The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
The fair market value of an immovable property will be higher from the acquisition cost.
Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not
The Supreme Court on Friday refused to go into a plea seeking probe by an special investigation team into alleged recovery of documents by the IT department in connection with raids on two business houses in New Delhi.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
Sharma says efforts on to bring dissenting ministries on board eBiz platform.
To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, she said.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
The list has been handed over to Enforcement Directorate.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
Includes those dealing in high-value property and petrol pump owners
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
More than Rs 8 crore unaccounted cash has been seized in subsequent raids at various locations by Lokayukta. The arrested officer's father is Madal Virupakshappa, the MLA representing Channagiri constituency in Davangere district of the state.
The minister said any declaration made under the law will be protected
Debashis Basu lists various reasons why laundering through the stock market thrives.
Former Central Board of Direct Taxes chief K V Chowdary and Information Commissioner Vijai Sharma were on Monday appointed Central Vigilance Commissioner and Chief Information Commissioner, posts which have remained vacant for over nine months on which the government drew some flak.
An online system generates import-export code.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on Monday.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
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.
The black money law provides for tax and a penalty of 120 per cent of assets' value.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
The agency had called him a hostile witness after he made the allegations.
The CAD in 2012-13 was at 4.7 per cent of GDP and in 2013-14 it will only 1.7 per cent, the Finance Minister said.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
The 90-day compliance window to declare overseas wealth ends on September 30.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
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.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
The Covid pandemic has left a question mark on how the central government manages its staff.
On day 1, says retrospective taxation should be avoided; Sets up special investigation team to unearth black money.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
'We are the largest film industry in the world.' 'We employ millions and entertain billions.' 'We generate the highest amount of sales tax.' 'Our stars pay the highest amount of income tax.' 'All I would say is: Don't f*** it up!'
The government notified the compliance window under the Act.
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.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
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