The income tax authorities have put banks and companies disclosing losses in their foreign exchange derivative structures under the scanner. Banks and companies have been called to explain the extent of losses and structures initiated in both Indian and overseas markets through their branches and subsidiaries. The income tax department will then ascertain whether banks and companies entered into transactions to hedge their portfolio or for purely speculative purposes.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
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.
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 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.
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
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.
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.
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.
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.
Bank employees want a five day work week.
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.
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.
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.
If you disagree with the notice, be ready to explain.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
The period of assessment of these defaulters range from 1989-90 to 2013-14.
The interest rate on these schemes have remained unchanged for over a year now.
First things first: For those wondering if they need to reapply, the answer is no.
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.
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 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 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.
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