The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
FY14 sees 16% decline in adjustments; department adds only Rs 59,000 crore to the profits attributed by multinationals, against Rs 70,000 crore a year ago
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
A bench of Justice K S Radhakrishnan and Justice Vikramjit Sen also asked the trial court in Chennai to conclude the hearing of the case and pronounce its judgment within four months.
Musk blasted the "current lords and peasants system for who has or doesn't have a blue checkmark", using an expletive.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
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.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
The teary-eyed Congress worker said he committed a "grave error" and appealed to the party workers and leaders to accept his apology.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
Bharatiya Janta Party's prime ministerial candidate Narendra Modi's 'Hoonkar Rally' in Patna on October 27 has come under the scanner of the income tax department in Bihar, officials said on Thursday.
The provision provided for tax at a concessional rate.
The order, which came on Monday, stated that revenue authorities cannot split the agreement when the parties to the agreement considered the royalty and technical knowhow as a single package.
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.
"Unprecedented" direct taxes collection of Rs 7.90 lakh crore in 2010-11 has "greatly strengthened" the country's efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.
CBDT sets up committee to detect leakages in tax-exempt sectors.
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.
Sleuths of the Income Tax department on Monday conducted searches at the Lilavati Hospital in Mumbai in connection with the alleged financial irregularities committed by its trustees and owners, sources said.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
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.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
Demanding an apology from former Bharatiya Janata Party chief Nitin Gadkari for allegedly threatening Income Tax officials, their apex body on Sunday claimed the remarks were aimed at hindering a free and fair probe into Purti Group's investments and sought security for those handling the case.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
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.
The exhaustive list was uploaded on the official web portal of the department.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
Cricket stars Sachin Tendulkar and Sunil Gavaskar have come under the scanner of Comptroller and Auditor General who has found that they have been given wrong benefit of income deduction as sportsmen.
Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
All classes of tax payers will henceforth file their annual returns for assessment year 2007-08 using eight new return forms classified as the ITR series 1 to 8.
The moves will reduce the administrative burden of the department, banks and taxpayers.
Under scanner from multiple government agencies, the Cricket Board has been served with fresh summons by the Income Tax authorities seeking details about the conduct of Indian Premier League, including bids for franchisees and payments made by the cash rich T20 League.
Senior officials in the ministry told Business Standard the rate of taxation would remain the same in the final version of DTC.
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.
