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.
Enhanced scrutiny, modified auditors' report and new return form part of exercise to curb misuse of tax exemption.
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.
While taking personal loans from friends and family, one is advised to opt for cheque payments only, rather than cash, since the department may initiate further inquires to track the lender's capacity to give such a loan.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
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 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.
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.
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 exhaustive list was uploaded on the official web portal of the department.
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 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 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 move comes less than two months after the Union Budget clarified that returns from pass through certificates were tax-exempt.
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.
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.
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.
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.
Legal hurdle cited in I-T action against 32,000 entities.
Plans to outsource record-keeping to private entities.
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.
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 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.
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.
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.
Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.
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.
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 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.
Tax wing scanning cash deposits between Rs 5-10 lakh
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
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
Industries Minister P Thangamani told the assembly. He was responding to a query by A Sounderrajan of CPI-M.
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.
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.
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