Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
Terming a search and seizure operation conducted by the Income Tax department as a 'serious invasion of the privacy and freedom of the citizen,' the Delhi high court has said that such exercises cannot be a 'roving or fishing exercise' by the department.
Taxpayers will have to disclose all bank accounts held by them in India.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
The real problem is not the poor Internet access or non availability of computer. It is the mindset and misconception of the people which they have about filing their tax returns online. Here's the reality behind some of the common myths regarding e-filing of income tax returns.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
More than Rs 2 lakh crore was wiped off from the overall investor wealth
Cairn said it had initiated arbitration.
The number of millionaires in the country has increased by 67.6 per cent in the last five years, the Lok Sabha was informed on Wednesday.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
The income tax (IT) department seems to have quietly thrown a spanner in the works on the Securities and Exchange board of India (Sebi)'s two-year-long efforts to implement the Supreme Court order against the two Sahara group firms Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Invest Corporation (SHICL).
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
Do not declare them under Income Tax.
New data show tax reform, better tracking needed
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
The Central Board of Direct Taxes has proposed that the sale of capital assets of a company operating in India, but registered overseas
Abdulqawi Ahmed Yusuf of the International Court of Justice is appointed as the 3rd arbitrator in Voda tax row.
The income tax department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said.
Chidambaram mocked her with a tongue-in-cheek tweet.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
Rahul Gandhi's mother and senior Congress leader Sonia Gandhi has also got at least five refunds since the assessment year 2001-02, but there is no adjustment against any outstanding demand for her in this time period.
To seek tax exemption, a start-up will now have to apply, with all the documents, to the DIPP instead of the inter-ministerial board of certification. The earlier requirement of start-up to submit report from merchant banker specifying the fair market value of shares has also been removed.
Cairn joins a slew of multinational firms including Vodafone Group Plc and Royal Dutch Shell Plc that have been slapped with retrospective tax demands by Indian authorities.
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At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
Tracking a smaller number of taxpayers with a high income base and using data from millionaire surveys and purchases of high-end cars and houses can make the tax department more efficient.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
The deadline for linking PAN with Aadhaar for taxpayers was to end on Thursday.
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.
"Defaulters are advised to pay tax arrears immediately," said the notice.
There are millions of taxpayers, all of whom are susceptible to this frustrating situation.
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