Calling the action of the ED as harassment, he questioned the timing of the summons when the Congress' Bharat Jodo Yatra was on and when the State Assembly session was underway.
The raids were conducted on Wednesday evening to Thursday morning, he said. There was no objection to the raids by Hossain, a two-time TMC MLA and a businessman.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
CM Siddaramaiah called it a 'politically motivated' move.
The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
Directors that are shareholders will also face more problems.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
The health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23, with the government also announcing a mission to eliminate sickle cell anaemia by 2047.
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
At least 50 travel destinations would be developed as a "complete package" and states will be encouraged to set up a 'unity mall' for the sale of their products, Finance Minister Nirmala Sitharaman announced in the Budget on Wednesday, asserting that promotion of tourism will be taken up on a "mission mode".
The government plans to borrow a record Rs 15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy.
Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.
The BBC said on Tuesday that it is "fully cooperating" with the Income Tax authorities who are at its offices in New Delhi and Mumbai and hoped that the situation will be resolved "as soon as possible".
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 allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
The Ministry of External Affairs (MEA) has been allocated a total of Rs 18,050 crore in the Union Budget for 2023-24 which is an increase of around 4.64 per cent over last year's allocation of Rs 17,250 crore.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
The Delhi high court on Monday refused to quash an Enforcement Directorate money laundering case against media baron Raghav Bahl, saying the plea was "premature".
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone.
Goyal's move was criticised by the Opposition saying with general election months away, the Prime Minister Narendra Modi-led government had mandate only to present a vote on account and a Budget containing direct tax proposals.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
The raids in as many as 38 premises in different parts of the state led to concealment of income which is likely to exceed Rs. 300 crore, the Income Tax department said in a release.
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
Dismissing the bail petitions of Raju brothers and V Srinivas, a local court in Hyderabad granted permission to the I-T department to examine and record the statement of B Ramaling Raju in the Rs 7,800 crore (Rs 78 billion) Satyam fraud case.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, issued the fresh directives after it recently got a number of complaints from taxpayers and others in this regard.
Demand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
With this batch, the department has now issued letters in 210,000 high priority cases.
I-T department defended its probe saying that the investigation has entered the "fifth layer" and the approach towards the case has not been tardy.
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances