Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
Sleuths of the Income Tax department on Monday conducted raids on the residences and offices of two Member of Legislative Assembly of the Bharatiya Janata Party, according to sources. Raids were conducted at the residences and offices of Suresh Babu and Nagendra. According to sources, raids were conducted in 60 different places including their offices at Bellary and Bengaluru. Their residences were also searched by I-T department officials. I-T sleuths have seized black money
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.
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.
Total amount in these accounts is estimated to be around Rs 1,500-1,600 cr
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
Delhi High Court quashes reassessment proceedings by Income Tax department.
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.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
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.
The income tax department is asked to keep names of blackmoney holders under wraps.
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.
While the entry of 62-year-old Noel Tata, half brother of Ratan Tata, into Tata Trusts is being seen as a significant departure from the past within the salt-to-software conglomerate, Jehangir, a long-standing philanthropist is expected to add heft to Tata Trusts.
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.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
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 Income Tax raids on a Karnataka minister on Wednesday had its echo in Parliament where the protesting Congress members disrupted the proceedings
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.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
Wants CBDT to plug loophole in the system.
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.
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.
Former Chief Justice of India Justice Handyala Lakshminarayanaswamy Dattu was on Tuesday selected as the next Chairperson of the National Human Rights Commission.
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 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.
West Bengal Chief Minister Mamata Banerjee on Wednesday said she had suggested to the Congress that an advisory council comprising prominent personalities from civil society be set up to give a direction to the opposition, but rued that the plan did not materialise.
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).
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 Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
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.
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 raid was carried out by the Crime Branch at the office of T&T Law Firm on Saturday night, the officer said.
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.
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