As 'spot-fixing' charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country.
Wants CBDT to plug loophole in the system.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
The issue has been raised by the income-tax department saying that consumer electronics and home appliances manufacturer Samsung India Electronics Ltd is liable to deduct tax in respect of goods outsourced for manufacturing to other manufacturers or original equipment manufacturers.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a $1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by PTI.
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
A case was registered against Burman under the Income Tax Act for the offences relating to concealment of income and tax evasion.
Companies gear up for legal battle as govt makes a dash for cash.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
The tax department was given the land at Mumbai's posh location, measuring 2,786 square metre, with a minimum capacity of 100,000 sq ft, in 1992. Instead of constructing an office building, the department recently took a few floors on rent at the nearby Air India building.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
Non-compliance can also result in legal complications and disputes with the tax authorities.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Finance Minister Pranab Mukherjee presented the Union Budget 2010-11 in parliament on Friday.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
Nokia suffered a jolt on Friday when the Supreme Court refused to lift the restraint on sale of its Indian assets, including the Chennai plant, as part of the handset maker's global deal with the Microsoft.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
The government has already embarked on strengthening the tax net by sending letters to those who have not filed tax returns.
The I-T department is now checking the account books and financial documents of select Reebok dealers in India, to whom it is issuing notices.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
Database planned to capture more individual purchases, reduce tax evasion
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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Faced with over Rs 11,200 crore (Rs 112 billion) tax liability, Vodafone India chief Analjit Singh on Thursday met Finance Minister P Chidambaram for the second time this week and expressed the hope that there will be clarity soon on the proposal to settle the dispute through conciliation.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
Finance Ministry issues strict instructions on foreign bank accounts.
The ministry of home affairs has suspended the Foreign Contribution Regulation Act (FCRA) licence of prominent public think-tank Centre for Policy Research (CPR) over violation of laws, officials said on Thursday.
Prompt refunds have been made for small amounts. For larger amounts, time has been sought till March 2018
Our regulation gives wide powers to the tax authorities, particularly at the assessment stage. The entire process is driven by 'doubt and suspicion' rather than 'trust and faith.'
Firm to continue to press ahead with arbitration challenging new law on the tax, will seek $1 bn in damages
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
Financial Intelligence Unit will also provide information in this regard to the Income Tax department.
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