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.
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17
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.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
He, however, believes that Ronaldo will stay at the club.
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HC restrains Nokia from selling, transferring ownership rights in India.
This was a fresh probe based on the inspection of certain derivative contracts both on the BSE and NSE.
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
The online auction house had expected the item to be sold for $8,000 (Rs 5.2 lakh).
Debashis Basu lists various reasons why laundering through the stock market thrives.
The United Progressive Alliance government will continue tax reforms, Finance Minister P Chidambaram said on Wednesday.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities.
Burman had sought permission to travel to Dubai from May 3-7.
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Filing with inadequate disclosure of assets will be liable for prosecution
The fate of Mohana Rao was not immediately known.
Tax collection at source would lock in Rs 400 crore of seller money, say Flipkart, Amazon, Snapdeal.
The court had earlier allowed Burman twice to go abroad, including a trip to London to attend his ailing brother there.
As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
Total amount in these accounts is estimated to be around Rs 1,500-1,600 cr
The company was paying huge sums of money to their channel partners under different heads in lieu of commission.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
The IT department has a designated official to execute these rare powers.
India has joined global efforts to combat global tax evasion.
The delegation comprised DMK leaders R S Bharathi, T K S Elangovan and Tiruchi N Siva.
The searchable database built on just a portion of the documents leaked from the Panama law firm Mossack Fonseca reveals more than 360,000 names behind the shell companies.
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Each dept could handle a designated area.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
The Income Tax department has sent a detailed questionnaire to about 50 individuals and entities figuring in the list of those allegedly holding offshore assets in tax havens.
Finance Minister Jaswant Singh will walk a fine line between economic and political priorities next week when he unveils a Budget that could begin urgently needed tax reforms in Asia's third-largest economy.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks, as the government expands its efforts to combat the menace of black money.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.
