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.
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.
The moves will reduce the administrative burden of the department, banks and taxpayers.
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.
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 Public Provident Fund is one of the safest and convenient modes of investment.
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
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.
'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.
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.
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 higher the tax bracket, better the yields for these instruments
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
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.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
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.
Accusing the government of spreading misinformation in the National Herald case, the Congress said it was proud to be associated with the newspaper that stood up in pre-independence times against the British for throttling free speech, similar to the present day climate.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
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.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
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."
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
Barcelona's five-time soccer World Player of the Year Lionel Messi went on trial on Tuesday along with his father on accusations of defrauding the Spanish state of millions of euros (dollars).
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
The new penalty regime could create a fresh set of complications for tax payers.
New ITR form may be simpler, but some changes could stump you.
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 I-T department had said Vodafone India under-priced shares in a rights issue to its parent. The tax demand was for the two financial years ended March 2011.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
Don't end up claiming tax by just referring to Section 80G. There are some sub-sections also.
The authorities had sought explanation from these 18 lakh entities through SMS and emails
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
Returns for income earned till FY12-13 can be filed till March 31.
It is just a question of providing an additional facility to the taxpayer that if he is not quoting PAN and only has Aadhaar, his filing and processes do not get affected, said CBDT chief.
After resisting for more than three years, the Centre on Tuesday revealed names of 18 persons in the Supreme Court who allegedly stashed black money with the LST bank in Liechtenstein and against whom prosecution have been launched by the Income Tax department.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore (Rs 22.50 billion) to it towards the tax liability of the company which is nearly Rs 6,500 crore (Rs 65 billion).
