The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
Under a blueprint currently being vetted by the I-T department, the directorate will house a centralised repository of data culled from telephone and Internet intercepts, banking and market transactions, cross-border deals and even your friendly neighbourhood ATM.
As many as 68 artworks went under the hammer on Tuesday evening and included works by the greats like Raja Ravi Varma, V S Gaitonde, F N Souza, Jogen Chowdhury, and Akbar Padamsee among others.
Lack of consensus on 'how not to let Jignesh Shah get away' could become a huge embarrassment for the government.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Given Narendra Modi's trust in him, Praful Khoda Patel is unlikely to back down in Lakshadweep.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
The CBI and ED are keeping a close eye on several bank accounts.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Four leading telecom multi-national companies - AT&T, BT, MCI Worldcom and Equant - may face penal action in India for providing long distance services without having a licence that may have caused revenue loss to the government.
Bhavana Arora, who had staged an ink attack on Kejriwal in January, hurled a slipper at the AAP leaders' car outside the Income Tax office here at around 3.15 pm.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
Delhi high court judge (retired) Shiv Narayan Dhingra, who is heading commission probing the grant of licenses to entities in Sector 83 of Gurgaon, on Thursday said Sonia Gandhi's son-in-law Robert Vadra may be called to record his statement "if required".
The Centre on Monday proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 and sought public comments on banning mis-selling and fraudulent flash sale of goods and services on e-commerce platforms, and also on making registration of these entities mandatory with DPIIT. Ban on misleading users by manipulating search results, appointment of chief compliance officer and resident grievance officer are some of the other amendments being proposed. The Consumer Protection (E-Commerce) Rules, 2020 were first notified in July last year.
The murder charges capped dramatic developments both in the court and outside where a woman head constable witness to the happenings told a Magisterial probe that the two traders were thrashed an entire night by the other police personnel at Sathankulam station where they were detained over alleged lockdown violations late last month.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
Apart from shell companies, 'vanishing' companies are also on the ministry's radar. As many as 400 companies are not traceable, despite being listed on the bourses.
After carrying out searches at seven locations in the city on Wednesday, the NIA had detained six people for questioning and arrested prime accused Mohammed Azarudeen, who was a Facebook friend of Sri Lankan Easter Day blasts mastermind Zahra Hashim.
Shashank Rai, 30, allegedly sought millions of dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act from two different banks by claiming to have 250 employees earning wages when, in fact, no employee worked for his alleged business.
A huge cadre restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of changes in the existing jurisdictions of assessing officers of the department across the country.
Launching a scathing attack on Narcotics Control Bureau (NCB) Zonal Director Sameer Wankhede, Maharashtra minister and Nationalist Congress Party leader Nawab Malik on Thursday dubbed the officer as 'bogus' and asserted that once 'proof' against him is out, he can not remain in government service for even one day.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
The note guides taxman to avoid seeking voluminous details.
The department of personnel and training, which acts as a nodal authority for IAS officers, is conducting the proceedings.
The company owns 12 of 45 facilities it has in India and around 75 per cent of its global headcount of 2,44,300 is based in the country
The court's direction came after Singh alleged conspiracy over filing of "frivolous anonymous complaints" against him with the revenue secretary saying these were being entertained by the ED.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Acknowledging that the investigation wing of the Income Tax Department was exempted from the purview of Right To Information Act, the CIC said such blanket ban would 'dis-enthuse' whistle-blowers which may not be in the 'best interest of state revenues'
Facing black money investigations in India and several other countries, global banking giant HSBC on Monday said it is also being probed in the US for hiring candidates related to government officials in Asia Pacific.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
The Gomti Riverfront Development project, the Agra-Lucknow Expressway, the Jai Prakash Narayan International Centre and the efforts towards the beautification of Old Lucknow are some of Akhilesh Yadav's initiatives that are the subject of investigation.
G C Murmu rarely speaks in public and when he does, his statements are always in lockstep with the thinking within this government.
In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
This is one of the major corporate frauds in the country.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
The modus operandi highlighted by CBI says that while the corporate strikes a deal for imports with a company in one country, the billing is done at inflated prices in other country by the group's front company.
Fifty other entities, including the Congress, have been served notices
The Supreme Court said on Thursday that it will hear "as and when required" a public interest litigation challenging the government's notification authorising 10 central agencies to intercept, monitor and decrypt any computer system.
