The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
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.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
The comedian-actor was recently in the news as income tax evasion reports surfaced.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
Digipin promises to revolutionise location-based services in India with safeguards.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
Elon Musk's Starlink has got licence for satcom services in India, according to sources.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
'We have created massive infrastructure in the past six years.'
Discussions are said to have been heating up over how long a tax indemnity clause, which is part of such deals, should run, according to multiple people familiar with the matter.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
GST authorities have identified about 17,000 non-existent GSTINs and cancelled over 4,900 registrations in the ongoing pan-India drive against fake registration, a senior tax official said on Wednesday. Currently, there are 1.40 crore businesses registered under Goods and Services Tax, nearly double the number of businesses registered in indirect tax regime pre-GST rollout. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said in the drive against fake registration, till July 4, over 69,600 GST Identification Numbers (GSTINs) have been selected for physical verification by field tax officers.
Failure to disclose any income can lead to penalties and legal issues.
First things first: For those wondering if they need to reapply, the answer is no.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The Income tax department to come down heavily on errant taxpayers from India Inc.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
Only those who stick to the old I-T regime will get this benefit.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
If you are a service provider, especially a real estate agent or a tour operator and not registered with the tax authorities, the service tax department has begun compiling data of such entities and will soon crack down on tax evaders.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
According to sources, both the departments have already laid their claim on the proceeds from the sale of the property
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
The gross GST collection increased 8 per cent to Rs 1.74 lakh crore in June, sources said on Monday. The government, however, has discontinued the official release of monthly GST collection data, they added. Sources said the gross Goods and Services Tax (GST) collection so far this fiscal (April-June) stood at Rs 5.57 lakh crore.
A video and inquiry report have raised questions about the Delhi Fire Services' claim that no cash was found at the official residence of Delhi High Court judge Justice Yashwant Varma during a fire incident on March 14. The video, which has gone viral on social media, shows fire fighters dousing flames on articles that appear to include half-burnt Indian currency notes. The Delhi High Court Chief Justice has initiated an in-house inquiry against Justice Varma and the Supreme Court has proposed his transfer to the Allahabad High Court.
On June 30, the department had rejected the sole bid of Rs 1.09 crore offered by the United Arab Emirates-based aviation support firm Alna Aero Distributional Finance Holdings, against a reserve price of Rs 152 crore
