CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
Although the prosecutor has argued Lionel Messi should not have to answer the charges as his father oversaw his finances, a court document published on Thursday showed the judge in the case had ruled he must still appear as a defendant.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India
Tamil Nadu Chief Minister M Karunanidhi's daughter Kanimozhi was on Thursday questioned by Income Tax authorities for nearly 90 minutes about the Rs 200 crore transaction from Shahid Balwa-owned DB Realty to Kalaignar TV, in which she holds a minority stake. The 43-year-old Member of Parliament appeared after summons were issued by the department, as a Delhi court probing the 2G spectrum allocation exempted her from personal experience.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
The outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crore, according to an RTI reply from the department.
Your EMIs may help you to reduce your tax liability... Here's how
Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
The disclosure comes hours after Cameron admitted that he could have handled the tax row arising out of the Panama Papers leak "better", saying he will imminently publish details of his personal tax affairs.
'We are not worried about raids. We have nothing to hide.'
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
Nearly 100 foreign funds have been asked to cough up an estimated $5-6 bn.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
The SIT will ask the RBI for transaction details over 15 years
In a relief to Indian companies, the Income-Tax Department has decided to suspend collection of taxes if the Mutual Agreement Procedure is invoked by a US-based entity under the Indo-US Double Taxation Avoidance Convention. To avoid hardship to taxpayers, the competent authorities of India and the US had entered into a memorandum of understanding regarding suspension of collection during the pendency of MAP in 2003.
Even as IPL franchise owners continue to face the heat from income tax authorities amid allegations of financial irregularities, netizens are making quick bucks after buying their favourite teams in the virtual world.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
The I-T Department has moved the SC against the ruling by a quasi-judicial body, which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside India.
The Bombay High Court on Wednesday stayed the order of income tax authorities attaching bank accounts of Coca-Cola for recovery of outstanding tax dues to the tune of Rs 77 crore.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
Ramalingam Kalirajan explains the pros and cons of both investment types.
Booming demand for chartered accountants services fuelled by a rapidly growing economy has meant that Shetty's experience is not an isolated one.
"What we have been able to gather is that Newsclick stands accused of offences under the Unlawful Activities Prevention Act (UAPA), for purportedly carrying Chinese propaganda on its website. All devices, laptops, gadgets, phones, etc have been seized in the past. All emails and communications have been analysed under the microscope," the statement by NewsClick read.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
This taxation applies to all types of transfer of property.
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