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.
On day 1, says retrospective taxation should be avoided; Sets up special investigation team to unearth black money.
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 agency had called him a hostile witness after he made the allegations.
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.
'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!'
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
The Covid pandemic has left a question mark on how the central government manages its staff.
The Central Board of Direct Taxes is set to rationalise I-T rules.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
Earlier, Arun Jaitley had said 60 prosecutions had been launched on the 'HSBC list'.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
Polling in Vellore was scheduled on April 18.
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.
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.
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.
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.
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.
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?
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
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.
Officials said there had been no official word or indication from the top yet. The expectation from officials is to do what they can, but it is understood that all fiscal and budgetary targets don't matter anymore.
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.
IT sector has lots of hope from the Union Budget 2014-15.
Jaitley said, "I welcome this investigation. I think it is a healthy step that these kind of exposes are being made. I have been repeatedly saying that the world is now going to increasingly become more transparent, countries are cooperating with each other and slowly all this information is going to come out as a result of various global initiatives which have been launched."
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Switzerland will not share details about accounts held prior to September 2018.
This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
In its interim order, the court also said use of National Council for Educational Research and Training books be made mandatory.
Fifty other entities, including the Congress, have been served notices
The Supreme Court appointed Special Investigative Team, which is looking into the black money cases, on Thursday said it will go after the offenders "big or small" but also made it clear that the confidentiality of account holders abroad will not be violated.
The parties, including the Communist Party of India-Marxist, the Samajwadi Party, the Rashtriya Janata Dal and the Trinamool Congress, said they will collectively oppose the Union home ministry's order issued on Thursday.
In a maiden initiative, the Election Commission has introduced e-filing of affidavits by candidates for the forthcoming Lok Sabha and assembly polls.
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