77 bank accounts of suspended Madhya Pradesh IAS couple Arvind and Tinu Joshi have been frozen and their properties attached by the Income Tax authorities which claimed that cash and investments of over Rs 360 crore have been detected.
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.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
Niira Radia-promoted Vaishnavi Corporate Communications on Friday said none of its present or past employees has given any complaint to the government that became the basis for the I-T department to tap Radia's phones.
While taking personal loans from friends and family, one is advised to opt for cheque payments only, rather than cash, since the department may initiate further inquires to track the lender's capacity to give such a loan.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
The ministry, in its notification of January 31, has said a large number of taxpayers have told it that the existing limits of the Income Tax Officers -- the nodal officers and the first interface of the I-T department for I-T filing -- was causing hardship to the taxpayers.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
The MPs went right up to the entrance of South Block, but were stopped at the first check point.
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.
The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the Indian Premier League case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country -- Board of Control for Cricket in India.
Ever since the deal was announced of Walmart spending over $16 bn for a 77 per cent stake in Flipkart, the road to the takeover of India's biggest online marketplace has been quite bumpy
The company had moved court on a showcause notice from the I-T Department, quantifying a tax liability of Rs 12,000 crore (Rs 120 billion), which could include a penalty, on account of Vodafone not deducting tax from the payment made to Hutchison for acquiring the latter's stake in an Indian telecom venture.
Taxpayers can expect faster refunds from the I-T department this year as the ambitious centralised processing centre of the department will start functioning to full capacity.
To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the Income Tax Department on Monday introduced a new facility called e-filing vault.
The allegation against Khan is that he had applied to purchase the agricultural land for farming but constructed a farmhouse for personal use instead.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
The Income Tax department has issued notices to Knight Riders Sports Private Limited and Gameplan Sports to appear before it in connection with the recent search operations at the offices of the two entities.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
Since high technology fails to live up to the promise of speedy refunds, you must resort to the good, old letter-writing art.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
The Bombay High Court on Thursday deferred till August 2 the hearing on an appeal filed by Vodafone International challenging income tax department's decision to levy tax on the company for acquiring stake of Hutchison International in Hutchison-Essar in a $11.1 billion deal in February 2007.
Directors that are shareholders will also face more problems.
Shivakumar, arrested on September 3 by the ED, was produced before the court on the expiry of his 9-day custodial interrogation by the agency.
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
Former Jharkhand Chief Minister Madhu Koda will be questioned by the Income Tax officials in Ranchi on Tuesday over an alleged Rs 2,000 hawala transaction case.
The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.
With the present Income Tax Act proposed to be replaced by the Direct Taxes Code next year, the I-T department is planning to introduce a host of services related to processing of tax returns and refunds in the current fiscal.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
While most non-cash gifts are taxable, How the I-T department values them is the tricky part.
The finance ministry on Friday informed a parliamentary committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
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