In a major cash haul, Income Tax officials today seized Rs 13.5 crore during searches at the premises of a gutka manufacturer.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
The next time Amitabh Bachchan hosts Kaun Bangea Crorepati or Sachin Tendulkar hits a ton in an Indian Premier League match, the taxmen may come knocking on their doors.
The Indian Premier League scandal gets murkier and murkier by the day.
Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore (Rs 55 billion) in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
The government had on Wednesday faced major embarrassment in the Rajya Sabha as five amendments moved by the Congress and the CPI-M to the Finance Bill were adopted and approved by the House.
Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
The Hindutva social media continues to present the DMK especially as anti-god, anti-Hindu and anti-Brahmin. The strategy did not work in the past, it has not worked in the present, and would not work in the future, as a massive vote-getter, asserts N Sathiya Moorthy.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
To snatch a state government out of Congress hands is therefore a high-stakes game with national political implications, for it denies the party the essential fuel to run effective election campaigns, notes T N Ninan.
Income tax collections recorded a whopping 54 per cent growth at Rs 12,498 crore (Rs 124.98 billion) in the first quarter of this fiscal
Finance Minister Jaswant Singh on Wednesday launched a national Tax Information Network, which will be managed by the National Securities Depositories Ltd as part of efforts to streamline the system and check evasion.
Promising a carrot and stick policy, Finance Minister P Chidambaram on Wednesday said taxmen will use annual information report, tax information network and the new bank cash transaction tax to track tax evaders.\n\n
This time round, even 'petrol coupons' were reportedly distributed for those attending campaign rallies, especially those addressed by top leaders, cutting across party lines. If this owed to the rising cost of petrol and diesel -- which is a poll issue this time -- there were the customary coupons for 'quarter' (liquor bottle size) and non-vegetarian biryani. Some media reports claimed that some of these 'crowds' attended more than one political rally on the same day in the last week, and at times for rival political parties in adjoining constituencies or districts, says N Sathiya Moorthy.
Includes those dealing in high-value property and petrol pump owners
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
Kim Clijsters is considering becoming an Australian citizen to spare her from the clutches of the Belgian taxman, according to Belgian media reports.\n\n
The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money.
With a strong plan in mind, Public Provident Fund can become an important and strong part of your investment, says Naval Goel.
911 have been traced by the Securities and Exchange Board of India (Sebi), while the rest of the 402 are not traceable on the bourses
The crime branch officials raided the four call centres on Saturday and arrested one person, but his identity was not revealed as it may affect probe in the case.
The Chief Minister Palaniswami camp, however, blamed the Sasikala family for the raids.
Considering that all sides to the game feel being targeted by the BJP-ruled Centre through taxmen and their ED/CBI counterparts, both factions may not rule out the possibility of patching up after a time, says N Sathiya Moorthy.
There are so many questions surrounding the conduct of the revised bypoll to Chennai's RK Nagar seat that it stretches the credibility of the electoral process, says N Sathiya Moorthy.
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
Market regulator scours platforms to establish link between traders and those who share info.
