India is in the process of filing an appeal against an arbitration panel asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. If enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests, the sources said, adding it is open to a constructive settlement of tax disputes within the existing legal framework. India is in the process of filing an appeal in the Cairn's arbitration award case, they said, adding in this case, it was well within India's sovereign powers to redress the situation of Double Non-Taxation and tax abuse. Cairn chief executive Simon Thomson had last month met the then finance secretary Ajay Bhushan Pandey to discuss the arbitration award.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
Leaders of the Indian National Developmental Inclusive Alliance (INDIA) have decided to raise the NEET issue in both houses of Parliament on Friday and members will give notices in this regard, sources have said.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
Justice Khanna, who will serve as CJI for a little over six months, will demit office on May 13, 2025.
Tax authorities had already sent a notice to Nokia India for failing to collect tax deducted at source.
In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
The tax forces young startups to part with a portion of the capital they have raised from investors due to disagreements over the valuation of the company by Income Tax officials.
635 declarations of illegal wealth were made in the 3-month compliance window.
Income-tax data released by FinMin after 15 years
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
Under new government, tax office to explore ways to reduce disputes.
The exemption from MAT does not apply retroactively.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
The filing of audit reports was made mandatory in ITR Form 5, 6 and 7 after the tax department noticed discrepancies in filing of some returns along with audit reports.
The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17
Tax department sends notices saying they are liable to pay MAT.
Adani Group chairman Gautam Adani has reaffirmed Adani Enterprises' ambitions for aggressive expansion, committing to invest up to $20 billion annually over the next five years. "Our capital investment across businesses is set to break all records.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
Ramkrishna is in the news after a recent Sebi order said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to the managing director (MD).
UK-based Cairn Energy PLC on Wednesday said it has agreed to drop litigations to seize Indian properties in countries ranging from France to the UK as it has accepted the Indian government's offer to settle tax dispute relating to the levy of taxes retrospectively. Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government now has to accept this and issue Cairn a so-called Form-II, that will commit it to refund the tax collected to enforce the retrospective tax demand.
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
Face Rs 1,000-cr minimum alternate tax demand
This is the eighth time that the CBDT has extended the deadline for individuals to link their PAN with Aadhaar.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal, the CBDT said in the statement.
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.
On Aug 28-31, an average of 1.5 mn e-filed tax returns a day, against IRCTC's daily average bookings of 600,000 & Flipkart's 100,000.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
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