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.
Verification process to be made robust after detection of frauds
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax Department, asking the former IRS officer to pay over Rs nine lakh in dues by this month-end.
First-time Bharatiya Janata Party MLA Rahul Narvekar on Friday filed his nomination as the party candidate for the post of Maharashtra assembly speaker, election for which, if required, will be held on July 3.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
Congress president Sonia Gandhi on Wednesday accused the government of vindictiveness in the wake of an income tax notice in the National Herald case, asserting that such "political witch hunting will only help us come back".
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Department has collected information about these defaulters from various sources and will soon initiate action against them.
Big evaders might be the target but the small guys end up getting punished.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
Proof of disgraced Satyam founder Ramalinga Raju's political influence--an issue that is being widely discussed following his January 7 confessions of fraud--was strongly in evidence as far back as 2002, when his company was at the height of its success.
It is sending letters to 35,170 PAN holders in the first phase.
Also being considered is Rs 50 lakh-1 cr taxable income bracket.
You need to file returns if your income is not taxable.
Bhushan's claim is based on the grounds that the heart is a plant and the expenditure has been incurred on current repairs.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
Aam Aadmi Party has filed a complaint against former Bharatiya Janata Party president Nitin Gadkari for his remarks on income t officials, police said on Wednesday.
Bharatiya Janata Party President Nitin Gadkari, who was asked by the Income Tax department to appear before it on Monday in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case.
A questionnaire sent to Price Waterhouse was not answered.
Queing before Income Tax Department officials will soon become a practice of the past. The department is making an elaborate plan to equip its offices throughout the country with Aaykar Seva Kendras (ASKs) which will work as a single-window facility for taxpayers for filing applications for services and redressal of grievances including paper returns.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
This facility, initially, will be available at select ATMs in the major centres.
Finance Minister Pranab Mukherjee earlier this month approved the proposal for deputing the officials at the Paris-headquartered body as advisors.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
Government on Tuesday said it will soon come out with a new Income Tax Code to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers. The new tax code would become law after debate and deliberations. Direct tax code would replace the existing Income Tax Act, which was enacted in 1961 and would subsume other direct tax legislations. Together with indirect tax exemptions, direct tax exemptions are leading to revenue loss.
