The Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
The Supreme Court addressed concerns about misinformation spreading related to an incident involving Delhi High Court judge Justice Yashwant Varma. The court clarified that the proposal to transfer Justice Varma to Allahabad High Court was independent of an internal investigation into the discovery of a large sum of cash at his residence following a fire. The Delhi High Court Chief Justice is conducting the investigation and will submit a report to the Chief Justice of India today.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Only those who stick to the old I-T regime will get this benefit.
India signed a Tax Information Exchange Agreement with Bermuda on Thursday, the first in a series of such pacts.
Jailed journalist Mahesh Langa, already facing multiple charges, has been booked in a fresh case for allegedly extorting Rs 40 lakh from a real estate agent by threatening to malign his image and implicate him in a false case. This is the fifth FIR registered against him since his arrest in October 2023 for an alleged Goods and Services Tax (GST) scam. The latest case was registered based on a complaint by Janak Thakor, a real estate agent, who alleged that Langa threatened to write negative articles about him and trap him in a false case unless he paid the money. Langa has been in jail since his arrest in October and is facing charges in four previous cases registered by Ahmedabad, Gandhinagar, and Rajkot police.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
The company has not been able to sell its 9.8% stake in Cairn India
Maharashtra Health Minister Prakash Abitkar has linked 80% of suspected Guillain-Barr Syndrome (GBS) cases in Pune to water contamination around a well in Nanded village. The state health department and the Pune Municipal Corporation (PMC) are taking measures to address the issue. The well is a source of water for surrounding villages, and officials suspect contamination is leading to the spike in GBS cases. The minister emphasized that GBS affects individuals with weak immunity, and campylobacter jejuni bacteria, usually causing stomach infection, can trigger the disease. The PMC has conducted water sample tests, with some showing evidence of norovirus and campylobacter jejuni. Clean drinking water is being provided through tankers to affected areas.
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
Now that income tax returns can be filed online, should you go for it? Tax expert Mahesh Padmanabhan answered this and other tax-related queries in a chat with Get Ahead readers.
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.
Delhi High Court quashes reassessment proceedings by Income Tax department.
A national data centre of the income tax department will come up in the National Capital Region this year.
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.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
After Income Tax, it's now the turn of the Service Tax department to issue a notice of Rs 4.94 crore dues to Yoga guru Ramdev's trust for alleged duty evasion on its income raised through country-wide 'yog shivirs' (camps).
The Income Tax return form seeks wealth information from professionals; experts feel the salaried should have been included.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
DOGE Leader Elon Musk said, "My guess is that a lot of that money ended up in the pockets Hamas, not actually condoms.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
Justice Khanna, who will serve as CJI for a little over six months, will demit office on May 13, 2025.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
US President Donald Trump has 'America First' as his priorities and this includes making America safe again, making the country affordable, achieving energy dominance, draining the swamp and bringing back American values, the White House said on Monday.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
The Income Tax Department has put real estate firms, who developed housing projects for low- and medium-income groups, under the scrutiny for wrongful tax exemption claims.
From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.
Move targeted at companies with high promoter holdings.
The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country.
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.
Here are some mistakes taxpayers make and how to avoid them...
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
The name of the successful bidder was not disclosed.
After Finance Minister P Chidambaram's indication the tax department would not act rashly on the issue, the company on Thursday said it was ready to discuss a solution with the government.
I-T has charged the MNC of under-pricing share transfer by Rs 15,220 crore.
