A bench comprising Justices R F Nariman and S Ravindra Bhat rejected the request of the Solicitor General, appearing for the Enforcement Directorate, to issue a notice to the other side on the appeal.
The Bill could be referred to the Parliamentary Committee for scrutiny
In a major development in the fight against black money, multilateral grouping OECD today unveiled a 'single global standard' for automatic exchange of financial account information by various countries including India and Switzerland.
The latest turn to the case comes just days after Switzerland made it clear that its law does not allow UBS to disclose client information. The US government had filed a suit against UBS demanding the banking major part with details of about 52,000 American clients, as it felt the Swiss bank was helping American citizens in tax evasion.
Three persons are being questioned in connection with the massive seizure.
The rehabilitation policy, which is being currently formulated by the Ministry of Rural Development, is unlikely to affect the special economic zones already approved by the government.
Both the senior officers were arrested yesterday from their residences in Goa, CBI's Anti Corruption Bureau SP S S Gavli told PTI on Tuesday, refusing to divulge the exact location and names and designations of the officers.
The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore (Rs 22.50 billion) to it towards the tax liability of the company which is nearly Rs 6,500 crore (Rs 65 billion).
The details that you file regarding your income, investments and tax exemptions are verified by the Income Tax department with the details obtained as per your Permanent Account Number records.
The Supreme Court on Wednesday put a poser as to why there was no objection from lawmakers on the government's decision to make Aadhaar mandatory for making PAN cards, a move which was given effect by the latest budget from July 1.
With prices soaring, the oil and gas business has become ripe for criminal behavior.
The searches since December 22, which resulted in Jain's arrest, also included searches at the trader's residential/factory premises in Kannauj, wherein about Rs 17 crore in cash, 23 kg of gold and 600 kg sandalwood oil having a market value of about Rs 6 crore have been recovered, the ministry said in a release.
Former head of McKinsey & Co,c, is not alone in writing a book on his life after serving a prison term.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
The entire HSBC list features names of 1,668 Indians
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
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.
The DRI sleuths seized the vehicle of businessman Chandan Basu during an ongoing probe into a racket of importing cars by evading custom duty upto 105 per cent
The Enforcement Directorate has questioned Yash Birla, Chairman of Yash Birla Group, in connection with certain overseas financial transactions, officials in the central agency said on Monday.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
Finance minister Arun Jaitley had recently sent a delegation to Switzerland and the members had returned with some positive movement.
A court on Tuesday declared tycoon Mikhail Khodorkovsky guilty of an array of charges including fraud and tax evasion, and sentenced him to nine years in prison minus the time served.
GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
Noting the benefits of Double Taxation Avoidance Convention between India and Mauritius, the SC recently said the recommendations of JPC for incorporating built-in safeguards in the treaty to check tax evasion was for the Parliament to take note of.
Becker is another prominent German who is escaping the country's high taxes by moving abroad.\n\n
The company moved the income-tax appellate tribunal and its appeal is pending there.
FIFA's Ethics Committee has banned Wolfgang Niersbach, the former president of the German Football Association, for one year for failing to report potential misconduct surrounding the award of the 2006 soccer World Cup in Germany.
Officials said that taxmen visited seven locations in Bengaluru and three in Hyderabad of those event management companies which were given contracts to give a blockbuster look for the wedding of Bramhani last week.
The 26-year-old has already done enough to replace Tommy Haas as the\n\nGerman No. 1 when the latest world rankings are released on Monday.
The new return forms also make life easier for expatriates.
About Rs 8.33 crore cash has been seized from Delhi, Rs 2.5 from Bengaluru and Rs 60 lakh from Mysuru till now, a senior official said.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Former Tamil Nadu Chief Secretary P Rama Mohana Rao, whose house and office were searched by Income Tax officials in connection with a tax evasion probe post demonetisation, was on Saturday admitted to a private hospital here after he complained of chest pain.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST. "The meeting is being chaired by Hon'ble Union Minister of Finance @nsitharaman and many important decisions are expected to be taken at the meet," PIB Chandigarh tweeted.
Actor Taapsee Pannu and director Anurag Kashyap resumed shooting for their film Dobaaraa on Saturday, both using social media to speak for the first time since Income Tax raids on their premises with posts indicating their spirit remained intact.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
The prime minister in his intervention at the session on "global economy and global health" also flagged the issue of facilitating international travel and talked about the mechanism of mutual recognition of vaccine certification as a means of achieving this, according to the text of his intervention shared by his office.
The Election Commission on Tuesday ordered the delisting of another 86 'non-existent' registered unrecognised political parties, raising the number of such organisations red flagged by the poll panel for failing to comply with electoral rules to 537.
