The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
The case relates to protests near the I-T office in Bengaluru by the leaders including the then chief minister H D Kumaraswamy against the income tax raids at the residence of Congress and JD-S leaders.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
Investors can meet cash needs without selling their securities.
'The outlook for the next Samvat is more constructive, as many of the earlier drags are gradually becoming supports.'
The two militants holed up in the building were killed by security forces.
Post the change in debt fund taxation in March, a lesser-known hybrid fund has emerged as one of the alternatives for fixed-income investors. Equity savings schemes, the smallest hybrid fund category in terms of assets, have raked in around Rs 6,000 crore this financial year (FY24) so far compared to Rs 1,100-crore outflow in FY23. The inflows along with a strong performance led to a 50 per cent surge in assets under management (AUM) to Rs 24,100 crore during April-November, shows data from the Association of Mutual Funds in India (Amfi).
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
The Monsoon session of Parliament concluded after facing disruptions and protests over the revision of electoral rolls in Bihar. Despite the disruptions, the government managed to pass key legislations.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Yes, if you are planning to apply for a loan or want to claim refund
Union minister Anurag Thakur said that "one should take complete information and sometimes many issues come up that are far from truth..."
Simplification of I-T rules spawns websites that help in tax preparation.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Here is a snapshot of what worked for the BJP and what worked against the AAP in the Delhi assembly elections.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
According to officials, this year there has been a three-fold increase in the total seizure, which was Rs 322 crore in 2021, Rs 347 crore in 2022 and Rs 1,021 crore so far in 2023.
In a case related to Mumbai-based Jai Trust versus Union government, the court ruled that a gift is a consideration-less transaction, and hence, not liable for capital gains tax. It quashes the reassessment notice issued by the tax authorities alleging that a specific income has escaped assessment on transfer of shares as gift by the trust.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
The taxman carried out a total of 677 search, survey and enquiry operations
With Raid 2, where Ajay Devgn reprises his role as an income tax hawk swooping on a defaulter politician, the actor is hoping to make another successful sequel. Here's a look at his series of sequel love.
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
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 Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
TRPs are part of a pilot programme that the income tax department launched this year to help self-employed individuals and small businessmen, salaried people, senior citizens and Hindu undivided families file returns.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
Missing the deadline for filing Income Tax returns can lead to consequences.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
The Enforcement Directorate (ED) has filed a chargesheet in the National Herald case, accusing Congress leaders Sonia Gandhi and Rahul Gandhi of a "criminal conspiracy" to "usurp" properties worth Rs 2,000 crore of its public company AJL by transferring 99 per cent shares for just Rs 50 lakh to their private company Young Indian. The ED has named Sonia Gandhi as accused no 1 and Rahul Gandhi as accused no 2 in the chargesheet, which was filed under various sections of the Prevention of Money Laundering Act (PMLA).
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
