A combative Rao, who claimed the I-T search warrant did not have his name, repeatedly invoked the legacy of former chief minister, the late J Jayalalithaa, and asked if raids would have occurred at his office had she been alive.
Finance Minister Nirmala Sitharaman also said that the government proposes to increase the benefit of carrying forward losses for startups to 10 years.
A separate and dedicated window for grievance redressal has been launched recently.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
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.
In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.
Cairn faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006-07 it transfered all its India assets to a new company, Cairn India.
Earlier, proceeds from disinvestment were shown separately as part of the miscellaneous receipts in the Capital Receipts Budget.
The agency received Rs 911 crore to manage its affairs in the Budget Estimates for 2022-23, which was later decreased to Rs 906.59 crore in the Revised Estimates.
Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
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
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
16 lakh refunds worth crores lying unclaimed at I-T.
Former Bharatiya Janata Party president Nitin Gadkari on Sunday denied he had threatened income tax authorities but insisted that the raids conducted on some companies. allegedly associated with his Purti Group. were a part of a conspiracy to malign him and his party. "I never threatened the I-T Department or its officials. I have full faith in the professional integrity of the department. Unfortunately, my public statements have been distorted," Gadkari said.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
The CBDT has initiated a major exercise for issuing refunds and has also written a number of letters to field offices to expedite the process.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
This is the first Budget in Amrit Kaal, she said.
The BJP has nothing to lose after a point. For the DMK it is a difficult choice, as it would not want to give too much of space to a 'national party' lest the 'Dravidian duel' of the past decades should be lost forever, observes N Sathiya Moorthy.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
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.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
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 fate of Mohana Rao was not immediately known.
The department allows you to revise these, but there are strict conditions to be noted.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
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.
Move targeted at companies with high promoter holdings.
The I-T department expects that some more revenue would be garnered.
In her Budget 2023-24 presentation, she also said the Centre will launch the 'Dekho Apna Desh' initiative to promote domestic tourism.
At the same time, Rs 53.32 crore is for the President's Secretariat and Rs 36.22 crore for the expenditure on the President's household establishment, including staff salaries, which includes discretionary grants of the President.
Presenting the Budget in Lok Sabha, Sitharaman said the outlay for the Railways is nine times the amount provided in 2013-2014. She said 100 critical transport infrastructure projects for last- and first-mile connectivity for coal, fertiliser and food grain sectors have been identified and will be taken up on a priority basis with investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, she said.
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 I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
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