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.
A three-judge bench headed by Justice Sanjay Kishan Kaul was hearing the pleas seeking reconsideration of the July 27, 2022 verdict by a three-judge bench on certain parameters.
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.
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.
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.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
Pawar said he was upset that his three sisters were dragged into this.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
This route accounts for Rs 2.75 lakh crore of FPI holdings.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
A court in New Delhi on Thursday extended the Enforcement Directorate custody of Chief Minister Arvind Kejriwal till April 1 in the excise policy case.
The agreement on sharing of financial information is a distinct and welcome break from its trend.
India on Monday got the backing of Switzerland in its bid to become a member of the Nuclear Suppliers Group.
Bhavana Arora, who had staged an ink attack on Kejriwal in January, hurled a slipper at the AAP leaders' car outside the Income Tax office here at around 3.15 pm.
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).
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
The investigating officer of the case had grilled him for over four hours on Friday and about eight hours on Saturday as part of the probe.
While making his first appearance on Friday, after he arrived by air from Bengaluru, the Kanakapura MLA had said he will cooperate with the ED probe.
Several opposition ruled states expressed concern over Centre's decision to allow enforcement directorate (ED) to share information with GST Network, with finance minister of AAP-ruled Punjab Harpal Singh Cheema on Tuesday saying it amounts to 'tax terrorism' and scaring small business. The finance ministry, through a notification, brought in an amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, as per which GSTN, which handles the technology backbone of Goods and Services Tax, has been included in the list of entities with which ED will share information. At the 50th GST Council meeting on Tuesday, Aam-Aadmi Party ruled Delhi and Punjab voiced concerns over the notification and demanded a discussion.
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.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
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.
Pressure on Franz Beckenbauer to explain payments and provide answers over a 2006 World Cup scandal grew on Tuesday, a day after the president of Germany's FA (DFB) resigned despite insisting he had done nothing wrong.
The 90-day compliance window to declare overseas wealth ends on September 30.
The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
IIM-B, professor R Vaidyanathan talks to Shobha Warrier about black money, Mudra Bank and Jaitley's Budget.
IT Department asks car dealers to furnish ledgers of all customers who have booked vehicles from November 1.
The disputed region witnessed clashes on Saturday between the police and activists of a rights movement, leaving at least one police official dead and injuring over 100 people, mostly policemen.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
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 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.
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.
The IT sleuths recovered 'incriminating' documents from the premises of Vijayabaskar and others, officials said.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
