The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
Move targeted at companies with high promoter holdings.
The department allows you to revise these, but there are strict conditions to be noted.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
The Bombay High Court has dismissed Vodafone petition challenging the show cause notice issued by income tax department asking them to pay over $2 billion tax on the multi-crore Hutchinson takeover deal.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
The I-T department expects that some more revenue would be garnered.
The fate of Mohana Rao was not immediately known.
Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
Taxpayers will have to disclose all bank accounts held by them in India.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
The draft report of the committee contains 27 suggestions for amendments under the I-T Act and eight for reform through administrative instructions.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
In more trouble for Reebok India, the I-T department has launched a probe into its finances and has begun issuing notices to its executives after an alleged Rs 870-crore (Rs 8.7-billion) fraud case was detected by the company against two of its top officials.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
The Income Tax department on Monday approached a Hyderabad court seeking copies of the documents seized by the Central Bureau of Intelligence during the probe of corruption allegations against Kadapa MP Y S Jaganmohan Reddy and the alleged irregularities in the Emaar Properties land deal.
The Income Tax department is set to overhaul its official website for better taxpayer interface and has invited suggestions from public in order to make the portal more user friendly.
Go cashless. Go clean, say I=T to people.
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
PMO asked income-tax department to submit report on action taken against identified benami owners
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
The income tax department has advised its officials to shun the practice of sharing or renewing official passwords through internet or telephone after recent incidents of misuse of these secret codes by fraudsters.
The tax payers base is just over 4 crore (Rs 40 million).
The Income Tax (I-T) department has said Tharoor did not benefit from the Kochi IPL deal. Meanwhile, the finance ministry has said that the I-T department is probing IPL Commissioner Lalit Modi's offshore money and trying to find out if stakeholders are fronts for Modi.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
The Income Tax department has agreed to give priority to 'sons of soil' and use of Marathi language in its offices, a Sena leader said.
The department has taken the step after protests by individuals and organisations affiliated to the community.
