A normal assessment notice is served under Section 148.
The move is aimed at freeing up about Rs 3 lakh crore (Rs 3 trillion) in tax value locked up in appeal.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
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.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
Analysts are of the opinion that given the change in the business model, which is resulting in smaller deals spreading across the whole year, clients may be already renegotiating prices.
The Income Tax raids on a Karnataka minister on Wednesday had its echo in Parliament where the protesting Congress members disrupted the proceedings
A number of accounts were lying idle since 2007 and no transactions were being carried out in them for almost two years.
The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment, said experts. While the language of the provision is quite broad, the title of the section limits itself to 'liability of directors of private companies in liquidation'. The Bill proposes to align the title with the scope of the provision, thereby ensuring that orders under this section can be issued even if the relevant company is not under liquidation.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities.
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said. The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA) at locations in several states including in Delhi, Uttar Pradesh, Meghalaya, Maharashtra and others. The agency is conducting searches at 44 places related to Vivo and associated companies, they said.
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
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
Searches were also conducted at the residential premises of top company officials, the source said.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
Kejriwal's supporters have bombarded Income Tax offices with cheques and demand drafts, offering to pay his tax dues.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
Last week, the government had introduced the black money Bill.
The tax department was given the land at Mumbai's posh location, measuring 2,786 square metre, with a minimum capacity of 100,000 sq ft, in 1992. Instead of constructing an office building, the department recently took a few floors on rent at the nearby Air India building.
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
'We now understand things that we have to correct.'
Enhanced scrutiny, modified auditors' report and new return form part of exercise to curb misuse of tax exemption.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
A team of tax department officials is undertaking the raids against Jadhav, also the chairman of the BMC standing committee, since early morning, they said.
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
Finnish handset maker Nokia became the centre of a tax scandal as a team of Indian Income-Tax officials on Tuesday raided its factory near Chennai on charges of alleged tax evasion worth Rs 3,000 crore (30 billion).
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Fiscal benefits available under Section 80-IA of the Income-Tax Act to power projects should be extended till 2015 instead of March 31, 2010, according to the Confederation of Indian Industry.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
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