After coming out of CBI headquarters in New Delhi, Chidambaram said he had appeared before the CBI and the first information report did not contain any allegations against him.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden.
In a massive setback to Delhi Chief Minister Arvind Kejriwal, the Delhi high court on Tuesday dismissed his petition challenging his arrest in a money laundering case stemming from the alleged excise scam, saying there was no contravention of legal provisions.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
'That is the one headline the world is reading about India this week, and it is a potentially damaging story...' 'I don't think a panic mentality has set in, but this story is one that investors and market watchers are absolutely seized with.'
The new penalty regime could create a fresh set of complications for tax payers.
The Central Bureau of Investigation on Monday arrested Income Tax Commissioner Daya Shankar in Mumbai for allegedly accepting a bribe of Rs two lakh from a private company for passing a favourable order in an appeal matter.
International hoteliers operating in the country through sales agreements with Indian hotels can expect some relief after the Delhi High Court ruled on January 30 that income paid by the Indian partner to its foreign counterpart is exempt from tax since it cannot be considered royalty or technical fees. The ruling in favour of US-based Sheraton International Inc was in response to an appeal filed by the Income Tax Department challenging the service agreement.
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
Congress president Mallikarjun Kharge on Monday launched the party's crowdfunding campaign in New Delhi, asking people to join the fight against unemployment and rising costs.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
Tax department sends notices saying they are liable to pay MAT.
The Supreme Court has ruled that the benefit given to the staff of a company under the employees' stock option scheme cannot be considered as taxable income and the company was not obliged to deduct tax at source.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
The tax authorities challenged a Gujarat high court judgement that had dismissed their appeal holding that Karnik could not be held guilty of even deemed concealment. A Bench headed by Justice D K Jain, while posting the matter for final hearing, rejected Karnik's counsel P K Manohar's plea to allow him to file a counter affidavit.
The Congress said the rally by the INDIA will send a "strong message" to the Lok Kalyan Marg, where the prime minister's residence is located, that the BJP-led government's "time is up".
The departments of income tax, sales tax and excise were named by two Supreme Court judges as the most corrupt ones anywhere in the country.
Legal hurdle cited in I-T action against 32,000 entities.
Rajasthan Chief Minister Ashok Gehlot on Wednesday said the accused in the Kanhaiya Lal killing case in Udaipur were 'linked' to the Bharatiya Janata Party and should have been 'hanged by now' but the investigation by the National Investigation Agency was not progressing as it should.
The move is aimed at freeing up about Rs 3 lakh crore (Rs 3 trillion) in tax value locked up in appeal.
'What is proposed is that we tax payers pay Rs 1,000 per month to selected JanDhan accounts of poor families.' 'I am sure there are at least 10 crore Indians for whom Rs 1,000 is no big deal.'
When Taragauri Doshi's husband died, an assessing officer wanted to tax the proceeds from a life insurance policy that had been bought abroad. Homi Mistry, Mousami Nagarsenkar & Hiral Tanna explain why such proceeds are not taxable in India.
'This decision to go with the BJP is Kumaraswamy's individual decision and not a party decision.'
The Bombay high court, in a very significant ruling on Wednesday, dismissed telecom major Vodafone International's petition challenging the Income Tax department's show cause notice for payment of capital gains tax of around $2 billion.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
"The emphasis is on making every rule, law, policy people-centric, and public-friendly. This is the use of the new governance model and the country is getting its results," Prime Minister Modi said while speaking at the launch of a platform for 'Transparent Taxation -- Honoring the Honest'.
'The people of Kota will show Om Birla his place.'
The Supreme Court on Monday sought reply from PricewaterhouseCoopers as to why the non-resident company should not pay advance tax on fee charged by it for providing services in India.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
A bench comprising Justices R F Nariman and S Ravindra Bhat rejected the request of the Solicitor General, appearing for the Enforcement Directorate, to issue a notice to the other side on the appeal.
The Congress unit described Ramesh's suicide an outcome of "targeted harassment" of their rank and cadre to keep them away from the party.
The I-T department had issued re-assessment notice in March 2015 to the media group after noting that Rs 642 crore has allegedly not been computed for the tax assessment purposes of NDTV for financial year 2007-2008.
Jailed All India Anna Dravida Munnetra Kazhagam supremo Jayalalithaa will have to stay in prison for at least 6 more days as the vacation bench of the Karnataka High Court on Wednesday posted for October 7 hearing on her pleas for suspension of the sentence and immediate bail in the disproportionate assets case.
'Till today, we don't know how many people died of Covid in India.' 'How many migrated from cities to villages during the Covid pandemic?' 'How many corporates contributed to PM Cares?'
According to local newspaper La Vanguardia, the agreement specifies that their sons, Milan, 9, and Sasha, 7, will move to Miami with their mother.
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