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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
The probe pertains to firms identified as Advantage Strategic Consulting Private Limited and Chess Global Advisory Services Pvt Ltd, where Karti had been a director
Taxpayers might face several issues while filing returns this year.
Justice Handyala Lakshminarayanaswamy Dattu was sworn in as the 42nd Chief Justice of India by President Pranab Mukherjee on Sunday.
The delivery of Freedom251 smartphones is expected to start in April after which the company will start the second round of bookings.
I-T heat on thousands of firms for unusual cash deposits.
Justice Handyala Lakshminarayanaswamy Dattu was appointed as the next Chief Justice of India on Friday and will have a tenure of 14 months. The President is pleased to appoint Justice Dattu as the CJI with effect from September 28, 2014, the law ministry announced in New Delhi.
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
Cairn Energy of UK is seeking compensation from the Government of India.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
The SIT on black money on Tuesday sought update from multiple probe agencies on the role of Lalit Modi in alleged financial irregularities in the T-20 cricket tournament.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
Striking a defiant note against Bharatiya Janata Party's mounting attack on Aam Aadmi Party on the donation issue, Arvind Kejriwal on Tuesday dared the government to "arrest" him over the allegations and said his party was ready to face investigation by any central agency including Central Bureau of Investigation.
Delhi High Court quashes reassessment proceedings by Income Tax department.
The new Diageo management had asked Vijay Mallya to step down.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
Avoid common mistakes, figure out how to file returns if you invest in stocks and other concerns
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
Company says faults, which were noticed soon after system upgrade on March 27, have been rectified
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Unions will 'fight to death' if company 'decides' to shut Chennai factory.
CBDT is the apex policy making body of the IT department.
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
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.
Departments of electronics, excise, I-T launch probe into Rs 251 smartphones
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
The CBDT had extended the last date for filing of I-T returns for assessment year 2013-14, both manual and e-filed, because of pressure on the computer servers.
The Association for Democratic Reforms slams the Budget proposals on political funding, says they lack teeth and show the "lack of political will" in proposing real reforms.
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