The claim relates to assessment year 2008-2009.
The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be 'captivating' and 'inspiring', particularly to the young and future taxpayers.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
Chairman of the Central Board of Direct Taxes (CBDT), Prakash Chandra, has asked the income tax (I-T) department to hasten court and tribunal proceedings to meet tax collection targets in the coming quarters.
The Income Tax department has begun sealing properties and issued prohibitory orders around the premises of former Jharkhand chief minister Madhu Koda and his associates in the alleged hawala transactions and illegal investments case.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
Sebi had, in February, dropped allegations of fraudulent and unfair trade practices against NSE's former heads Ravi Narain and Chitra Ramakrishna in the co-lo case.
Niira Radia-promoted Vaishnavi Corporate Communications on Friday said none of its present or past employees has given any complaint to the government that became the basis for the I-T department to tap Radia's phones.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
Tax officials saidsome instances of "asset transfers" are also under their scanner
The IT sleuths recovered 'incriminating' documents from the premises of Vijayabaskar and others, officials said.
The company has not been able to sell its 9.8% stake in Cairn India
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
Verification process to be made robust after detection of frauds
Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax Department, asking the former IRS officer to pay over Rs nine lakh in dues by this month-end.
Former Jharkhand Chief Minister Madhu Koda will be questioned by the Income Tax officials in Ranchi on Tuesday over an alleged Rs 2,000 hawala transaction case.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
Department has collected information about these defaulters from various sources and will soon initiate action against them.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
The moves will reduce the administrative burden of the department, banks and taxpayers.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
