Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
In more trouble for Reebok India, the I-T department has launched a probe into its finances and has begun issuing notices to its executives after an alleged Rs 870-crore (Rs 8.7-billion) fraud case was detected by the company against two of its top officials.
Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it.
Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country's richest billionaires tally, has decided to quit the UK as the Labour Party-led government's feared tax shake-up for the super-rich nears, according to a UK media report on Sunday.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'... there are challenges to overcome and the country needs money for that.'
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
RSS chief Mohan Bhagwat defended the organization's recognition and addressed concerns about respecting the Indian tricolour, responding to criticism from Congress leaders.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
Assam Chief Minister Himanta Biswa Sarma says most of those present with singer Zubeen Garg in Singapore during his death have yet to respond to CID summons, and addresses related political accusations.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
"Remember, the IT Department and the ED implement the Pradhan Mantri Hafta Vasuli Yojana. The State Bank of India implements the #ElectoralBondScam. And at the end of the day, all of these institutions report to the same person: the Finance Minister," Ramesh alleged.
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
The Income Tax department is expecting around Rs four crore from the dashing cricketer, who has already paid Rs 73 lakh as advance tax.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch IAS officer, will replace Madhabi Puri Buch, whose three-year tenure ends on February 28. Pandey's appointment comes at a time when the markets are experiencing bear pressure due to withdrawals by foreign institutional investors (FIIs). Pandey has extensive experience in the finance ministry, having served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). He also played a key role in the framing of the 2025-26 Budget and the drafting of the new Income Tax Bill. Pandey's appointment is for an initial period of three years.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
The income tax department has found alleged manipulation of account books for reducing taxable income in India by Chinese telecom company Huawei whom it raided recently, sources said on Thursday. The searches were conducted on February 15 at the main business and residential premises of "key office bearers" of a multi-national group, engaged in distribution of telecom products and providing captive software development services, the CBDT said in a statement. Sources identified the company as Huawei.
The company moved the income-tax appellate tribunal and its appeal is pending there.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
The company has not been able to sell its 9.8% stake in Cairn India
Today one can easily file returns online.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
The passing of bills without Parliament, including the treasury benches, having any real understanding of what they contained through any rigorous process has accelerated through the Modi era, points out Aakar Patel.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
