Kaizen Commercial had offered an initial capital of Rs 3 crore to Reliance Infocomm. In return, the company was offered 30 million shares at par.
Some of the notices are not only for taxes but for cancellation of the NGOs' registration as non-profit entities under the Income Tax Act.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
In a setback to Uttar Pradesh Chief Minister Mayawati, the Delhi high court on Friday allowed the income-tax department to go ahead with re-assessment of her income for the financial year 2001-02. A bench headed by Justice Vikramajit Sen dismissed Bahujan Samaj Party chief Mayawati's plea seeking to restrain the department from re-assessing her income, claiming that a prior mandatory notice was not served on her.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
The Explanatory Memorandum to the Budget said the identification number would be mentioned in each correspondence sent or received by the department to enable tracking of documents and minimise taxpayers grievances.
Tribunal ruling in I-T's favour may open floodgates to claims against other MNCs.
The income tax department has come out with a circular that redefines the term "charitable purpose", that is likely to bring associations like Confederation of Indian Industry or Ficci and Board of Control for Cricket in India, one of the world's richest sports bodies, outside the purview of exemptions. The circular, which was published on December 19, now says any entity that does business or trade in exchange for a fee or income cannot claim exemption from paying income tax
Finance Minister Pranab Mukherjee on Monday proposed to introduce a new simplified income tax return form 'Sugam' to reduce compliance burden of small taxpayers.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
Bank employees want a five day work week.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
The United Forum of Bank Unions (UFBU) on Thursday said its two-day nationwide strike on March 24 and 25 will be observed as scheduled since discussions with the Indian Banks' Association (IBA) over key demands failed to yield any positive outcome. In a meeting with the IBA, all UFBU constituents raised issues, including recruitment in all cadres and a five-day workweek.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
In more trouble for Reebok India, the I-T department has launched a probe into its finances and has begun issuing notices to its executives after an alleged Rs 870-crore (Rs 8.7-billion) fraud case was detected by the company against two of its top officials.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
The interest rate on these schemes have remained unchanged for over a year now.
On the steps being taken by the government to check the generation and transfer of black money to foreign countries, the Minister said that India has been renegotiating its Double Taxation Avoidance Agreements with other countries to bring Article on Exchange of Information at par with international standards.
If you disagree with the notice, be ready to explain.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
Claim could be over fee for guarantees given for loans to acquire Novelis.
First things first: For those wondering if they need to reapply, the answer is no.
The period of assessment of these defaulters range from 1989-90 to 2013-14.
The case dates back to August 2017 when the Income Tax department had carried out searches at multiple premises in Delhi as part of its alleged tax evasion probe against Shivakumar, his alleged business associate and liquor trader Sachin Narayan, another associate Sunil Kumar Sharma who operated a fleet of luxury buses, Karnataka Bhawan (Delhi) employee A Hanumanthaiah and former state government employee and caretaker posted at the Karnataka Bhawan Rajendra N.
The Union finance ministry has temporarily suspended the facility for e-filing of income tax returns as it could not procure a security certification for the Income Tax Department's website in time.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
The official added though this would be the last batch of letters this year, more PAN card holders would receive such notices from the income tax department next year.
The Income Tax department has struck an estimated Rs 50 crore (Rs 500 million) deal with state-owned telecom company BSNL to provide 51,000 mobile connections and 1,000 high-end Blackberry phones for secure and fast communication amongst its officers and staff.
Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
The Enforcement Directorate (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
Central tax return processing centres being set up in five major cities.
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