Objective of the examination is to study the tax implications of such deals.
In a sign that people are paying additional tax demanded by the government, the income-tax authorities collected Rs 90,500 crore (Rs 905 billion) under this head during 1996-2005.
The income tax authorities have initiated proceedings for payment of service tax.
Eros Group, whose premises were searched by Income Tax authorities, has admitted to unaccounted income of Rs 40 crore (Rs 400 million) and paid Rs 13 crore (Rs 130 million) as tax, a Central Board of Direct Taxes spokesman said on Wednesday.
In a relief to actor Shah Rukh Khan, the Income Tax Appellate Tribunal has overturned an order of the tax authorities to add Rs 2.28 crore he had lent his wife as interest free loan to buy flat and jewellery to his net wealth.
The income-tax department has extended the last date for filing income-tax returns to August 31, 2005. Earlier the last date for filing the return was July 31, 2005.
Income-Tax authorities on Thursday began searches on the premises of a leading information technology company, two clearing agents and a glass company as part of a drive to unearth unaccounted transactions.
Income-Tax authorities on Thursday conducted "survey" at the premises of Escorts Group of Hospitals, in the national capital region and Chandigarh, for alleged illegal appropriation of assets to the tune of crores of rupees.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
The Bombay High Court on Wednesday stayed the order of income tax authorities attaching bank accounts of Coca-Cola for recovery of outstanding tax dues to the tune of Rs 77 crore.
Income tax authorities and public service broadcaster Prasar Bharti were given eight weeks time by the Board for Industrial and Financial Reconstruction on Tuesday to resolve the outstanding issues with Amitabh Bachchan Corporation Ltd.
No tax clearance required for overseas jobs
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
Restraining the Income Tax authorities from going back on their promises, the Supreme Court has categorically ruled that they cannot reopen the tax payments settled under the Kar Vivad Samadhan Scheme, 1998.\n\n\n\n\n\n
The CBI will now have all powers to take up corruption and other cases in AP.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
A company statement said the couple is facing a case filed by the Central Bureau of Investigation for the last two years, and sought to link the action with muzzling of free speech and freedom of the press.
'The BJP is trying to bribe or unleash the income tax authorities (on us).'
Justice G Jayachandran disposed of the petitions filed by Bharathi and another one by the non-governmental organisation 'Arappor Iyakkam' represented by Jairam Venkatesh seeking a direction to the DVAC to probe the complaint. "...The inquiry has to be completed as expeditiously as possible...," the judge said.
Government suspects that many of these bank accounts were used to launder money, especially after the demonetisation in November 2016.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
The Congress, however, dismissed it saying that the BJP was levelling baseless charges as it sensed imminent defeat in the Bihar assembly elections.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
A total of 406 aircraft are in the fleet of eight scheduled airlines in the country, most of which were suffering losses, Lok Sabha was informed.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
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."
Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities.
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
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