Total amount in these accounts is estimated to be around Rs 1,500-1,600 cr
Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
A three-judge bench headed by Chief Justice S H Kapadia asked the company to file its representation before the IT department.
Delhi High Court quashes reassessment proceedings by Income Tax department.
Broadening the ambit of probe into the country's biggest corporate fraud at Satyam, the Income-Tax department has formed a two-member team to assist the Central Bureau of Investigation (CBI), besides carrying out a parallel inquiry into alleged tax violations.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
The income tax department is asked to keep names of blackmoney holders under wraps.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited because it had allegedly furnished 'inaccurate particulars' of income to claim tax deduction.
The Income Tax Department on Wednesday searched the premises of companies associated with the Indian Premier League (IPL) in the wake of allegations that telecasting agency Multi Screen Media had paid a facilitation fee of $80 million to marketing agency World Sports Group.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
Britannia Industries, the country's top biscuit maker, has taken the income tax department, Kolkata, to court after it received a show-cause notice asking it to explain the withdrawal of funds from the employees' pension fund in 2003.
By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres.
Objective of the examination is to study the tax implications of such deals.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
The IT department, which earlier had raised a total tax demand of Rs 71,845 crore (Rs 718.45 billion) on Khan and his associates, has now included a 24 per cent penalty on this amount as the assessment on them was made in 2008, according to department sources on Wednesday.
The Income Tax raids on a Karnataka minister on Wednesday had its echo in Parliament where the protesting Congress members disrupted the proceedings
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The finance ministry on Friday informed a parliamentary committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
Non-gazetted employees and promotee gazetted officers of the Income Tax department all over the country would hold a series of agitations commencing from July 25 in support of their 22-point charter of demands.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
Former Chief Justice of India Justice Handyala Lakshminarayanaswamy Dattu was on Tuesday selected as the next Chairperson of the National Human Rights Commission.
The tax authorities challenged a Gujarat high court judgement that had dismissed their appeal holding that Karnik could not be held guilty of even deemed concealment. A Bench headed by Justice D K Jain, while posting the matter for final hearing, rejected Karnik's counsel P K Manohar's plea to allow him to file a counter affidavit.
Wants CBDT to plug loophole in the system.
The Crime Branch and Delhi Police had earlier on December 11carried out raids at the office of his firm T&T Law and seized nearly Rs 13.5 crore, of which Rs 2.6 crore was in new banknotes released after demonetisation.
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.
The company faces a potential tax demand.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
The raid was carried out by the Crime Branch at the office of T&T Law Firm on Saturday night, the officer said.
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).
"You cannot play hide and seek with the court," Justice Suresh Kait said.
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts.
The Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
Proof of disgraced Satyam founder Ramalinga Raju's political influence--an issue that is being widely discussed following his January 7 confessions of fraud--was strongly in evidence as far back as 2002, when his company was at the height of its success.
Bharatiya Janata Party President Nitin Gadkari, who was asked by the Income Tax department to appear before it on Monday in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case.
Last week, the government had introduced the black money Bill.
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