The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
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.
He, however, believes that Ronaldo will stay at the club.
This was a fresh probe based on the inspection of certain derivative contracts both on the BSE and NSE.
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HC restrains Nokia from selling, transferring ownership rights in India.
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.
News of all that's transpired on and off the football field
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
"You cannot play hide and seek with the court," Justice Suresh Kait said.
The company was paying huge sums of money to their channel partners under different heads in lieu of commission.
The IT department has a designated official to execute these rare powers.
India has joined global efforts to combat global tax evasion.
News of all that's transpired on and off the football field
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.
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.
Each dept could handle a designated area.
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.
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.
The I-T Department has provided a list of 67 big tax defaulters on its official web portal
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.
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.
German tennis great Boris Becker was jailed by a London court on Friday for hiding hundreds of thousands of pounds of assets after he was declared bankrupt.
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.
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
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