Officials said the oil marketing companies had provided data to the Income Tax department.
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
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This is the third meeting between the two parties, including one in which the Company Law Board had taken part.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
One of India Inc's top demands is the abolishing of the MAT.
The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Tax department sends notices saying they are liable to pay MAT.
Banks in talks with temple trusts to push gold scheme
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.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
The Department refused to allow transfer of the plant till the dues claimed by the department are not remitted by the company.
I-T department raises tax demand on them for unpaid tax deducted at source
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
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.
I-T heat on thousands of firms for unusual cash deposits.
'Each state is unique, but when it comes to finance, the fundamentals cannot be different.'
The Supreme Court had ruled in Vodafone's favour in 2012.
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.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
Exemption limits, standard deduction on radar.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
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
Investigation to be over by weekend, Mumbai police EOW to lodge FIR thereafter.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
'...because of its permanent nature.' 'If you work for the private sector or for yourself, you are not regarded as being employed,' points out T C A Srinivasa Raghavan.
The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
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
The reduced growth is largely because of consumption slowdown and tax rate cuts.
The CBI and ED are keeping a close eye on several bank accounts.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
'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.'
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