She had shown some cash and other assets as gifts from party men "given to her out of love and affection", an argument the department rejected.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
According to the latest Budget papers, the staff strength of central ministries and departments is estimated to rise by 276,796 to 3.44 million at the end of FY23, it would be up by 109,266 to 3.55 million in March 2024.
The SC's dismissal of the Income-Tax department's plea that companies cannot claim deductions against tax liabilities on account of losses due to foreign exchange rate fluctuations legitimises the way companies were accounting for these forex losses.
CBDT feels 30% growth in income-tax not feasible.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
Claim could be over fee for guarantees given for loans to acquire Novelis.
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
After more than four years of probe, substantive evidence against Hasan Ali continues to elude investigating agencies.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
A questionnaire sent to Price Waterhouse was not answered.
The income tax department has come out with a circular that redefines the term "charitable purpose", that is likely to bring associations like Confederation of Indian Industry or Ficci and Board of Control for Cricket in India, one of the world's richest sports bodies, outside the purview of exemptions. The circular, which was published on December 19, now says any entity that does business or trade in exchange for a fee or income cannot claim exemption from paying income tax
By setting up Central Technical Committee, the Central Board of Direct Taxes aims to bring clarity on contentious legal issues and reduce litigation by adopting a consistent approach on them.
The department said that total confidentiality is ensured to those who declare their black assets and funds
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The government expects to collect this much tax from the cricketing event and has already mopped up Rs 110 crore (Rs 1.1 billion) in the first 15 days as tax deducted at source.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
The government said it has identified a few more cross-border merger and acquisition cases, including Barclays-Intelnet deal, for possible tax evasion after slapping Rs 11,000-crore (Rs 110 billion) tax notice on Vodafone for Hutchison Essar deal.
The Income Tax department will soon start training the second batch of 5,000 tax return preparers (TRPs) across the country. Launched in 2007, the programme aims at assisting tax payers file returns. The TRPs have also been asked to bring in more people under the tax net. They charge existing tax payers Rs 250 for each return, while the department pays them 3 per cent, 2 per cent, and 1 per cent of the tax paid by a new assessee in the first three years, respectively.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Tax practitioners said that the move will help salaried individuals meet the cost of some of the surgeries since the present limit was low and was mostly used up by consultation fees and cost of medicines.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The first notice in the transaction relating to the sale of 67 per cent stake of Hutchison Essar Ltd was issued on March 15, 2007, under section 133(6) of the Income Tax Act.
The Supreme Court on Thursday expressed displeasure over the tardy pace of probe by the Income Tax department into the tax evasion cases linked to 2G spectrum case, saying it wanted "results".
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
