The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.
Ironically, the IT raid has happened at a time when Nadiadwala's least unsuccessful film Tamasha is in the theatres.
The Income Tax Department will now process and send refunds in a short time of 7-10 days
The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India.
With filing possible only online, there is no scope for any error.
"Remember, the IT Department and the ED implement the Pradhan Mantri Hafta Vasuli Yojana. The State Bank of India implements the #ElectoralBondScam. And at the end of the day, all of these institutions report to the same person: the Finance Minister," Ramesh alleged.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
The I-T probe is related to some trusts run by Khan and his family members, the sources said.
Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
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.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
Kharge also raised the issue of several companies purchasing electoral bonds soon after they faced raids by central agencies such as Enforcement Directorate and Income Tax Department.
two of the highest tax payers in Bollywood, will star in a documentary produced by the Income Tax Department to spread the message of tax compliance.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
CBDT is the apex policy making body of the IT department.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
Customs officials in Kerala conducted raids across the state, seizing luxury vehicles illegally imported from Bhutan with forged documents. The operation, dubbed 'Operation Numkhor,' targeted multiple locations and uncovered a network involved in smuggling cars, gold, and drugs.
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.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
The Enforcement Directorate (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
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.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
'...so cases that arose under the existing Act will be adjudicated under the old provisions.' 'Care has been taken to ensure that the new I-T Act does not give rise to interpretational issues.'
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
'We support the importance of free press around the world. We continue to highlight the importance of freedom of expression and freedom of religion or belief as human rights that contribute to strengthening democracies around the world. It has strengthened this democracy here in this country. It has strengthened India's democracy'
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
The Congress on Wednesday expressed sadness over 'pictures of Indians getting handcuffed and humiliated' while being deported from the United States and recalled that America had to express regret over the treatment meted out to India diplomat Devyani Khobragade in 2013 after the then United Progressive Alliance government retaliated sharply.
Talking to reporters, Pawar said the Income Tax department has sought his "clarification and explanation" on some poll affidavits furnished by him.
