Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. "On the I-T project, we are extremely proud that as of December 31, as was reported, 5.8 crore returns were filed through that timeframe.
Govt steps up security to check criminals seeking bank details of taxpayers
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
The identity of the informant shall be kept a secret, it said.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
Department seeks investor database on the suspicion of fictitious investors.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
Raising slogans against the Bharatiya Janata Party, Trinamool Congress (TMC) leaders ended their 24-hour protest at the Mandir Marg police station in New Delhi on Tuesday evening, a day after they were detained while staging a dharna outside the Election Commission's office.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
The I-T department had issued re-assessment notice in March 2015 to the media group after noting that Rs 642 crore has allegedly not been computed for the tax assessment purposes of NDTV for financial year 2007-2008.
After producing Darshan and three others before the court, the police stated that they were not making the names of the eyewitnesses public citing their safety.
It will launch jurisdiction-free assessment from October
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
The Income Tax department has issued notice to a firm owned by Robert Vadra as part of its probe to understand the "financial structure" of the company and real estate projects undertaken by it.
The income-tax department continued its searches in different places linked to an Odisha-based distillery group on charges of tax evasion for the sixth consecutive day on Monday after recovering unaccounted cash to the tune of Rs 353 crore, the 'highest-ever' haul in a single action by any probe agency in the country, officials said.
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
Aaditya, son of Shiv Sena president and Chief Minister Uddhav Thackeray, dubbed the searches by the I-T department on Kanal as 'invasion by Delhi' ahead of Brihanmumbai Municipal Corporation (BMC) elections.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
She dubbed the I-T raids as "anti-democratic, deliberately planned and tested".
For some assessees, the range may not have changed.
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
The one-page form will mandatorily seek the taxpayers name.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
Taxpayers can expect faster refunds from the I-T department this year as the ambitious centralised processing centre of the department will start functioning to full capacity.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
He said a petition has been filed before the Supreme Court, seeking an independent probe by a special investigation team into the alleged nexus between political parties and companies for corruption through electoral bonds.
Taxpayers are allowed to make the changes under certain circumstances
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
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