The Congress leader threatened to give a "fitting lesson" in the ensuing elections. "People are watching the excesses of this government," he said.
IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore (Rs 21.14 billion) income tax demand raised by the I-T Department.
The recently promoted Commissioners will now take charge and ensure faster work.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard.
The income tax department on Wednesday issued FAQs on changes in the capital gains tax saying the idea behind it was to simplify the tax structure and promote ease of compliance. The holding period for various asset classes for the purpose of short- and long-term capital gains tax has been rationalised. The holding period of all listed assets will be now one year for the purpose of long-term capital gains tax (LTCG).
This has affected all political activity of the party, Maken said at a press conference.
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
The department has taken the step after protests by individuals and organisations affiliated to the community.
The new measure will ease the process of quick generation of refunds of taxpayers.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Cairn faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006-07 it transfered all its India assets to a new company, Cairn India.
The income tax probe against the Congress leaders has arisen from the investigation into the private criminal complaint filed by Bharatiya Janata Party leader Subramanian Swamy before a trial court in connection with the National Herald case, in which the trio are out on bail.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
Former Bharatiya Janata Party president Nitin Gadkari on Sunday denied he had threatened income tax authorities but insisted that the raids conducted on some companies. allegedly associated with his Purti Group. were a part of a conspiracy to malign him and his party. "I never threatened the I-T Department or its officials. I have full faith in the professional integrity of the department. Unfortunately, my public statements have been distorted," Gadkari said.
The new office will have its base in the national capital.
The Congress unit described Ramesh's suicide an outcome of "targeted harassment" of their rank and cadre to keep them away from the party.
The I-T dept has issued 87 notices under section 24 of the said Act
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
Move targeted at companies with high promoter holdings.
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
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.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
