'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country.
The taxmen provisionally sent orders to attach their properties in Mumbai, New Delhi, Pune, Goa and also over two dozen land parcels across the state with a combined market value of around Rs 1,400 crore
In the search, Rs 60 crore were found in 20 accounts of as many shell companies, an official said, adding the I-T team was scanning the records to trace the directors of these companies.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The Income Tax Department has moved the Bombay High Court to recover nearly Rs 500 crore from top stock brokers, who have managed to avoid paying income tax on the pretext of claiming depreciation on their Bombay Stock Exchange membership card.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
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.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
Assuring investors of a stable tax regime, Finance Minister P Chidambaram on Monday said I-T Department will adopt a non-adversarial approach in realizing the direct tax target of Rs 5.70 lakh crore for 2012-13.
Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
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.
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
The Income Tax department is mulling to arm its soon-to-be-appointed 'special agents' who will be tasked to crack high-profile tax evasion and money laundering cases in the country.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
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.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
Last week, Gandhi claimed that he had evidence of "personal corruption" of the prime minister but he was being prevented from speaking in the Lok Sabha because it would cause an earthquake.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
Some companies are charged with undervaluing their assets.
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.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
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.
Among the seizures were Indian masters such as FN Souza, VS Gaitonde, SH Raza, Amrita Sher-Gil and Akbar Padamsee, sculptures from Italy and the US, Chinese artwork and masterpieces by Xu Lei and Zeng Xiaojun.
With the present Income Tax Act proposed to be replaced by the Direct Taxes Code next year, the I-T department is planning to introduce a host of services related to processing of tax returns and refunds in the current fiscal.
The investigating officer of the case had grilled him for over four hours on Friday and about eight hours on Saturday as part of the probe.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
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.
While making his first appearance on Friday, after he arrived by air from Bengaluru, the Kanakapura MLA had said he will cooperate with the ED probe.
The searches at the Tamil television channel were conducted over alleged tax evasion.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
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