Non-compliance can also result in legal complications and disputes with the tax authorities.
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
Financial Intelligence Unit will also provide information in this regard to the Income Tax department.
Most of these alleged tax evaders hail from Kolkata, Mumbai, Ahmedabad, Surat, and Delhi.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
Finance Minister P Chidambaram has asked UK-based Vodafone Group, which is facing a tax liability of over Rs 11,200 crore in India, to give its view on the long-pending matter in writing, a senior official said.
These stocks are prone to manipulation and have been earlier reported by probe agencies.
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.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
In two months, as many as 25 complaints have been sent to Enforcement Directorate, Competition Commission of India, Reserve Bank of India and income tax department, beside various state agencies, to thwart the deal.
The Central Board of Direct Taxes has sought a clear definition of the term 'permanent establishment' for assessment of tax payable by foreign entities in India. Currently, the Act defines a 'permanent establishment' as a fixed place of business.
According to the IT department's complaint, Burman was holding foreign bank accounts but he had not disclosed about it in his income tax returns and there were undisclosed deposits in those two accounts.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
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.
IT companies see this as a huge opportunity.
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
Sleuths of the Income Tax department on Monday conducted searches at the Lilavati Hospital in Mumbai in connection with the alleged financial irregularities committed by its trustees and owners, sources said.
Legal hurdle cited in I-T action against 32,000 entities.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
Income Tax department has found an "undisclosed" income of Rs 1,993.26 crore (Rs 19.93 billion) with the big bull's KP group.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Chidambaram said that if the government is of the view that Karti has alleged undisclosed assets he would ask it to make a list in this regard and his son will voluntarily execute any document necessary to transfer such assets to it for a nominal consideration of Rs 1.
Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
The searches at the Tamil television channel were conducted over alleged tax evasion.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
The Reserve Bank of India (RBI) has sent showcause notices to ICICI Bank, HDFC Bank and Axis Bank, the three private lenders named in the first of three Cobrapost 'sting' cases.
About 45 per cent of those who are part of the workforce, or about 207 million, are estimated to be engaged in agriculture and many of them will be outside the income-tax net and hence may not need a PAN. So, what does allotting PAN to 369 million individuals actually mean, wonders A K Bhattacharya.
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
