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).
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
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.
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.
The new Diageo management had asked Vijay Mallya to step down.
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
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 has extended the last date for filing of income tax returns to October 3 instead of September 30, which was a bank holiday.
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
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It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes.
Finance Minister Nirmala Sitharaman's Budget speech on Wednesday was marked by the usual thumping of benches by the ruling alliance members, but the loudest cheer was reserved for her announcement of income tax relief, which was welcomed by 'Modi, Modi' chants in Lok Sabha that also witnessed a few instances of protest by the Opposition.
Opposition leaders slammed the Centre on Wednesday for its 'limited' focus on important sectors like health and education in the Budget for 2023-24 fiscal.
According to state officials, the project envisages lifting of 17.40 thousand million cubic feet of water from river Thunga to Bhadra reservoir and 29.90 TMC from Bhadra reservoir.
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.
Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present Union Budget 2023-24 in a paperless format just like the previous two years. She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.
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.
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.
The authorities had sought explanation from these 18 lakh entities through SMS and emails
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
The court also issued notice to the Income Tax department.
The taxman carried out a total of 677 search, survey and enquiry operations
Premises of former Karnataka chief minister B S Yediyurappa's close aide Umesh were among those raided by Income Tax sleuths in the State on Thursday.
Rahul Gandhi's mother and senior Congress leader Sonia Gandhi has also got at least five refunds since the assessment year 2001-02, but there is no adjustment against any outstanding demand for her in this time period.
Central Board of Direct Taxes chairman Sudhir Chandra told Business Standard that the changes have been approved in principle and necessary instructions would be issued soon.
The move is aimed at freeing up about Rs 3 lakh crore (Rs 3 trillion) in tax value locked up in appeal.
The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
The defence budget was increased to Rs 5.94 lakh crore for 2023-24, up from last year's allocation of Rs 5.25 lakh crore.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
The Income Tax department probing alleged financial irregularities in the IPL has collected TDS of nearly Rs 4 billion (Rs 400 crore) from the third edition of the T20 tournament.
Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
The Delhi high court on Monday granted "last opportunity" to the Enforcement Directorate to respond to a petition by media baron Raghav Bahl to quash a money laundering case against him, but refused to pass an order staying the investigation at this stage.
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