MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
Cricket stars Sachin Tendulkar and Sunil Gavaskar have come under the scanner of Comptroller and Auditor General who has found that they have been given wrong benefit of income deduction as sportsmen.
Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
All classes of tax payers will henceforth file their annual returns for assessment year 2007-08 using eight new return forms classified as the ITR series 1 to 8.
Under scanner from multiple government agencies, the Cricket Board has been served with fresh summons by the Income Tax authorities seeking details about the conduct of Indian Premier League, including bids for franchisees and payments made by the cash rich T20 League.
The moves will reduce the administrative burden of the department, banks and taxpayers.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Senior officials in the ministry told Business Standard the rate of taxation would remain the same in the final version of DTC.
The value of assets seized during raids by the Income Tax Department has more than doubled in last five years, as the department started going after the 'big fish'.
First-time Bharatiya Janata Party MLA Rahul Narvekar on Friday filed his nomination as the party candidate for the post of Maharashtra assembly speaker, election for which, if required, will be held on July 3.
The government on Tuesday said around 49 lakh cases of income tax refunds are pending with the revenue department.
The net Income Tax collection in the Mumbai region has gone up by 62 per cent to Rs 23,315 crore (Rs 233.15 billion) as on September 20, compared to Rs 14,369 crore (Rs 143.69 billion) during the same period last fiscal.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it.
Currently, if the IT department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
The Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
The country-wide raids by the Income Tax teams on properties allegedly owned by former Jharkhand chief minister Madhu Koda and his associates continued for the second day on Sunday.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
NCP president Sharad Pawar on Friday reiterated that the Income Tax Department's raids on Maharashtra deputy chief minister Ajit Pawar's relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.
Client executives and relationship managers -- so far confined to the private sector and especially service providers -- have now made an entry into the tax department, too. Just like the relationship manager at your bank, the 'client executive' will coordinate all the tax requirements of a company, which could range from income tax to central excise and service tax.
In more trouble for senior Bharatiya Janata Party leader Gopinath Munde, facing an Election Commission's show cause notice for his poll spending remark, the Income Tax department has issued a notice seeking his explanation within a week.
If you are an individual, you will get your refunds quicker.
Under pressure on the black money issue, the government plans to monitor high-value savings and investments more closely to net tax evaders.
Aayog feels expansion of the lowest base will enable more people to pay taxes.
The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.
The commission has, over a period of time, identified various parties which have not contested polls since 2005 and has 'delisted' over 200 of them.
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank's ATMs.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
Total number of income-tax returns filed in 2010-11, both electronically and manually, was around 29.6 million.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
In its next meeting, empowered committee of state finance ministers set to oppose a proposal on state govt undertakings' I-T deduction.
Online tax filing in 2010-11 was 91.57 lakh, compared to 51.06 lakh in 2009-10.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
That bliss is set to end soon, with the finance ministry planning to make it mandatory for individuals and Hindu undivided families to report assets and liabilities in income-tax return forms.
An equitable tax regime makes more sense than debates over whether the rich should pay more.
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