I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
Earlier, taxpayers were required to fill in complete details.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
The income tax department has advised its officials to shun the practice of sharing or renewing official passwords through internet or telephone after recent incidents of misuse of these secret codes by fraudsters.
The Enforcement Directorate on Monday raided the premises of former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case and seized about Rs 30 lakh apart from some documents, official sources said.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. "On the I-T project, we are extremely proud that as of December 31, as was reported, 5.8 crore returns were filed through that timeframe.
According to sources, the tax department has prepared a list of non-filers based on their information records.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
The outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crore, according to an RTI reply from the department.
The income tax department has found alleged manipulation of account books for reducing taxable income in India by Chinese telecom company Huawei whom it raided recently, sources said on Thursday. The searches were conducted on February 15 at the main business and residential premises of "key office bearers" of a multi-national group, engaged in distribution of telecom products and providing captive software development services, the CBDT said in a statement. Sources identified the company as Huawei.
The decision was taken as the Income-Tax Department found that a huge outstanding demand was not recoverable.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
The income tax department on Friday warned against indulging in cash transaction of Rs 2 lakh or more, saying that the receiver of the amount will have to cough up an equal amount as penalty.
The Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
The letters contain summary of information about financial transactions along with customised response sheet with a view to know why the person has not filed the income tax return.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The Delhi high court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the income tax department's decision to transfer their assessments to the Central Circle, which is mandated to check tax evasion, instead of an ordinary assessment in a matter related to fugitive arms dealer Sanjay Bhandari.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
Move targeted at companies with high promoter holdings.
The company faces a potential tax demand.
Finance Minister P Chidambaram has asked the Income Tax department to focus on the companies that pay less than effective tax rate of 24 per cent.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
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