Finance Minister Arun Jaitley on Friday said Switzerland has agreed to share information on Indians having illicit money in Swiss banks on independent evidence provided in each case to the Alpine nation.
The court also issued notice to the Income Tax department.
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
A Bill proposing to prosecute those stashing illicit wealth abroad with 10 year rigorous imprisonment is on cards.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
Finance Minister Nirmala Sitharaman's Budget speech on Wednesday was marked by the usual thumping of benches by the ruling alliance members, but the loudest cheer was reserved for her announcement of income tax relief, which was welcomed by 'Modi, Modi' chants in Lok Sabha that also witnessed a few instances of protest by the Opposition.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
Banks asked to maintain record of cash being ferried in these vehicles all the time
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Authorities on Saturday continued to dig up currency to the tune of lakhs of rupees, including in new notes, across the country.
A bench headed by Justice S H Kapadia asked the company to challenge the ruling before an appropriate high court. The apex court also stayed both the AAR order and the assessment till the company moves a high court. On May 9, the AAR said that income of Foster's Australia Ltd from the transfer of its right, title and interest in trademarks and Foster's brand intellectual property is taxable in India.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Income from renting of properties is taxed at a flat rate of 10%.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
Finance Minister Arun Jaitley said political parties will be entitled to receive donations by cheque or digital mode from their donors.
When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum.
Filing with inadequate disclosure of assets will be liable for prosecution
It was a unique celebration; there is no other instance where Harijans were feted to celebrate India's Independence, says Prakash Bhandari.
APAs are part of govt's aim to move to a non-adversarial tax regime.
Jaitley said note ban has compelled people to deposit money into bank accounts.
'Till today, we don't know how many people died of Covid in India.' 'How many migrated from cities to villages during the Covid pandemic?' 'How many corporates contributed to PM Cares?'
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
Going by the number of changes Mr Jaitley's next Budget is likely to see, he will go down in the history of Budget-making as the finance minister who ushered in the largest number of changes in a single Budget, says A K Bhattacharya.
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
Any judgement on whether the March numbers reflect sustainable growth in GST collection should ideally await the numbers that will be out in May, points out A K Bhattacharya.
Opposition parties on Sunday lashed out at the Bharatiya Janata Party after Nationalist Congress Party leader Ajit Pawar and eight others were inducted into the Eknath Shinde-led Maharashtra government, saying the ruling party's 'washing machine' has resumed its operation to clean tainted leaders and it was an 'ED-facilitated power grab'.
Lalu expressed his resolve to unite the opposition against Bharatiya Janata Party in the next general election.
Congress charged the entire BJP and the government with "aiding and abetting" Lalit Modi, a fugitive.
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
The Budget has unveiled measures that should now pave the way for India to progress from Make in India to 'Innovate in India'.
