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.
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.
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.
'You need to have enough funds to maintain the primacy of public transport and it should not suffer because of lack of funds.'
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.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
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.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
On day 1, says retrospective taxation should be avoided; Sets up special investigation team to unearth black money.
The government notified the compliance window under the Act.
Rajasthan Congress leaders Jyoti Mirdha and Sawai Singh Chaudhary switched to the Bharatiya Janata Party in Jaipur on Monday ahead of assembly elections due later this year.
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.
'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!'
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Earlier, Arun Jaitley had said 60 prosecutions had been launched on the 'HSBC list'.
The Central Board of Direct Taxes is set to rationalise I-T rules.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
The Covid pandemic has left a question mark on how the central government manages its staff.
The agency had called him a hostile witness after he made the allegations.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
Polling in Vellore was scheduled on April 18.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
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.
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.
Database to contain taxable financial transactions and history of any tax-paying individual.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Senior most Information Commissioner Vijai Sharma is tipped to be new Chief Information Commissioner, while former Central Board of Direct Taxes chief K V Chowdary is understood to be in the running for the Central Vigilance Commissioner's post.
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
