The fake mails from unidentified cyber criminals have come at a time when most tax payers file for refunds.
The health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23, with the government also announcing a mission to eliminate sickle cell anaemia by 2047.
The department has now sent the reports of such accounts to the respective chief commissioners of Income Tax in various parts of the country to check the veracity of such accounts in their regions. More than 6,50,000 frozen demat accounts were taken under scanner and investigated by the Income Tax department in December last year on the suspicion of huge evasion of taxes and benami transactions.
The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
In Kolkata, there is a community of chartered accountants, and it is easy to find 'directors', who for Rs 5,000 will sign anywhere.
The country's largest realty player, DLF, on Thursday said it might have to pay additional tax of up to Rs 400 crore (Rs 4 billion) following a special audit of its income for the fiscal 2005-06, by the income-tax authorities.
Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
According to the budget document, Rs 1,891.78 crore has been allocated for purchase of EVMs by the poll panel.
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
A huge cadre restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of changes in the existing jurisdictions of assessing officers of the department across the country.
The notices were issued to Bhave on September 14, 2010 and January 24, 2011, when he was at the helm of Sebi.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Though the surveys were still going, the IT sleuths said they are investigating the records and books of accounts of these traders to ascertain the mismatch between physical stocks of goods and stocks maintained in account books.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
The specialised wing -- Directorate of Criminal Investigation (Income Tax) -- will be manned by hand-picked officers who are experts in financial and forensic investigations.
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
Searches were also conducted at the residential premises of top company officials, the source said.
Rahul Gandhi's mother and senior Congress leader Sonia Gandhi has also got at least five refunds since the assessment year 2001-02, but there is no adjustment against any outstanding demand for her in this time period.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
As 'spot-fixing' charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Queing before Income Tax Department officials will soon become a practice of the past. The department is making an elaborate plan to equip its offices throughout the country with Aaykar Seva Kendras (ASKs) which will work as a single-window facility for taxpayers for filing applications for services and redressal of grievances including paper returns.
Bombay High Court will hear Vodafone Essar's case on tax for 10 working hours from March 10.
In case the company defaulted on depositing the TDS collected, it shall be liable to pay interest at the prescribed rate on the tax amount.
The Income Tax department has given a clean chit to the five banned domestic cricketers, who were involved in the IPL spot-fixing fiasco, from any financial misconduct or receiving kickbacks in order to fix matches.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
The Securities and Exchange Board of India (Sebi) on Friday banned Mumbai-based high net worth individual Sanjay Dangi and promoters related to him from dealing in equity markets. Promoters and promoter entities of Murli Industries Ltd, Ackruti City Ltd, Welspun Corp Ltd, and Brushman India Ltd have been barred from trading in their own and group companies' shares.
Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent - much below the national average of 12 per cent.
PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The Income Tax department on Tuesday raided more than 60 places across the country in connection with the alleged illegal investments and hawala transactions case involving Jharkhand's former Chief Minister Madhu Koda.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
