It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
The income-tax department continued its searches in different places linked to an Odisha-based distillery group on charges of tax evasion for the sixth consecutive day on Monday after recovering unaccounted cash to the tune of Rs 353 crore, the 'highest-ever' haul in a single action by any probe agency in the country, officials said.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The identity of the informant shall be kept a secret, it said.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
Kerala's voters are sophisticated, educated, and unforgiving. They have once again made it clear that no government is entitled to remain in power. The Congress would do well to remember this, points out Ramesh Menon.
'The impact will be minimal and it will only increase compliance cost on consent, data flows, localisation timelines, internal audits, data mapping, and new tooling.'
rediffGURU T S Khurana answers readers' personal income tax queries.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Maharashtra minister Sanjay Shirsat denies allegations that a bag seen in a viral video contained money, claiming it only held clothes. The video surfaced amid scrutiny over a significant increase in his declared assets.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
Union minister Anurag Thakur said that "one should take complete information and sometimes many issues come up that are far from truth..."
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
The searches over suspected tax evasion began in the morning and it covered multiple premises connected to a prominent leader of the main opposition DMK, based in Tamil Nadu's Tiruvannamalai district.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
The BSP supremo had disclosed Rs 64,700 as agricultural income in the Income Tax returns filed for the assessment year of 1997-98, the CBI said, citing an Income Tax department report.However, the CBI has informed the Supreme Court that most of the people, who were shown as having purchased the foodgrain, denied any such transaction.Mayawati has been accusing the CBI of being politically motivated.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The iconic Jawahar Lal Nehru Stadium in New Delhi will be "dismantled" to create a Sports City that will cater to all major disciplines and include lodging facility for athletes.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
"We are not going to tax ONGC's subsidy part," a top income tax department official said in Dehra Dun on November 17. The move follows ONGC's appeal to the department that it should not be taxed on the subsidy. ONGC, which pays its tax in Dehra Dun where its headquarters are located, said in its plea that subsidy discounts reflect heavily on the company's revenue, reducing the corporate tax paid.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid.
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.
