Amid protests from vegetable merchants over tax raids, the I-T department has unearthed unaccounted money worth over Rs 7 crore (Rs 70 million) from Punjab-based wholesale vegetable merchants, an official said.
Among the seizures were Indian masters such as FN Souza, VS Gaitonde, SH Raza, Amrita Sher-Gil and Akbar Padamsee, sculptures from Italy and the US, Chinese artwork and masterpieces by Xu Lei and Zeng Xiaojun.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The Income Tax Department has moved the Bombay High Court to recover nearly Rs 500 crore from top stock brokers, who have managed to avoid paying income tax on the pretext of claiming depreciation on their Bombay Stock Exchange membership card.
Avoid common mistakes, figure out how to file returns if you invest in stocks and other concerns
Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.
As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
The ceiling of gratuity amount under the Payment of Gratuity Act, 1972, has been raised from time to time keeping in view overall economic condition and employers' capacity to pay and the salary of employees, which have been increased in private sector and in PSUs.
Finance Minister Nirmala Sitharaman on Wednesday allocated nearly Rs 12,544 crore to the department of space as India plans a human spaceflight -- Gaganyaan -- next year and sets out to explore the moon and neighbouring planets.
According to the budget document, Rs 1,891.78 crore has been allocated for purchase of EVMs by the poll panel.
Fiscal deficit would be brought down to below 4.5 per cent by 2025-26, Finance Minister Nirmala Sitharaman said on Wednesday. She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit. To finance the fiscal deficit in 2023-24, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore, Sitharaman said while presenting the Union Budget for 2023-24 in the Lok Sabha.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
The BJP has nothing to lose after a point. For the DMK it is a difficult choice, as it would not want to give too much of space to a 'national party' lest the 'Dravidian duel' of the past decades should be lost forever, observes N Sathiya Moorthy.
Mumbai police is likely to take assistance of the Income Tax department and the Enforcement Directorate for probe into the disproportionate assets case involving senior Congress leader Kripashankar Singh, his family members and aides.
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
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.
The Union budget for 2023-24 has allocated Rs 1,258.68 crore for various heads of expenditure of the Union cabinet, including salaries, sumptuary and travel by ministers and entertainment of foreign state guests.
Sources said Peerzada has been asked to come with all his financial documents to the taxman after the department took cognisance of recent media reports about his wealth being about Rs 3,000 crore (Rs 30 billion).
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
Calling the action of the ED as harassment, he questioned the timing of the summons when the Congress' Bharat Jodo Yatra was on and when the State Assembly session was underway.
The new Diageo management had asked Vijay Mallya to step down.
The government has extended the last date for filing of income tax returns to October 3 instead of September 30, which was a bank holiday.
In the search, Rs 60 crore were found in 20 accounts of as many shell companies, an official said, adding the I-T team was scanning the records to trace the directors of these companies.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
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Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. These two sections deal with reinvestment of proceeds from sale of long-term assets (housing or other capital assets) to buy residential properties. "For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore," Finance Minister Nirmala Sitharaman said in her Budget speech.
Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment. "Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP.
The Sports Ministry has got a fillip with the government allocating Rs 3,397.32 crore, an increase of Rs 723.97 crore, in the Union Budget on Wednesday.
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
