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.
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.
The decision was taken as the Income-Tax Department found that a huge outstanding demand was not recoverable.
A 10-member delegation of Trinamool Congress (TMC) had announced the dharna after meeting a full bench of the Election Commission (EC) to press their demand.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
The authorities had sought explanation from these 18 lakh entities through SMS and emails
The Central Board of Excise & Customs will develop the process over the next few months.
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 department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
The moves will reduce the administrative burden of the department, banks and taxpayers.
Sukanya Verma gives you some interesting options to choose from.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
The prosecution said the officer had initially made a demand of Rs 1,30,000 in March 2015 to settle the tax liability of the complainant, who runs a partnership firm.
It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
Income Tax sleuths on Thursday made it clear that former Jharkhand Chief Minister Madhu Koda will be arrested as soon as he is discharged from the hospital.The Enforcement Directorate and IT department have also directed the ARA Memorial Weaver's Hospital in Ranchi, where Koda is recuperating, not to release him without informing them. The IT department has already sealed Koda's house in Ranchi.The ED had also issued a summons to Koda and seven of his aides.
The Securities and Exchange Board of India (Sebi) has proposed new regulations to deal with suspicious trading activities-a move that will empower the market watchdog to go after entities making unusual profits without any fundamental basis. The regulator has issued a discussion paper, inviting feedback on the draft of the Sebi (Prohibition of Unexplained Suspicious Trading Activities in the Securities Market) Regulations, 2023, which are aimed at curbing front-running, use of mule accounts, pump and dump schemes, and misuse of social media influencers. Currently, Sebi's Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) and Prohibition of Insider Trading (PIT) Regulations deal with such activities.
The real problem is not the poor Internet access or non availability of computer. It is the mindset and misconception of the people which they have about filing their tax returns online. Here's the reality behind some of the common myths regarding e-filing of income tax returns.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Aaditya, son of Shiv Sena president and Chief Minister Uddhav Thackeray, dubbed the searches by the I-T department on Kanal as 'invasion by Delhi' ahead of Brihanmumbai Municipal Corporation (BMC) elections.
Income Tax department has introduced a new facility this financial year 2009-10 (AY 2010-11) for viewing your tax payments made it is called 'Tax Credit Statement' or PAN LEDGER or Form 26AS.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
The department has taken the step after protests by individuals and organisations affiliated to the community.
The main issue is about their valuation as, unlike listed companies, they are unregulated, and the buyer can take advantage of this.
IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal.
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.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres.
They said Chaudhary was arrested on Tuesday night after he was questioned at length in the case at the office of the central investigative agency in south Mumbai.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
Alleging that the Centre is abusing the Central agencies to pressure the tripartite Maha Vikas Aghadi (MVA) government, NCP spokesperson Nawab Malik said the ruling dispensation and every individual associated will slug it out without any fear.
Priyanka Chopra talks about her upcoming film 7 Khoon Maaf and clarifies her stand on the Income Tax raid at her house.
Pawar said he was upset that his three sisters were dragged into this.
Widening its probe, the Income Tax Department, which is looking into the source of money used in a garland presented to Chief Minister Mayawati, will also investigate funds and donations received by Bahujan Samaj Party in the last few months.
The income tax department on Tuesday launched on-field inquiries at around nine locations in Mumbai belonging to alleged shell companies related to Nitin Gadkari's Purti group, a day before he seeks a second straight term as Bharatiya Janata Party president.
The Income tax department to come down heavily on errant taxpayers from India Inc.
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