Sebi's action on Sahara is showing results, but problems remain.
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.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
Tax department sends notices saying they are liable to pay MAT.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
The last date for filing returns of individual taxpayers has been extended by two months to September 30 from the earlier date of July 31.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
Indians having undisclosed property abroad will have to pay tax and penalty.
In a statement, the prosecutor's office said Ronaldo had knowingly used a "business structure" created in 2010 to hide his income in Spain from his image rights.
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
Former Bharatiya Janata Party president Nitin Gadkari was on Thursday questioned for over four hours by income tax authorities in connection with the probe into alleged dubious investments in Purti Group of companies. Gadkari, who was earlier slated to appear on Friday, was quizzed by Geetha Ravichandran, director of I-T (Investigations) at the I-T office in central Nagpur's Sadar area, sources said.
It is now mandatory for corporate entities to file their tax returns through electronic-filing system, a mechanism developed as part of government's efforts to foster 'friendlier' relations between tax authorities and assesses.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
Around Rs 16 crore (Rs 160 million) of concealed income has been found from searches on the seven premises of diamond merchant and film producer Bharat Shah in Mumbai, Income Tax authorities said on Thursday. The searches started on March 13 by a team of about 50 officers. Offices owned by Shah in Mehta Bhavan at Opera house and his apartment in Swapna Lok building in Napean sea road were among the premises that were searched.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
Terming a search and seizure operation conducted by the Income Tax department as a 'serious invasion of the privacy and freedom of the citizen,' the Delhi high court has said that such exercises cannot be a 'roving or fishing exercise' by the department.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
If you were deputed abroad, filing income tax can be tricky.
The Income tax department to come down heavily on errant taxpayers from India Inc.
A Mumbai court has issued a letter of request to a Swiss court to allow income tax authorities to probe accounts of stud-farm owner Hasan Ali, who is alleged to have deposited billions of dollars there.
Beleaguered Kingfisher Airlines on Monday virtually blamed the Income Tax authorities for the large-scale flight disruptions, saying freezing of its bank accounts by them had "severely affected" payment schedules that had led to the curtailment in its services.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
The GDP growth is expected to be about 6.3 per cent in the current fiscal year, a tad lower than the government's estimate of 6.4 per cent, owing to several factors such as weak demand, SBI research report said on Wednesday. According to the first advance estimates (FAE) of National Income for 2024-25 released by the National Statistics Office (NSO), released on Tuesday, India's economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25, because of poor showing by the manufacturing and subdued investments.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
The Income Tax department will soon come out with new forms for filing tax returns in lieu of the existing one-page Saral form, even as officials said the new ones would be more tax assessee-friendly.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
Objective of the examination is to study the tax implications of such deals.
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
While saying money was due from Suzuki, the HC told the tax department to determine an appropriate arm's-length pricing mechanism in this case.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
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