The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal, the CBDT said in the statement.
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
The 21st Law Commission said the special status given to the entity of HUF was a 'so-called gift by the British', who could not comprehend the complex socioeconomic structure of Indian families. 'Now, this status is being used for the evasion of tax only,' it said.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
The bulk of states' revenue comes from the devolution from the Centre's divisible tax pool, GST, VAT on petroleum, and excise duty on alcohol.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
Patel said the I-T raids on the Congress minister shows the utter desperation and frustration of the BJP.
Five years after demonetisation, which sought to curb black money and reduce cash circulation in the economy, 70 per cent of respondents said they paid a large component of the total payment towards a real estate transaction in cash. About 16 per cent said they paid over half the amount in cash, observes Shyamal Majumdar.
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
A case was registered against Burman under the Income Tax Act for the offences relating to concealment of income and tax evasion.
Pawar said he was upset that his three sisters were dragged into this.
During the searches at about 66 places, I-T officials said they've seized cash and jewellery worth over Rs 15cr.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
The Supreme Court on Tuesday said limited scope of a judicial review in economic policy matters does not mean that the court will fold its hands and sit back, observing that the manner in which a decision is taken by the government can always be examined.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
Occasionally, a whistle-blower releases sensitive financial data.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Prime Minister Narendra Modi on Monday met Britain's Prime Minister Theresa May for the first time in Hangzhou, China and held discussions on enhancing bilateral ties in the aftermath of the UK's decision to exit the European Union.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
The CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi.
The petitioner in his PIL had contended that the movie contained scenes and dialogues, which were against the interests of the country's sovereignty and integrity and the security of the state.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
Officials said the searches covered multiple premises of the firm in Mumbai and Delhi.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
Seven out of 10 smokers in India are aware that smoking is dangerous. Yet, 53 per cent have been unsuccessful in their attempts to quit.
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Income Tax dept will launch over 100 fresh prosecution complaints.
Can lead to imprisonment up to seven years.
Database to contain taxable financial transactions and history of any tax-paying individual.
Gopal Krishna Madhav, who was appointed as an OSD to the deputy chief minister in 2015, was caught red-handed by the CBI while taking a bribe to settle a tax evasion matter.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
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