The income tax probe against the Congress leaders has arisen from the investigation into the private criminal complaint filed by Bharatiya Janata Party leader Subramanian Swamy before a trial court in connection with the National Herald case, in which the trio are out on bail.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
First phase likely to cover 150,000 assesses; rest to be handled in a systematic manner in due course.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
The actor had earlier taken to Twitter on Sunday to share his "platinum certificate" from the ministry for filing his tax returns for the year 2019-2020 to refute rumours.
According to I-T department sources, the need for increased scrutiny comes following the department's own report for last fiscal which mentions that 'educational institutions' among other 'various sectors' have indulged in huge 'tax evasions'. The I-T department exempts educational trusts and institutions enjoying 'tax benefits' from the Act.
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore (Rs 21.14 billion) income tax demand raised by the I-T Department.
Earlier, taxpayers were required to fill in complete details.
Here's how 250 tax sleuths are taking on corporate titans.
The I-T dept has issued 87 notices under section 24 of the said Act
Delay in receipt of income tax returns is the most registered grievance of taxpayers in the national capital with the I-T Ombudsman receiving almost 85 per cent complaints in this regard.
"Defaulters are advised to pay tax arrears immediately," said the notice.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) in Mumbai for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the central agency again later this week for completion of the exercise.
The probe into alleged tax evasion and holding of directorship in multiple firms against the former banker pertains to a time period between 2015-17, they said.
The Enforcement Directorate on Wednesday morning raided the premises of Aam Aadmi Party MP Sanjay Singh in connection with the Delhi excise policy-linked money laundering case, officials said.
Young India opener Shubman Gill has said he went back to the basics.
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
Income Tax dept to enhance prosecution against large defaulters.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
Income Tax dept will launch over 100 fresh prosecution complaints.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
