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.
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
India on Friday described a United States State Department report citing alleged incidents of human rights violations including in Manipur as 'deeply biased' and said it reflects a poor understanding of India and it attach no value to it.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
While there has been no official statement related to the action, British government sources said they are 'closely monitoring reports of tax surveys conducted at the offices of the BBC in India'.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
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.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
'If our Budget allows, we may implement both measures -- making income up to Rs 10 lakh tax-free and introducing a 25 per cent slab for income between Rs 15 lakh and Rs 20 lakh.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
The Director General of Goods and Services Tax Intelligence (DGGI) has slapped its heftiest tax notice of Rs 21,000 crore on Bengaluru-based Gameskraft Technology (GTPL) for allegedly evading GST on the betting amount. Gameskraft has dubbed the notice a "departure from the well-established law of the land". The company is accused of promoting online betting through card, casual and fantasy games like Rummy Culture, Gamezy and Rummy Time.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
Gross GST revenue rose 12.3 per cent to Rs 1.96 lakh crore in January on higher domestic economic activity, government data showed on Saturday. This includes 10.4 per cent growth in revenue from sale of goods and services domestically at Rs 1.47 lakh crore and 19.8 per cent rise in tax revenue from imported goods at Rs 48,382 crore.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
'It is over and I can clearly state without fear of being contradicted that Maradona has never been a tax evader.'
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
Aakash Educational Services (AESL) has accused EY of conflict of interest and breach of professional conduct in its ongoing dispute involving Byju's. It has also asked EY to disclose all documents, information, or communication it was privy to, in relation to transactions involving AESL.
The Indian government as respondent in Sanjay Bhandari extradition case has sought permission from the London high court to appeal against the discharge of the defence sector consultant wanted in Delhi to face charges of alleged tax evasion and money laundering.
MoD dismissed the report saying it draws 'conjectural connection between tax exemption to a private company and procurement of Rafale jets'.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Trump may temper his approach from time to time, but to think that he will change his basic philosophy is delusional, asserts T T Ram Mohan.
'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.'
rediffGURU T S Khurana answers readers' personal income tax queries.
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The upcoming delimitation exercise should reflect the social realities uncovered by the census, ensuring proportional political representation for marginalised groups, it read.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
The Goods and Services Tax (GST) Council, scheduled to meet on June 22, could take a call on ending uncertainty on taxing foreign airlines and shippers as regards certain services, a senior official in the know told Business Standard. He said the Council was expected to decide on exempting the services in question from GST - aircraft lease rentals, maintenance, crew salaries, etc. These services are provided by foreign airlines to their Indian operations.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
...the DMK chief minister's campaign -- which includes criticism of the BJP's 'pro-Hindutva, anti-Tamil, anti-federal' policies and building on his own government's social welfare programmes targeting especially women and youth -- appeals to Tamil Nadu's voters in next year's assembly election, explains N Sathiya Moorthy.
