The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the Indian Premier League case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country -- Board of Control for Cricket in India.
The company has not been able to sell its 9.8% stake in Cairn India
The income tax department has selected database software major Oracle to enable online delivery of tax payer services including faster processing of returns, expeditious refund of claims and quicker investigation.
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
The Income Tax department should be 'friendly and courteous' towards the tax-payers while recovering levies, Union Finance Minister P Chidambaram said on Friday.
Delhi High Court quashes reassessment proceedings by Income Tax department.
On January 20, the court allowed Vodafone's appeal and had quashed the Bombay High Court verdict which had upheld the decision to levy tax on the overseas deal.
The company moved the income-tax appellate tribunal and its appeal is pending there.
The Delhi high court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the income tax department's decision to transfer their assessments to the Central Circle, which is mandated to check tax evasion, instead of an ordinary assessment in a matter related to fugitive arms dealer Sanjay Bhandari.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
The Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country.
First things first: For those wondering if they need to reapply, the answer is no.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Income tax department to come down heavily on errant taxpayers from India Inc.
The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
With a view to improving services to the tax payers, the Prime Minister's Office has directed the Income Tax department to adopt the benchmark World Bank governance model in its offices.
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 Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said on Friday.
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
This has affected all political activity of the party, Maken said at a press conference.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
After more than four years of probe, substantive evidence against Hasan Ali continues to elude investigating agencies.
Bank employees want a five day work week.
The Delhi High Court on Monday issued notices to the finance ministry and the Director General of Income Tax (Department of Revenue) on a petition challenging a scheme to train educated youth as Tax Return Preparers (TRPs).
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore (Rs 200 billion) -- more than two and half times the tax amount the telecom major was "advised to withhold" on its $11-billion deal with Hutchison in 2007.
The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
