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.
Verification process to be made robust after detection of frauds
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 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.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
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.
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".
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
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.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
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.
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.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
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.
While the BJP alleged that the arrest of its leader Tajinder Pal Singh Bagga was part of Kejriwal's vendetta politics, the AAP rejected the charge and said that Bagga has been arrested for trying to stoke communal tension and violence in Punjba.
The Congress in Karnataka on Wednesday found itself in a tight spot after a video showed a purported conversation between the party media coordinator M A Saleem and former Lok Sabha member V S Ugrappa attributing the Congress state president D K Shivakumar's involvement in a scam when he was a minister.
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.
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.
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.
A questionnaire sent to Price Waterhouse was not answered.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
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.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
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