The federal agency issued a summons to Vaibhav Gehlot (43) last week, asking him to appear before the investigating officer of the case at its headquarters on A P J Abdul Kalam Road here under the provisions of the Foreign Exchange Management Act.
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
The regulator acted on the basis of a June 2011 complaint from the Office of the Directorate of Income Tax.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
Uttam Ghosh wonders why the slightest hint of dissent so irks the most authoritarian government since Indira Gandhi's time that it deploys the agencies at its command to try and silence dissenting voices.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The Enforcement Directorate (ED) on Wednesday told the Delhi high court that Chief Minister Arvind Kejriwal, arrested in a money laundering case linked with the alleged excise scam, cannot claim "immunity" from arrest on the ground of upcoming elections as law is applied equally to him and an aam aadmi.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
Long-term investors should never stop their SIPs during market corrections.
Income Tax department has sought prosecution powers in the proposed Direct Taxes Code for taking effective action against tax evaders.
In a massive setback to Delhi Chief Minister Arvind Kejriwal, the Delhi high court on Tuesday dismissed his petition challenging his arrest in a money laundering case stemming from the alleged excise scam, saying there was no contravention of legal provisions.
The Enforcement Directorate on Friday arrested the special secretary of the Chhattisgarh excise department in a money laundering case linked to the alleged Rs 2,000 crore liquor syndicate scam in the state.
A 10-member delegation of Trinamool Congress (TMC) had announced the dharna after meeting a full bench of the Election Commission (EC) to press their demand.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
ICICI Bank on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. For fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.
The NCP also asked the Income Tax department and the Enforcement Directorate to find out the source of "black money" involved.
Rajasthan Chief Minister Ashok Gehlot on Wednesday said the accused in the Kanhaiya Lal killing case in Udaipur were 'linked' to the Bharatiya Janata Party and should have been 'hanged by now' but the investigation by the National Investigation Agency was not progressing as it should.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
The HC has also directed the premier agency to submit an action taken report before February 22 in the case registered under the Prevention of Corruption Act.
NewsClick said that none of these investigations led to any chargesheets or complaints over the last three years."
Experts, however, said that it is a very nominal benefit to the salaried class.
The court will hear Sahara case on July 14.
Delhi court to hear Subrata Roy's IT case on June 1.
Also build a contingency fund equal to 9 to 12 months of expenses.
In 2019-20 Budget, the government had increased surcharge from 15 per cent to 25 per cent on those with taxable income between Rs 2-5 crore and from 15 per cent to 37 per cent for income above Rs 5 crore. Following the increase, the effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent and for those above Rs 5 crore it would go up to 42.7 per cent.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
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.
'We are not worried about raids. We have nothing to hide.'
It is sending letters to 35,170 PAN holders in the first phase.
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
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