In a move that could further push up Onion prices, traders in Nashik and adjoining areas today went on two-day strike against tax raids and disrupted supply to contracting traders from other states who are being forced to sell the vegetable at 'below the cost price'.
Though the surveys were still going, the IT sleuths said they are investigating the records and books of accounts of these traders to ascertain the mismatch between physical stocks of goods and stocks maintained in account books.
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.
Aayog feels expansion of the lowest base will enable more people to pay taxes.
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.
The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.
The income tax department is asked to keep names of blackmoney holders under wraps.
The commission has, over a period of time, identified various parties which have not contested polls since 2005 and has 'delisted' over 200 of them.
'We now understand things that we have to correct.'
Sleuths of the Income Tax department on Monday conducted raids on the residences and offices of two Member of Legislative Assembly of the Bharatiya Janata Party, according to sources. Raids were conducted at the residences and offices of Suresh Babu and Nagendra. According to sources, raids were conducted in 60 different places including their offices at Bellary and Bengaluru. Their residences were also searched by I-T department officials. I-T sleuths have seized black money
At a press conference on Monday, Finance Minister P Chidambaram said when the final version of the Bill was tabled in Parliament, the government would abide by the recommendations of the parliamentary standing committee on DTC.
The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
As 'spot-fixing' charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country.
Britannia Industries, the country's top biscuit maker, has taken the income tax department, Kolkata, to court after it received a show-cause notice asking it to explain the withdrawal of funds from the employees' pension fund in 2003.
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
Switzerland among the countries where the I-T unit will be set up.
Objective of the examination is to study the tax implications of such deals.
The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited because it had allegedly furnished 'inaccurate particulars' of income to claim tax deduction.
By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres.
The RJD chief rapped the BJP for "sensing an opportunity to destabilise the Grand Alliance government in Bihar" and asserted that the coalition was "intact".
The Income Tax department has given a clean chit to the five banned domestic cricketers, who were involved in the IPL spot-fixing fiasco, from any financial misconduct or receiving kickbacks in order to fix matches.
It would be interesting to see what the government proposes to investors.
Accusing the government of spreading misinformation in the National Herald case, the Congress said it was proud to be associated with the newspaper that stood up in pre-independence times against the British for throttling free speech, similar to the present day climate.
The Income Tax Department on Wednesday searched the premises of companies associated with the Indian Premier League (IPL) in the wake of allegations that telecasting agency Multi Screen Media had paid a facilitation fee of $80 million to marketing agency World Sports Group.
Several restrictions on tax deductions for charity are no longer appropriate today.
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.
The fake mails from unidentified cyber criminals have come at a time when most tax payers file for refunds.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The FMCG sector's demand growth will be powered by effective reduction in the personal taxes and increased allocation under NREGA, though hike in excise duty lead inflation is a cause for concern
In a relief to individual tax payers, the government on Friday changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh.
The Income Tax department on Tuesday raided more than 60 places across the country in connection with the alleged illegal investments and hawala transactions case involving Jharkhand's former Chief Minister Madhu Koda.
Non-gazetted employees and promotee gazetted officers of the Income Tax department all over the country would hold a series of agitations commencing from July 25 in support of their 22-point charter of demands.
The Income Tax department has begun sealing properties and issued prohibitory orders around the premises of former Jharkhand chief minister Madhu Koda and his associates in the alleged hawala transactions and illegal investments case.
Tax officials saidsome instances of "asset transfers" are also under their scanner
The tax authorities challenged a Gujarat high court judgement that had dismissed their appeal holding that Karnik could not be held guilty of even deemed concealment. A Bench headed by Justice D K Jain, while posting the matter for final hearing, rejected Karnik's counsel P K Manohar's plea to allow him to file a counter affidavit.
