Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
The reward could vary between 1% and 5% of the total tax paid.
Nokia may be allowed to sell Chennai mobile plant.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
If an equity share is purchased before January 31, 2018, at Rs 100 and the highest price quoted on January 31, 2018, in respect of this share is Rs 120, there will be no tax on the gain of Rs 20.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
The move came in view of a PIL filed in the Patna HC where concerns have been raised that some of these declarants could be engaged in routing their illegal funds.
Soured political relations between India and Pakistan have complicated matters
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
The Supreme Court said on Thursday that it will hear "as and when required" a public interest litigation challenging the government's notification authorising 10 central agencies to intercept, monitor and decrypt any computer system.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
Sputnik V is the third vaccine India has given the go-ahead to after 'Covishield', developed by Oxford University and AstraZeneca and 'Covaxin', the indigenous vaccine manufactured by Bharat Biotech. Covishield is manufactured by the Serum Institute of India.
The department had initiated proceedings against Vodafone and TTSL in 2011 on the ground that the companies had allegedly failed to deduct tax deducted at source (TDS) for those assessment years.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
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.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
The exhaustive list was uploaded on the official web portal of the department.
PMO asked income-tax department to submit report on action taken against identified benami owners
While the exact figures of the total number of taxpayers who will be honoured is not known, officials said these numbers would be few lakhs.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
The RTI reply also stated that the interception of communication was being carried out in accordance with the Telegraph Act of 1885 and Telegraph (Amendment) Rule of 2007, a clause that finds a mention in the clarification issued by the government over the December 20 order.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
The IT department has a designated official to execute these rare powers.
'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.'
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
'We have promised to ensure reduced tax rates.'
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances