's new tax policy which makes it mandatory to disclose foreign is not so common in developed countries.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
FY14 sees 16% decline in adjustments; department adds only Rs 59,000 crore to the profits attributed by multinationals, against Rs 70,000 crore a year ago
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
The Special Investigation Team (SIT) on black money today rejected an HSBC whistleblower's claim that Indian authorities are not using a "lot of information" on illicit funds, saying he has created a "hue and cry" and not replied to its earlier requests.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
This week, as the I-T department scanned the deposits, reality hit them: Only a minuscule percentage of the Jan Dhan accounts had been used for money laundering.
Finnish phone maker Nokia may have to exclude its Chennai plant from the $7.2 billion deal with Microsoft if tax issues facing the India unit are not resolved by next week.
Besides INC's documents for the year 2010-2011, the court also summoned AJL's documents for the same assessment year.
Jet has come under regulatory scrutiny twice this year.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
The fourth day of questioning was deferred from June 17 to this day after Gandhi requested the agency for postponing the session as he wanted to be with his mother and Congress president Sonia Gandhi in hospital, where she is admitted for post-Covid issues.
The entire HSBC list features names of 1,668 Indians
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances