Vodafone, according to sources, in its response to the Finance Ministry's offer for conciliation, had expressed keenness to settle the long-pending capital gains tax dispute.
The Income Tax department has sent a detailed questionnaire to about 50 individuals and entities figuring in the list of those allegedly holding offshore assets in tax havens.
The apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
Senior advocate Prashant Bhushan, who appeared for the petitioners in the court, said at least 30 shell companies purchased electoral bonds worth over Rs 143 crore.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
Among these officials, a highest of 30 officers are from West Bengal cadre, 24 from Karnataka, 19 from Jammu and Kashmir, 17 from Bihar, 16 from Madhya Pradesh, 13 from Odisha, 10 each from Uttar Pradesh and Manipur-Tripura cadre and eight each from Arunachal Pradesh-Goa-Mizoram-Union Territories and Uttarakhand cadres have failed to submit the mandatory property returns.
The Enforcement Directorate on Friday conducted multiple raids in connection with its money laundering probe into the alleged irregularities in the National Stock Exchange (NSE) co-location case, officials said. The central probe agency is covering nine premises in Delhi and neighbouring Gurugram including those of some brokers involved in the case, they said. The raids are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA).
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
The special court, however, did not permit the ED to attach the paintings owned by Modi and seized by the Income Tax department as the Bombay high court had earlier directed for the artworks to be auctioned but the money to be deposited and not disbursed.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said. The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA) at locations in several states including in Delhi, Uttar Pradesh, Meghalaya, Maharashtra and others. The agency is conducting searches at 44 places related to Vivo and associated companies, they said.
Top corporates have paid more advance tax in second quarter this year.
They were called to the special cell office in the afternoon and questioned till late evening, a Delhi police source said.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
The court will hear Sahara case on July 14.
Experts say only three per cent individuals pay taxes.
Delhi court to hear Subrata Roy's IT case on June 1.
Indian tax laws offer start-ups ways to save taxes.
If you're a salaried person there are many ways to save taxes
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
A bench of Justices Surya Kant and JK Maheshwari set aside the pre-arrest bail granted to Indian Revenue Service officer Santosh Karnani on an appeal by the Central Bureau of Investigation.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs).
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
"Mr Robert Vadra not only renovated the aforesaid property at 12 Bryanston Square, London through Sumit Chadha but also stayed in the same," it said.
Some companies are charged with undervaluing their assets.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited because it had allegedly furnished 'inaccurate particulars' of income to claim tax deduction.
Union Commerce Minister Nirmala Sitharaman said she will pursue the matter with the finance ministry
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
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