I-T department is investigating 20 listed companies suspected to have falsely claimed long-term capital gains tax exemption
The I-T Department has moved the SC against the ruling by a quasi-judicial body, which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside India.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
Those running from pillar to post to get their Income Tax refund dues can seek solace in Right to Information Act, which is fast becoming a potent tool to get refund faster.
Income Tax officials plan strikes, stoppage of searches and surveys if their demands on vacant positions, infra aren't met.
While Team Anna spokesperson Arvind Kejriwal is attending a meditation course at Sohna in Haryana, income tax department officials are losing their peace of mind over more worldly affairs involving their former colleague.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
In a report submitted to the Election Commission, the department, which has been investigating the donations list of the party for the last over an year, has said that the records of donations made to the AAP during 2013-14 and 2014-15 had "factual discrepancies" and did not match with the actual funds received by it from various donors.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
Income Tax dept to enhance prosecution against large defaulters.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
On the steps being taken by the government to check the generation and transfer of black money to foreign countries, the Minister said that India has been renegotiating its Double Taxation Avoidance Agreements with other countries to bring Article on Exchange of Information at par with international standards.
After producing Darshan and three others before the court, the police stated that they were not making the names of the eyewitnesses public citing their safety.
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
Condemning the raids, the TDP said it was "pure political vendetta" as Ramesh had been vociferously fighting for the state's causes in Parliament.
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The raids were carried out across 23 locations in the state and involved around 200 sleuths, they said.
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
A bench headed by Justice S B Sinha refused to hear the Vodafone plea that had challenged the Bombay high court judgment, which on December 3 last year had dismissed a petition by Vodafone International Holdings BV, contesting a showcause notice by the I-T department. Vodafone, Netherlands-based company, had bought a 67 per cent stake in Hutchison Essar from Hutchison Telecom International in February 2007 for $11.2 billion.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
Dismissing the bail petitions of Raju brothers and V Srinivas, a local court in Hyderabad granted permission to the I-T department to examine and record the statement of B Ramaling Raju in the Rs 7,800 crore (Rs 78 billion) Satyam fraud case.
During the searches at about 66 places, I-T officials said they've seized cash and jewellery worth over Rs 15cr.
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
A number of accounts were lying idle since 2007 and no transactions were being carried out in them for almost two years.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
He said a petition has been filed before the Supreme Court, seeking an independent probe by a special investigation team into the alleged nexus between political parties and companies for corruption through electoral bonds.
77 bank accounts of suspended Madhya Pradesh IAS couple Arvind and Tinu Joshi have been frozen and their properties attached by the Income Tax authorities which claimed that cash and investments of over Rs 360 crore have been detected.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
The government has cancelled the FCRA registration of nearly 1,900 NGOs for violating various provisions of the law in the last five years. There were 22,762 FCRA-registered organisations till December-end 2021.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
