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.
"Defaulters are advised to pay tax arrears immediately," said the notice.
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.
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.
There are millions of taxpayers, all of whom are susceptible to this frustrating situation.
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.
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 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".
The apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
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.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
'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.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
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 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.
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).
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
Top corporates have paid more advance tax in second quarter this year.
The court will hear Sahara case on July 14.
Experts say only three per cent individuals pay taxes.
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.
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.
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
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.
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.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
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.
Some companies are charged with undervaluing their assets.
They were called to the special cell office in the afternoon and questioned till late evening, a Delhi police source said.
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.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
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
Union Commerce Minister Nirmala Sitharaman said she will pursue the matter with the finance ministry
