Already, there is a feeling even within the BJP's AIADMK ally that the BJP is overdoing things on the ED/I-T front, as corruption is not an election issue in the state -- as long as the people are otherwise not excessively unhappy with the governing party, points out N Sathiya Moorthy.
The idea is to cut litigation, lower the cost of collection and prioritise bigger defaulters.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
The raids were conducted on Wednesday evening to Thursday morning, he said. There was no objection to the raids by Hossain, a two-time TMC MLA and a businessman.
Central Board of Direct Taxes chairman Sudhir Chandra told Business Standard that the changes have been approved in principle and necessary instructions would be issued soon.
FY14 sees 16% decline in adjustments; department adds only Rs 59,000 crore to the profits attributed by multinationals, against Rs 70,000 crore a year ago
The outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crore, according to an RTI reply from the department.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
To keep a strict vigil on cash and bullion movement in poll-bound Gujarat, the Income Tax department has deputed its teams in every district and airport in the state and have also flagged around one-third seats as 'expenditure sensitive', a top official said in Ahmedabad on Friday.
.jpg)
At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
Coming from a family that has a 140-year history of growing coffee, Siddhartha, 59, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's in Economics from Mangalore University.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
After coming out of CBI headquarters in New Delhi, Chidambaram said he had appeared before the CBI and the first information report did not contain any allegations against him.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
While the exact figures of the total number of taxpayers who will be honoured is not known, officials said these numbers would be few lakhs.
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
The ministry, in its notification of January 31, has said a large number of taxpayers have told it that the existing limits of the Income Tax Officers -- the nodal officers and the first interface of the I-T department for I-T filing -- was causing hardship to the taxpayers.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
While the concerned property may be confiscated, a person indulging in such a transaction is liable to pay a fine up to 25 per cent of fair market value of the property
Bharatiya Janta Party's prime ministerial candidate Narendra Modi's 'Hoonkar Rally' in Patna on October 27 has come under the scanner of the income tax department in Bihar, officials said on Thursday.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
Congress general secretary Digvijay Singh on Saturday said he saw nothing wrong in the I-T department sending notices to social activist Arvind Kejriwal.
Nokia may now not sell its Chennai unit.
Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.
The I-T department has issued 2,190 warrants and seized assets worth Rs 299.63 crore (Rs 2.996 billion), Finance Minister Pranab Mukherjee said in the Rajya Sabha.
The BJP is has set its sight on regaining power by winning 150 out of 224 assembly seats.
The value of assets seized during raids by the Income Tax Department has more than doubled in last five years, as the department started going after the 'big fish'.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
CBDT sets up committee to detect leakages in tax-exempt sectors.
More than half the transactions under four of eight categories tracked under a scheme to reduce tax evasion lack a "valid" identification number issued by the Income-tax (I-T) Department.
Under a blueprint currently being vetted by the I-T department, the directorate will house a centralised repository of data culled from telephone and Internet intercepts, banking and market transactions, cross-border deals and even your friendly neighbourhood ATM.
Sleuths of the Income Tax department on Monday conducted searches at the Lilavati Hospital in Mumbai in connection with the alleged financial irregularities committed by its trustees and owners, sources said.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances