A bench of Justices Surya Kant and JK Maheshwari set aside the pre-arrest bail granted to Indian Revenue Service officer Santosh Karnani on an appeal by the Central Bureau of Investigation.
Taking a serious note of the flow of unaccounted money during polls, the Election Commission on Monday said it would deploy income tax experts to track expenses of candidates."A cell comprising experts drawn from the Income Tax Department will be set up in the Commission to deal with information on poll expenses of candidates," Chief Election Commissioner N Gopalaswami said at a press conference.He said the EC was highly concerned over the illegal use of money power.
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After Vodafone, UK-based Vedanta Resources Plc and Aditya Birla group firm Indian Rayon also face a potential tax demand of around Rs 900 crore and Rs 45 crore, respectively, for their failure to deduct taxes on payments to buy Indian assets, said a senior government official.
Officials said the notice was issued by the taxman in January this year after the special audit of AVL's income for the Assessment Year 2012-13.
The raids were conducted on Wednesday evening to Thursday morning, he said. There was no objection to the raids by Hossain, a two-time TMC MLA and a businessman.
In more trouble for senior Bharatiya Janata Party leader Gopinath Munde, facing an Election Commission's show cause notice for his poll spending remark, the Income Tax department has issued a notice seeking his explanation within a week.
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
'The world is yet to watch him, show his prowess as a batter, but given the chance he will do a great job.'
The Income Tax Department had earlier instituted an inquiry on the expenses incurred on the wedding of Laloo and Rabri's daughter.
The federal agency issued a summons to Vaibhav Gehlot (43) last week, asking him to appear before the investigating officer of the case at its headquarters on A P J Abdul Kalam Road here under the provisions of the Foreign Exchange Management Act.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
The Ministry of Finance has secured another order from the Special Court, Mumbai, allowing a release of a total amount of Rs 650 crore (Rs 6.5 billion) to the Income Tax Department, banks and financial institutions from the liquidated assets of the Harshad Mehta Group of entities, against pending claims.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Move follows income tax department's decision to lift freeze on some bank accounts
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
According to sources, the tax department has prepared a list of non-filers based on their information records.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
With tax payers no longer required to append Form 16 with their returns, the Income Tax department has allowed employers to provide digitally signed statements of tax deducted at source to their employees.
Financial Intelligence Unit will also provide information in this regard to the Income Tax department.
The department on March 21 asked the firm to submit the amount of Rs 2,000 crore in about a week's time, I-T department sources said on Thursday.
Guarantees given to overseas arms under I-T scanner.
To check the status of their refund, taxpayers can log in at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
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 top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
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