Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the Indian Premier League case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country -- Board of Control for Cricket in India.
The company had moved court on a showcause notice from the I-T Department, quantifying a tax liability of Rs 12,000 crore (Rs 120 billion), which could include a penalty, on account of Vodafone not deducting tax from the payment made to Hutchison for acquiring the latter's stake in an Indian telecom venture.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
Sources say bills were inflated by the company and not recorded correctly.
Investors in Reit would like some favourable tax treatment so that this remains an attractive route for them to put money as compared to other options present in the market.
The exhaustive list was uploaded on the official web portal of the department.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
The move comes less than two months after the Union Budget clarified that returns from pass through certificates were tax-exempt.
Reserve price of the properties that came under the hammer on Wednesday ran into crores of rupees. The IT department has claimed tax arrears of Rs 11.85 crore from Telgi.
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 issue has been raised by the income-tax department saying that consumer electronics and home appliances manufacturer Samsung India Electronics Ltd is liable to deduct tax in respect of goods outsourced for manufacturing to other manufacturers or original equipment manufacturers.
Plans to outsource record-keeping to private entities.
The department had sent SMSes and emails to 18 lakh people who made suspicious deposits of over Rs 500,000 during the 50-day demonetisation period.
Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.
The Bombay High Court on Thursday deferred till August 2 the hearing on an appeal filed by Vodafone International challenging income tax department's decision to levy tax on the company for acquiring stake of Hutchison International in Hutchison-Essar in a $11.1 billion deal in February 2007.
Legal hurdle cited in I-T action against 32,000 entities.
The Election Commission has come across instances of suspected violations of the Foreign Contribution Regulation Act by Congress and the Bharatiya Janata Party in their acceptance of donations from subsidiaries of multi-national firm Vedanta group.
The former Karnataka minister said the ED has asked him to appear before it in Delhi on Friday by 1 pm and he was considering all legal options.
The SC's dismissal of the Income-Tax department's plea that companies cannot claim deductions against tax liabilities on account of losses due to foreign exchange rate fluctuations legitimises the way companies were accounting for these forex losses.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
Tax wing scanning cash deposits between Rs 5-10 lakh
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.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
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.
Industries Minister P Thangamani told the assembly. He was responding to a query by A Sounderrajan of CPI-M.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
A crestfallen former Karnataka chief minister B S Yeddyurappa whose residences were raided by a joint team of Central Bureau of Investigation and I-T department sleuths on Wednesday, told the media in Bengaluru that the investigation agency is free to take all documents as he will cooperate with the probe.
Client executives and relationship managers -- so far confined to the private sector and especially service providers -- have now made an entry into the tax department, too. Just like the relationship manager at your bank, the 'client executive' will coordinate all the tax requirements of a company, which could range from income tax to central excise and service tax.
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
Harshvardhan Nawathe, who won the Rs 1-crore (Rs 10 million) prize money on quiz show 'Kaun Banega Crorepati', continues to face queries on his tax liability even nine years after he emerged as the winner of the popular television reality show.
The town of about 70,000 people in the south-central region of Tamil Nadu has been getting many new visitors since December 31, led by the police and income tax (I-T) department. The attraction is a resident named T M Ramalingam, found with what appear to be international bills of exchange worth Rs 27,000 crore.
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year.
In more trouble for senior Bharatiya Janata Party leader Gopinath Munde, facing an Election Commission's show cause notice for his poll spending remark, the Income Tax department has issued a notice seeking his explanation within a week.
