The bank said it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
Plans to outsource record-keeping to private entities.
'Once filed, it cannot be revised or rectified.'
The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.
If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
The country's largest realty player, DLF, on Thursday said it might have to pay additional tax of up to Rs 400 crore (Rs 4 billion) following a special audit of its income for the fiscal 2005-06, by the income-tax authorities.
The department said that total confidentiality is ensured to those who declare their black assets and funds
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
"The British Broadcasting Corporation (BBC) is a globally respected institution and broadcaster whose news material I consume everyday. Secondly, all organisations have to obey the law of India. BBC is talking to Indian authorities about that," Ellis said.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
India all-rounder Yuvraj Singh's mother Shabnam on Friday sought to clear the air on reports that the her son owes a whopping 96.43 lakh in service tax on his income from the first and second Indian Premier League season, saying the King's XI Punjab batsman was paid only for playing and not promotional activity.
Now that income tax returns can be filed online, should you go for it? Tax expert Mahesh Padmanabhan answered this and other tax-related queries in a chat with Get Ahead readers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country.
A national data centre of the income tax department will come up in the National Capital Region this year.
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.
The income tax department on Wednesday conducted a survey operation against Delhi-based think-tank Centre for Policy Research (CPR) and global NGO Oxfam India apart from a media foundation as part of a probe related to alleged FCRA contravention in funds received by them, official sources said.
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
Missing the deadline for filing Income Tax returns can lead to consequences.
The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the Indian Premier League case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country -- Board of Control for Cricket in India.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
The company has not been able to sell its 9.8% stake in Cairn India
The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
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