The I-T department had said Vodafone India under-priced shares in a rights issue to its parent. The tax demand was for the two financial years ended March 2011.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
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We take the opportunity to bust a few myths
A salaried individual needs to file returns as a business owner if s/he has a high turnover while trading in stocks or futures & options, reveals Tinesh Bhasin.
In Mumbai, police seized Rs 1.40 crore from three persons in new Rs 2,000 notes.
The court also issued notice to the Income Tax department.
The project is expected to be activated by the end of this month.
"Defaulters are advised to pay tax arrears immediately," said the notice.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Right steps you can considerably reduce the tax outgo.
Vodafone, according to sources, in its response to the Finance Ministry's offer for conciliation, had expressed keenness to settle the long-pending capital gains tax dispute.
The Income Tax Department and National Investigation Agency personnel have seized cash worth Rs 2,500 crore, and gold and diamond jewellery from four trucks in Mumbai and detained 47 people.
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
Taxpayers should be getting their refunds online.
Cyber security sleuths have alerted Internet users in the country against phishing attacks from suspect digital signatures which got "unauthorisedly" issued through the state-owned National Informatics Centre.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
'Appointed, sponsored and nurtured' by Jayalalithaa, P Rama Mohana Rao is now seen as a man who holds the key to the secrets of ministers and bureaucrats.
The 90-day compliance window to declare overseas wealth ends on September 30.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
Capital markets regulator, I-T department suspect tax evasion and market manipulation
Congress received donations worth over Rs 66 crore and NCP garnered about Rs 14 crore from individuals and business entities in fund contributions of over Rs 20,000 in the last financial year while BJP was among the parties which did not disclose such details to the Election Commission till the November 30 deadline.
Check the status and immediately act on it
The department has calculated and arrived at the figure and may raise two separate demands.
A classic example of a leader who has chosen to risk everything for his vision.
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.
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
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The power of a nation is directly related to the revenues it realises from its citizens. But India loses a gargantuan Rs 5.8 lakh crore, as the IT department drags its feet over recovering uncollected taxes in time or holding up files in appeal cases, says Mohan Guruswamy.
Fifty other entities, including the Congress, have been served notices
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
Tax payers need not dread filing returns as the process can be simplified.
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