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.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
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).
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 company has not been able to sell its 9.8% stake in Cairn India
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
During 2023-24, while the BJP received over Rs 723 crore worth of donations from Prudent Electoral Trust, it also got over Rs 127 crore from Triumph Electoral Trust and over Rs 17 lakh from Einzigartig Electoral Trust.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
The Income Tax department should be 'friendly and courteous' towards the tax-payers while recovering levies, Union Finance Minister P Chidambaram said on Friday.
On January 20, the court allowed Vodafone's appeal and had quashed the Bombay High Court verdict which had upheld the decision to levy tax on the overseas deal.
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.
Delhi High Court quashes reassessment proceedings by Income Tax department.
The company moved the income-tax appellate tribunal and its appeal is pending there.
The Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
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.
The Income tax department to come down heavily on errant taxpayers from India Inc.
The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
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 CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
With a view to improving services to the tax payers, the Prime Minister's Office has directed the Income Tax department to adopt the benchmark World Bank governance model in its offices.
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.
West Bengal Chief Minister Mamata Banerjee has set an ambitious goal of winning over 215 seats in the 2026 state assembly elections, aiming to secure a fourth consecutive term for the Trinamool Congress (TMC). She declared that the party will work to significantly reduce the BJP's tally and ensure that their candidates struggle to retain their deposits. The TMC's national general secretary, Abhishek Banerjee, echoed this sentiment, urging party workers to ensure a decisive victory and achieve a two-thirds majority in the upcoming polls. The BJP, however, dismissed the TMC's claims, stating that Banerjee is merely trying to boost morale among party workers.
"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.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
The Congress on Wednesday expressed sadness over 'pictures of Indians getting handcuffed and humiliated' while being deported from the United States and recalled that America had to express regret over the treatment meted out to India diplomat Devyani Khobragade in 2013 after the then United Progressive Alliance government retaliated sharply.
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.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
The Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said on Friday.
The Enforcement Directorate (ED) has filed a chargesheet in the National Herald case, accusing Congress leaders Sonia Gandhi and Rahul Gandhi of a "criminal conspiracy" to "usurp" properties worth Rs 2,000 crore of its public company AJL by transferring 99 per cent shares for just Rs 50 lakh to their private company Young Indian. The ED has named Sonia Gandhi as accused no 1 and Rahul Gandhi as accused no 2 in the chargesheet, which was filed under various sections of the Prevention of Money Laundering Act (PMLA).
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
