As the raids were completed, the I-T team took two managers of the distillery located at Sutapada to an unknown location for interrogation, they said.
Ahead of Budget, a Parliamentary panel on Friday suggested taxing agricultural income, bringing all non-essential services under tax net and revamping export promotion schemes to check tax evasion and widen tax base.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
American search engine Google, which recently accused the Chinese government of blocking its services, has been charged with tax evasion along with three of its affiliate companies.
GST authorities have issued show cause notices worth Rs 1 lakh crore to online gaming companies for tax evasion so far, a senior official said on Wednesday. The official, however, said there is no data yet of foreign gaming companies registering in India since October 1. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1.
Real Madrid forward Cristiano Ronaldo has reached a deal with the Spanish tax authorities
Commissioners of Income Tax of the Central Information Branch will now report to the intelligence wing, headquartered in the national capital.
The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
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.
Sleuths from the department swooped down on seven locations across Mumbai city, including Jeetendra and daughter Ekta's residences.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
It noted that profit shifting to low tax jurisdictions could be a major cause for base erosion in India.
Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount.
Tax officials are scrutinising other cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion after the Bombay High Court rejected a petition against imposition of tax on the deal, a key Finance Ministry official said.
Income Tax authorities conducted surveys at the offices of Indian Premier League team franchises Pune Warriors in Pune and Mumbai and Royal Challengers Bangalore offices in the southern city as part of their probe into alleged tax evasion.
A senior finance ministry official said on Tuesday the proposed change in the Finance Bill, 2012, would broaden the definition of commissioner.
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).
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
'Considering that there was an estimated Rs 10 lakh crores of Indian money stolen and kept in foreign tax havens, the UPA government with one stroke of its tainted pen has granted immunity to tax-evaders who had stashed the loot in tax havens.'
'Skirmishes with officials in the Press Information Bureau were an everyday affair as the newspapers sought clearances from the media censors for publishing the next day's editions'
The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India.
Fan Bingbing, who has been ordered to pay $130 million (Rs 952 crore) for tax evasion, was reportedly kept at a "holiday resort" used by investigators in a suburb in the coastal province of Jiangsu.
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
Shell India on Tuesday described as "absurd" the demand for $1 billion in taxes on a $160 million equity infusion done by the Anglo-Dutch oil major four years ago, saying it tantamounted to tax on FDI.
Stressing that lowering of tax rates should provide no reason for tax evasion, the government on Thursday said about 130 help centres will operate from Friday to assist small assessees pay taxes.
Banks are hurriedly scrutinising their account holders before stricter tax evasion measures come into force.
The FM has levied 0.1 per cent tax will be levied on withdrawal of cash of Rs 10,000 and above from banks on a single day. So if you withdraw Rs 10,000 from the bank on a single day, you will need to pay a tax of Rs 10 on it.
Higher levy on dividends earned by individuals also on radar.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
A day before the announcement of the Union Budget for 2004-05, the Economic Survey called for "overhauling" the tax exemption regime saying low Tax:GDP ratio was a prime concern and it was coming in the way of improving government finances.
Customs officials in Kerala conducted raids across the state, seizing luxury vehicles illegally imported from Bhutan with forged documents. The operation, dubbed 'Operation Numkhor,' targeted multiple locations and uncovered a network involved in smuggling cars, gold, and drugs.
Barcelona and Argentina forward Lionel Messi had nothing to do with his own tax affairs and should not be included in an investigation into an alleged fraud, his father Jorge has insisted.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
A national data centre of the income tax department will come up in the National Capital Region this year.
