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.
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.
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 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 Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
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 company has not been able to sell its 9.8% stake in Cairn India
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 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.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
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.
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.
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The Income Tax department should be 'friendly and courteous' towards the tax-payers while recovering levies, Union Finance Minister P Chidambaram said on Friday.
Delhi High Court quashes reassessment proceedings by Income Tax department.
The company moved the income-tax appellate tribunal and its appeal is pending there.
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.
A series of decisions were taken under the Public Health Department, including an approval to increase honoraria for field-level workers engaged under the Ayushman BharatPradhan Mantri Jan Arogya Yojana and Mahatma Jyotirao Phule Jan Arogya Yojana.
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.
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 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 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.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
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.
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.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
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.
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
The Delhi High Court on Monday issued notices to the finance ministry and the Director General of Income Tax (Department of Revenue) on a petition challenging a scheme to train educated youth as Tax Return Preparers (TRPs).
