The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
A bench comprising Justices R F Nariman and S Ravindra Bhat rejected the request of the Solicitor General, appearing for the Enforcement Directorate, to issue a notice to the other side on the appeal.
Those people without the Aadhaar number have found a loophole in the system
The trouble for Ashok Lavasa's family began a few months back when his wife, Novel Singhal Lavasa, came under the scanner of the income tax department on charges of alleged tax evasion.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
In the search, Rs 60 crore were found in 20 accounts of as many shell companies, an official said, adding the I-T team was scanning the records to trace the directors of these companies.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
Assuring investors of a stable tax regime, Finance Minister P Chidambaram on Monday said I-T Department will adopt a non-adversarial approach in realizing the direct tax target of Rs 5.70 lakh crore for 2012-13.
The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
The move would help in further promoting ease of doing business in the country.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The Enforcement Directorate on Wednesday morning raided the premises of Aam Aadmi Party MP Sanjay Singh in connection with the Delhi excise policy-linked money laundering case, officials said.
Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people
The Congress in Karnataka on Wednesday found itself in a tight spot after a video showed a purported conversation between the party media coordinator M A Saleem and former Lok Sabha member V S Ugrappa attributing the Congress state president D K Shivakumar's involvement in a scam when he was a minister.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
The Income Tax department is mulling to arm its soon-to-be-appointed 'special agents' who will be tasked to crack high-profile tax evasion and money laundering cases in the country.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
With the present Income Tax Act proposed to be replaced by the Direct Taxes Code next year, the I-T department is planning to introduce a host of services related to processing of tax returns and refunds in the current fiscal.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
Some companies are charged with undervaluing their assets.
Last week, Gandhi claimed that he had evidence of "personal corruption" of the prime minister but he was being prevented from speaking in the Lok Sabha because it would cause an earthquake.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
Finance Minister Nirmala Sitharaman on Wednesday allocated nearly Rs 12,544 crore to the department of space as India plans a human spaceflight -- Gaganyaan -- next year and sets out to explore the moon and neighbouring planets.
Central Board of Direct Taxes chairman Sudhir Chandra told Business Standard that the changes have been approved in principle and necessary instructions would be issued soon.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
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.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
FY14 sees 16% decline in adjustments; department adds only Rs 59,000 crore to the profits attributed by multinationals, against Rs 70,000 crore a year ago
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
The idea is to cut litigation, lower the cost of collection and prioritise bigger defaulters.
The searches at the Tamil television channel were conducted over alleged tax evasion.
Among the seizures were Indian masters such as FN Souza, VS Gaitonde, SH Raza, Amrita Sher-Gil and Akbar Padamsee, sculptures from Italy and the US, Chinese artwork and masterpieces by Xu Lei and Zeng Xiaojun.
