Most of these alleged tax evaders hail from Kolkata, Mumbai, Ahmedabad, Surat, and Delhi.
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.
These stocks are prone to manipulation and have been earlier reported by probe agencies.
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.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
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 bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
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.
IT companies see this as a huge opportunity.
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
"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.
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 case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
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.
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.
The Congress on Wednesday questioned the Election Commission's move to get a post on electoral bonds scheme deleted from social media platform X and said that the issue raised in the post makes the government 'extremely uncomfortable'.
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.'
The searches at the Tamil television channel were conducted over alleged tax evasion.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
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 Enforcement Directorate (ED) on Tuesday conducted searches against Tamil Nadu Electricity Minister V Senthil Balaji and some others as part of a money laundering investigation and held multi-city searches, official sources said.
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.
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.
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.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
NewsClick said that none of these investigations led to any chargesheets or complaints over the last three years."
I-T sleuths are raiding 130 premises of the business houses in the cities of Chennai, Hyderabad, Thrissur and other locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, I-T sources said.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
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