The Income Tax Department in Mumbai has inducted 97 accomplished sportspersons under its sports quota, including cricketer Tejal Hasabnis and para shooter Akash, to strengthen its commitment to recognising sporting excellence and nurturing talent in public service.
The income-tax department has launched a significant verification drive targeting 394 entities and 36 professionals over suspected irregularities in substantial foreign remittances made over the past three years, aiming to uncover potential tax evasion and fraudulent transactions.
BMW India CFO Carsten Lammers has expressed surprise at the extensive scale and prolonged duration of tax and Customs litigation in India, advocating for faster dispute resolution and simpler procedures to ensure business stability.
Taxpayers must provide more details to support deduction and exemption claims.
The Income Tax Department has initiated a nationwide verification drive targeting suspicious foreign remittances made by entities with minimal business activity, including those in border districts, and is scrutinising the chartered accountants who issued the mandatory tax determination certificates.
A significant fire broke out in the basement of the seven-storey Income Tax Office building at Churchgate, South Mumbai, on Monday afternoon, leading to the evacuation of numerous individuals, with no casualties reported so far.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
162 officials of the Trade and Taxes department in Delhi, including three assistant commissioners, were transferred after Delhi Chief Minister Rekha Gupta discovered 'serious irregularities' during a surprise visit.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
Uttarakhand GST officials conducted an elaborate undercover operation, creating fake firms to expose a company evading over Rs 150 crore in taxes.
The Commercial Taxes Department has arrested Mohammed Tauqeer for his involvement in generating and routing fraudulent ITC across multiple states, unearthing a GST fraud worth Rs 410 crore.
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
Bharti Airtel is strategically shifting its focus towards data centres, cloud services, and financial services as key drivers for its next phase of growth, leveraging significant past investments in digital infrastructure, as outlined by Chairman Sunil Mittal in the company's Annual Report for 2025-26.
Gujarat ATS intercepts a large silver consignment worth 5 crore at Rajkot Airport, suspecting tax evasion.
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
The Maharashtra government has approved the deployment of sovereign artificial intelligence solutions from Sarvam AI for its departments, with a two-year outlay of Rs 11.26 crore. This initiative includes the Indus AI workspace for 2,500 users, ensuring government data remains within India, along with citizen outreach agents and speech models for the MahaAI platform.
Karnataka Chief Minister D K Shivakumar met with AI major Anthropic to discuss a long-term partnership aimed at accelerating AI adoption across governance, education, healthcare, research, and the state's startup ecosystem. The collaboration focuses on deploying AI solutions responsibly, ensuring data privacy, and developing AI-focused skilling programmes and an AI University.
The Delhi government has notified detailed guidelines for the Delhi Lakshmi Yojana, outlining strict provisions for beneficiaries found ineligible, including discontinuation of financial assistance, recovery of disbursed funds, and potential fraud charges. The scheme provides Rs 2,500 monthly to eligible women, with specific rules for fund disbursement via RD/FD accounts and CBDC wallets, along with clear eligibility and exclusion criteria.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
Washington Governor Bob Ferguson declared a statewide state of emergency and burn ban Saturday morning as an unprecedented wildfire crisis gripped the region, with active blazes scorching nearly 3,000 acres.
As many as 274 fugitives have been repatriated from 36 countries in the last 7 years, an average of around 40 per year and a 10-fold jump from the 2004-13 period when around four fugitives were brought back every year, the government said on Tuesday.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
India all-rounder Yuvraj Singh's mother Shabnam on Friday sought to clear the air on reports that the her son owes a whopping 96.43 lakh in service tax on his income from the first and second Indian Premier League season, saying the King's XI Punjab batsman was paid only for playing and not promotional activity.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
The revenue collection till November-end has grown by 67.31 per cent to Rs 4,445 crore from Rs 2,657 crore in the corresponding period of the last year.
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rediffGURU T S Khurana answers readers' personal income tax queries
The department found that Microsoft India's Gurgoan unit carried out marketing activities for its India operations and not for the Singapore unit as it had claimed in its reply to a show cause notice served by the department earlier. Microsoft officials, however, said they have not received any official communication from the tax department in this regard.
