The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
Among the seizures were Indian masters such as FN Souza, VS Gaitonde, SH Raza, Amrita Sher-Gil and Akbar Padamsee, sculptures from Italy and the US, Chinese artwork and masterpieces by Xu Lei and Zeng Xiaojun.
Missing the deadline for filing Income Tax returns can lead to consequences.
As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.
The ceiling of gratuity amount under the Payment of Gratuity Act, 1972, has been raised from time to time keeping in view overall economic condition and employers' capacity to pay and the salary of employees, which have been increased in private sector and in PSUs.
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?
Mumbai police is likely to take assistance of the Income Tax department and the Enforcement Directorate for probe into the disproportionate assets case involving senior Congress leader Kripashankar Singh, his family members and aides.
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 high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
Sources said Peerzada has been asked to come with all his financial documents to the taxman after the department took cognisance of recent media reports about his wealth being about Rs 3,000 crore (Rs 30 billion).
Finance Minister Nirmala Sitharaman in her speech in Lok Sabha said, "Our vision for the 'Amrit Kaal' includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential."
The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent, Sitharaman announced.
This will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
The government has extended the last date for filing of income tax returns to October 3 instead of September 30, which was a bank holiday.
The new Diageo management had asked Vijay Mallya to step down.
Finance Minister Nirmala Sitharaman on Wednesday allocated nearly Rs 12,544 crore to the department of space as India plans a human spaceflight -- Gaganyaan -- next year and sets out to explore the moon and neighbouring planets.
According to the budget document, Rs 1,891.78 crore has been allocated for purchase of EVMs by the poll panel.
Fiscal deficit would be brought down to below 4.5 per cent by 2025-26, Finance Minister Nirmala Sitharaman said on Wednesday. She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit. To finance the fiscal deficit in 2023-24, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore, Sitharaman said while presenting the Union Budget for 2023-24 in the Lok Sabha.
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In the search, Rs 60 crore were found in 20 accounts of as many shell companies, an official said, adding the I-T team was scanning the records to trace the directors of these companies.
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.
The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department.
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
The Union budget for 2023-24 has allocated Rs 1,258.68 crore for various heads of expenditure of the Union cabinet, including salaries, sumptuary and travel by ministers and entertainment of foreign state guests.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
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.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
