The reward could vary between 1% and 5% of the total tax paid.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
If not, an assessee might be charged interest for not paying TDS on time.
The Congress leader threatened to give a "fitting lesson" in the ensuing elections. "People are watching the excesses of this government," he said.
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'.
First phase likely to cover 150,000 assesses; rest to be handled in a systematic manner in due course.
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.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
The recently promoted Commissioners will now take charge and ensure faster work.
IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore (Rs 21.14 billion) income tax demand raised by the I-T Department.
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.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
'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.'
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard.
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
The income tax probe against the Congress leaders has arisen from the investigation into the private criminal complaint filed by Bharatiya Janata Party leader Subramanian Swamy before a trial court in connection with the National Herald case, in which the trio are out on bail.
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.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
The new measure will ease the process of quick generation of refunds of taxpayers.
The Congress unit described Ramesh's suicide an outcome of "targeted harassment" of their rank and cadre to keep them away from the party.
The department has taken the step after protests by individuals and organisations affiliated to the community.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Cairn faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006-07 it transfered all its India assets to a new company, Cairn India.
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 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.
Former Bharatiya Janata Party president Nitin Gadkari on Sunday denied he had threatened income tax authorities but insisted that the raids conducted on some companies. allegedly associated with his Purti Group. were a part of a conspiracy to malign him and his party. "I never threatened the I-T Department or its officials. I have full faith in the professional integrity of the department. Unfortunately, my public statements have been distorted," Gadkari said.
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.
The new office will have its base in the national capital.
The I-T dept has issued 87 notices under section 24 of the said Act
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
Vadra was asked to join the investigation at the tax authority's office but as he cited COVID-19 restrictions, a team of officials visited his premises in Delhi's Sukhdev Vihar area.
Move targeted at companies with high promoter holdings.
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
