"Defaulters are advised to pay tax arrears immediately," said the notice.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
The note guides taxman to avoid seeking voluminous details.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Includes those dealing in high-value property and petrol pump owners
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.
Promoter entity RRPR - owned by Prannoy and Radhika Roy - says allegations baseless; replies to queries by Sebi.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said.
To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the Income Tax Department on Monday introduced a new facility called e-filing vault.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturers of Dolo-650 tablet that was widely used by COVID-19 patients during the last over two years, on charges of alleged tax evasion. Officials said the department is looking at financial documents, balance sheets and business distributor networks of the company as part of the searches. The PTI has sent queries on the action to the company and a response is awaited.
Calling the action of the ED as harassment, he questioned the timing of the summons when the Congress' Bharat Jodo Yatra was on and when the State Assembly session was underway.
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
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.
I-T sleuths are raiding 130 premises of the business houses in the cities of Chennai, Hyderabad, Thrissur and other locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, I-T sources said.
While addressing a rally at Alipurduar, Banerjee accused the Election Commission of removing the deputy inspector general of police of Murshidabad at the behest of the BJP.
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
The raids are underway at three locations, including her residence in Sainik Farm. Misa Bharti and her husband Shailash Kumar are involved in an alleged benami land deals case and were called for questioning by tax officials in June.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The taxman carried out a total of 677 search, survey and enquiry operations
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The authorities had sought explanation from these 18 lakh entities through SMS and emails
The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
