The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
The ministry of home affairs has suspended the Foreign Contribution Regulation Act (FCRA) licence of prominent public think-tank Centre for Policy Research (CPR) over violation of laws, officials said on Thursday.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
The Enforcement Directorate (ED) on Tuesday conducted searches against Tamil Nadu Electricity Minister V Senthil Balaji and some others as part of a money laundering investigation and held multi-city searches, official sources said.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
Tax rules that could land you in trouble
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HC restrains Nokia from selling, transferring ownership rights in India.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
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.
Legal hurdle cited in I-T action against 32,000 entities.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Crypto exchanges have been asked to furnish details this month itself.
In a stock exchange filing, Adani Enterprises Ltd said VCPL has urged SEBI "to provide its observations on the draft letter of offer filed in relation to the open offer, in accordance with the SEBI (SAST) Regulations."
A bench comprising Justices Sanjiv Khanna and Dipankar Datta took note of the submissions of lawyer Prashant Bhushan, appearing for NGOs 'Common Cause' and the Centre for Public Interest Litigation, that the plea needed to be listed for hearing at the earliest.
Services provided by Indian information-technology (IT), marketing, and consulting companies to foreign clients may not always draw integrated goods and services tax (IGST) if a ruling by the Authority for Advance Rulings' (AAR's) Telangana Bench becomes a precedent. The AAR gave its ruling on a specific case of referral services provided by the Hyderabad-based Center for International Admission and Visas (CIAV) to foreign universities and colleges for admitting Indian students.
Commerce and Industry Minister Piyush Goyal that the players in the sector should start lowering prices and, if the worst comes to the worst, write off investment as bad business decisions.
The department has calculated and arrived at the figure and may raise two separate demands.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
The industry employs about 10 million workforce.
MakeMyTrip filed its objections before the Commissioner of Income Tax (Appeals) on May 30.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
The moves will reduce the administrative burden of the department, banks and taxpayers.
Barcelona forward Lionel Messi and his father Jorge testified separately in court on Friday to answer charges of tax evasion on income earned from the sale of the player's image rights.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The Public Provident Fund is one of the safest and convenient modes of investment.
The average assets of an MP are now 345.8 times that of an annual income of a tax-filing individual, reports Sachin P Mampatta.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
The higher the tax bracket, better the yields for these instruments
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