The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
On the steps being taken by the government to check the generation and transfer of black money to foreign countries, the Minister said that India has been renegotiating its Double Taxation Avoidance Agreements with other countries to bring Article on Exchange of Information at par with international standards.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Industries Minister P Thangamani told the assembly. He was responding to a query by A Sounderrajan of CPI-M.
The town of about 70,000 people in the south-central region of Tamil Nadu has been getting many new visitors since December 31, led by the police and income tax (I-T) department. The attraction is a resident named T M Ramalingam, found with what appear to be international bills of exchange worth Rs 27,000 crore.
The department had sent SMSes and emails to 18 lakh people who made suspicious deposits of over Rs 500,000 during the 50-day demonetisation period.
In Kolkata, there is a community of chartered accountants, and it is easy to find 'directors', who for Rs 5,000 will sign anywhere.
Nokia may now not sell its Chennai unit.
The note guides taxman to avoid seeking voluminous details.
Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
To seek tax exemption, a start-up will now have to apply, with all the documents, to the DIPP instead of the inter-ministerial board of certification. The earlier requirement of start-up to submit report from merchant banker specifying the fair market value of shares has also been removed.
Assuring investors of a stable tax regime, Finance Minister P Chidambaram on Monday said I-T Department will adopt a non-adversarial approach in realizing the direct tax target of Rs 5.70 lakh crore for 2012-13.
The new measure will ease the process of quick generation of refunds of taxpayers.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
A crestfallen former Karnataka chief minister B S Yeddyurappa whose residences were raided by a joint team of Central Bureau of Investigation and I-T department sleuths on Wednesday, told the media in Bengaluru that the investigation agency is free to take all documents as he will cooperate with the probe.
NCLT in its judgement said: "The removal of Cyrus Mistry as executive chairperson was because the board lost confidence and not because they were contemplating that he would cause discomfort to Ratan Tata, N Soonawala and others.' "The Board is competent to remove an executive chairman. Mr Mistry's removal from the position of director came because he admittedly sent out company information to the I-T (department), press, and came out in public against the board and the trust."
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
Beleaguered Kingfisher Airlines on Monday virtually blamed the Income Tax authorities for the large-scale flight disruptions, saying freezing of its bank accounts by them had "severely affected" payment schedules that had led to the curtailment in its services.
To keep a strict vigil on cash and bullion movement in poll-bound Gujarat, the Income Tax department has deputed its teams in every district and airport in the state and have also flagged around one-third seats as 'expenditure sensitive', a top official said in Ahmedabad on Friday.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
Shivakumar, arrested on September 3 by the ED in money laundering case, was produced before the court Tuesday on the expiry of his custodial interrogation.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
A quick computation puts the following value to the seizures.
Tax wing scanning cash deposits between Rs 5-10 lakh
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
Shivakumar will be produced before a court in New Delhi on Wednesday by the ED for seeking his custody.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
The government can seek details from sellers such as sources of funds while buying.
I-T dept will soon issue a unique number to address your refunds and grievances. But the traditional route is still better.
Go cashless. Go clean, say I=T to people.
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
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