The department had recently sent a tax reminder notice to the British telecom major.
The erstwhile Bahujan Samaj Party government's decision to transfer over 500 acres of land to the Noida Authority in 2009 has resulted in a whopping Rs 2,600 crore loss to the state exchequer, the Comptroller General of India has pointed out.
The commercial exploitation will partially fund the Rs 5,300 crore Mumbai Urban Transport Project-II which envisages improvement in the suburban rail transport system.
Karnataka Chief Minister Basavaraj Bommai on Monday said that he will ask his Maharashtra counterpart Eknath Shinde not to send his ministers to Belagavi, amid the raging border dispute between both the state, as it may disrupt the law and order situation in the border district.
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
Kingfisher Airlines, which emerged out of an impasse over salary payment to its staff, is likely to face more trouble soon with the Revenue Department deciding to move the Supreme Court to expedite recovery of about Rs 330 crore dues.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
The list of drought-hit taluks will be notified, following Chief Minister Siddaramaiah's approval.
Revenue Secretary Sunil Mitra admits tax collection target for 2011-12 is ambitious but achievable.
There will be a blanket ban on the production, sale and use of all types of firecrackers in the national capital, including on Diwali, till January 1, 2023, Environment Minister Gopal Rai said on Wednesday.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
The government has suffered a loss of Rs 12,488.93 crore (Rs 124.88 billion) due to under-invoicing of gross revenue by six telecom companies including Reliance Communications, Vodafone and Bharti Airtel, the CAG said in a damning report on Friday.
There have been demands from bankers and insurers to hike the tax exemption limit from Rs 100,000 per annum to encourage household savings.
The next spectrum auction will be held in late February 2024 and the reserve price for most bands will remain the same as the 2022 auction, department of telecommunications (DoT) officials have said. The government expects operators to go for low bands beginning in 600 megahertz (MHz), licences for many of which are lapsing soon. Back in September 2021, the government had decided that spectrum auctions should be held annually.
In its drive against tax evasion, the finance ministry is planning to add to the list of high-value transactions required to be reported to the revenue department in annual information returns (AIRs).
'Advertising this season will help IPL surpass $550 million in ad revenues, across digital and pay TV.' 'It should still represent a steep loss against annualised 2023-2027 IPL rights fees of $1.2 billion.'
IT services firm HCL Technologies on Friday reported a 16.7 per cent increase in net profit at Rs 2,014 crore for the quarter ended September 2016.
Three months have passed, but the Maharashtra government has not been able to finalise its report on the results of the September 22 referendum it had organised in 22 villages of Raigad district that form part of the 10,000-hectare Mumbai Special Economic Zone developed by Jai Corp, a company promoted by Reliance Industries chairman Mukesh Ambani's close associate Anand Jain.
Since the onset of the monsoon on June 24, 217 persons have died in rain-related incidents in Himachal Pradesh.
The form will be redesigned in such a way that investors could fill up most of the details themselves
The case relates to RTI applicant S P Manchanda, who sought to know from the revenue department of Delhi government the registration details of a property traded by him in 2000 but was informed that they do not maintain the property-wise list.
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
Maharashtra Chief Minister Ashok Chavan, whose name has been linked to a property scam related to the Adarsh Society in Colaba, Mumbai, attempted to clarify his stand on Friday.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
An ordinance to protect Hindu temples and manage their affairs across Kashmir Valley is in the offing.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
In a counter affidavit filed in the court, the department has said that temporary transfer of rights to copy in a limited manner will be chargeable to service tax.
A bitter dispute has broken out in the Rajkot royal family of Gujarat over the ancestral property worth hundreds of crores with one of the members moving court.
The new limits for filing appeals by the Income Tax department before the Income Tax Appellate Tribunal (ITAT), high courts and the Supreme Court have been revised to Rs 3 lakh, Rs 10 lakh and Rs 25 lakh, respectively, from Rs 2 lakh, Rs 4 lakh and Rs 10 lakh.
Local train services came to a halt between Badlapur and Ambarnath section in Maharashtra's Thane district adjoining Mumbai due to water-logging on railway tracks after heavy rains, officials said.
The Supreme Court has dismissed an appeal filed the customs department against Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL) and others in a case pertaining to alleged over-valuation of imported goods. "We have heard Balbir Singh, Additional Solicitor General appearing for the appellant(s), and Mukul Rohatgi, senior counsel appearing for the respondents, at length. "We are of the considered opinion that the matters are concluded by the findings of fact recorded by the authorities below and the impugned order(s) does not require any interference at our behest.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
May adopt dtrict action including prosecution and property attachment.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
