A total of nine premises in the state's capital Ranchi and Jamshedpur are being raided in an operation that started early morning. A security team of the CRPF is assisting the I-T sleuths, the sources said.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
Do you know under what circumstances do you get scrutinised by the income tax department? What should you do if you are asked to attend in front of an assessing officer? Tax expert Mahesh Padmanabhan has the answers.
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
The I-T probe is related to some trusts run by Khan and his family members, the sources said.
The Income Tax Department has put real estate firms, who developed housing projects for low- and medium-income groups, under the scrutiny for wrongful tax exemption claims.
How the Aadhar card would be linked to income tax return is yet not clear
Post demonetisation, there has been a hike in collection of personal income tax
Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country's richest billionaires tally, has decided to quit the UK as the Labour Party-led government's feared tax shake-up for the super-rich nears, according to a UK media report on Sunday.
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
The income-tax (I-T) authorities have tightened disclosure norms for charitable trusts. They now have to declare the nature of their activities from October 1 for tax purposes. The Central Board of Direct Taxes (CBDT) has notified changes in reporting rules where the charitable institutions have to mention whether the activities undertaken are charitable, religious, or both to claim tax benefits.
Ironically, the IT raid has happened at a time when Nadiadwala's least unsuccessful film Tamasha is in the theatres.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
The new limits for filing appeals by the Income Tax department before the Income Tax Appellate Tribunal (ITAT), high courts and the Supreme Court have been revised to Rs 3 lakh, Rs 10 lakh and Rs 25 lakh, respectively, from Rs 2 lakh, Rs 4 lakh and Rs 10 lakh.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
Assam Chief Minister Himanta Biswa Sarma says most of those present with singer Zubeen Garg in Singapore during his death have yet to respond to CID summons, and addresses related political accusations.
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.
The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of the portal, the department said Infosys is resolving the issue on priority. "Issue relating to the search functionality of the e-filing website has come to our notice.
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.
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.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
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.
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 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.
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 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
Finance Minister Pranab Mukherjee on Monday proposed to introduce a new simplified income tax return form 'Sugam' to reduce compliance burden of small taxpayers.
Tribunal ruling in I-T's favour may open floodgates to claims against other MNCs.
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 government has cancelled the FCRA registration of nearly 1,900 NGOs for violating various provisions of the law in the last five years. There were 22,762 FCRA-registered organisations till December-end 2021.
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
