The regulations will only apply to the share purchases that have been done after October 1, 2004
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
Capital markets regulator Sebi on Wednesday asked all investors to link their PAN with Aadhaar number by March-end for continual and smooth transactions in the securities market. The non-compliance with this would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the Permanent Account Number (PAN) and Aadhaar are linked, Sebi said in a statement.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
The demand relates to certain tax benefits on income from software development done overseas.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The probe into alleged tax evasion and holding of directorship in multiple firms against the former banker pertains to a time period between 2015-17, they said.
It's that time of the year when the taxman is remembered the most. With just two days left to file tax returns, taxpayers have now awoken to the reality that the due date is at hand.
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
This follows a series of tax notices to broadcasters to pay TDS on the 15% agency commission reflected in their invoices
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
I-T department raises tax demand on them for unpaid tax deducted at source
The derivatives (futures and options) are not treated as capital asset and the income arising from the transfer of the derivatives is treated as business income and liable for normal rate of tax for domestic investors, an official statement said on Saturday, clarifying the stand of tax authorities on gains made from derivatives trading.
The Indian government as respondent in Sanjay Bhandari extradition case has sought permission from the London high court to appeal against the discharge of the defence sector consultant wanted in Delhi to face charges of alleged tax evasion and money laundering.
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
The Spanish prosecutor claims the Real Madrid forward had knowingly used a business structure to allegedly hide his image rights income in Spain between 2011 and 2014.
'The tax avoidance in India is done as much by the wealthy as the lower class.' 'There is no difference in ethics and culture and morality, and no difference in tax-paying behaviour between various Indian classes, whether educated or not,' says Aakar Patel.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
The bank said it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
The Income Tax department on Friday conducted separate 'survey operations' at the premises of online news portals Newsclick and Newslaundry in New Delhi, officials said.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
If you are a service provider, especially a real estate agent or a tour operator and not registered with the tax authorities, the service tax department has begun compiling data of such entities and will soon crack down on tax evaders.
Taxpayers need not invest proceeds from sale of property strictly within 180 days from date of sale to get exemption under Section 54EC.
Restraining the Income Tax authorities from going back on their promises, the Supreme Court has categorically ruled that they cannot reopen the tax payments settled under the Kar Vivad Samadhan Scheme, 1998.\n\n\n\n\n\n
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
The petition was mentioned on Tuesday by Income Tax counsel Beni Chatterjee and Vodafone lawyer Fereshte Sethna before a bench headed by Chief Justice Mohit Shah.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
The company, which is one of the strategic partners for WEF annual meeting at Davos, hosted one of the first company receptions for this year's meeting on January 22.
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.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
The name of the successful bidder was not disclosed.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
