Retail jewellers may be exempted as customers are allowed to buy jewellery up to Rs 200,000 in cash
The company faces a potential tax demand.
Ringing Bells has said the manufacturing cost of the phone is about Rs 2,500.
Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
MakeMyTrip filed its objections before the Commissioner of Income Tax (Appeals) on May 30.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
Reserve price of the properties that came under the hammer on Wednesday ran into crores of rupees. The IT department has claimed tax arrears of Rs 11.85 crore from Telgi.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
The I-T Department has moved the SC against the ruling by a quasi-judicial body, which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside India.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
Those running from pillar to post to get their Income Tax refund dues can seek solace in Right to Information Act, which is fast becoming a potent tool to get refund faster.
Shivakumar's lawyers Abhishek Manu Singhvi and Dayan Krishnan opposed the ED's plea for custodial interrogation saying that he had joined the probe and never absconded.
Bombay High Court will hear Vodafone Essar's case on tax for 10 working hours from March 10.
Total amount in these accounts is estimated to be around Rs 1,500-1,600 cr
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
The PM has demonetised high currency notes to waive off Rs 1.14 lakh crore loans of industrialists and he is now planning for another waiver of Rs 8 lakh crore, he said.
Yeddyurappa told reporters that an inquiry had found the documents, cited by Surjewala, as 'fake' and threatened to file a defamation case.
Taxpayers will have to disclose all bank accounts held by them in India.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
Armed with fresh powers to conduct search and seizure operations and attach properties and bank accounts, the Securities and Exchange Board of India (Sebi) is going all out to use these effectively.
The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
The department notified the new set of ITR forms early this week
Cooperative societies get more tax benefits as compared to individual house owners.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
The I-T Department had identified 1.8 million taxpayers in its Operation Clean through data mining and asked them to submit responses about the source of their deposits.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
In his first communication to the field formations of the income tax department after taking over, the new CBDT chairman Sushil Chandra has spelled out a seven-point priority list for the department, entrusted to enforce direct tax laws in the country.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances