It is sending letters to 35,170 PAN holders in the first phase.
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
The moves will reduce the administrative burden of the department, banks and taxpayers.
A questionnaire sent to Price Waterhouse was not answered.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
While most non-cash gifts are taxable, How the I-T department values them is the tricky part.
The government on Tuesday said around 49 lakh cases of income tax refunds are pending with the revenue department.
A local court in Hyderabad dismissed the bail petitions of S Gopalakrishnan and Talluri Srinivas, former partners of auditing firm Price Waterhouse, who are in judicial remand in the Rs 7,800-crore Satyam fraud case.
The year-long probe into Xerox Modicorp bribery scandal by an independent auditor appears nowhere near the end, with examination of two former managing directors of the company being carried out.
The I-T department has also filed 77 prosecution cases.
The net Income Tax collection in the Mumbai region has gone up by 62 per cent to Rs 23,315 crore (Rs 233.15 billion) as on September 20, compared to Rs 14,369 crore (Rs 143.69 billion) during the same period last fiscal.
The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
This was informed recently by the government to a Parliamentary panel, examining the amendments to the Prevention of Money Laundering Act, officials said.
The I-T department is now checking the account books and financial documents of select Reebok dealers in India, to whom it is issuing notices.
The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
About 40,000 jewellers in West Bengal have gone on a three-day strike alleging high-handedness of income tax officials.
The Central Information Commission has held that Income Tax department need not furnish information to aggrieved parties on action taken by it till the investigations were completed.
Some radio taxi operators are avoiding service tax payments, forcing the revenue department to take necessary steps, including coercive measures, to recover the dues, Finance Minister Arun Jaitley said.
If you are an individual, you will get your refunds quicker.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
Concern has been raised on the method of identification for providing tax credit and the requirement of a permanent account number for deduction of withholding tax. Industry had raised these two issues before a Central Board of Direct Taxes committee looking into the matter, said a senior finance ministry official.
Total number of income-tax returns filed in 2010-11, both electronically and manually, was around 29.6 million.
Accusing the government of spreading misinformation in the National Herald case, the Congress said it was proud to be associated with the newspaper that stood up in pre-independence times against the British for throttling free speech, similar to the present day climate.
The income tax department has detected alleged tax evasion to the tune of Rs 7 crore in the business transactions of Purti group of companies related to former Bharatiya Janata Party president Nitin Gadkari.
Are we creeping back to controls on corporate decision making? Three moves over the past eight months reinforce this notion, says Kanika Datta.
Dept seeks details of companies that signed Rs 1,000-cr MoUs.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
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