Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
Electric cab-hailing platform BluSmart remained non-operational on Thursday across Delhi-NCR, Bengaluru, and Mumbai, as the market regulator cracked down on its co-founder over alleged misuse of funds at an affiliated company. BluSmart app, that offered more than 8,000 taxis in the three metros, stopped taking bookings on Wednesday evening and remained unoperational on Thursday as well.
Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
Gensol Engineering, the beleaguered firm that came under market regulator Sebi's lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect.
Justice BV Nagarathna said she had to dissent against the demonetisation move by the central government as in 2016, when the decision was announced, the Rs 500 and Rs 1,000 notes comprised 86 per cent of the total currency notes in circulation, and 98 per cent of it came back after they were banned.
The searches, which began at 9:30 am, were carried out after the Enforcement Directorate registered a case against 38-year-old Koda for alleged money laundering and diversion of state funds.
'We have already prejudged the issue. And now things have reached a point where it is very difficult for a person to say that he could be innocent.'
The finance ministry on Monday said the recent raid on perfume trader Peeyush Jain's house in Kanpur, from where more than Rs 177 cr unaccounted cash was unearthed, was the "biggest ever seizure of cash" by an enforcement agency. The December 26 raid, which resulted in Jain's arrest, included searches at Jain's residential/factory premises in Kannauj, where about Rs 17 crore in cash have been recovered, the ministry said in a release. Further searches are underway at Jain's residential/factory premises in Kannauj.
The unaccounted cash was seized on Monday evening near Khed-Shivapur plaza on Mumbai-Bengaluru highway during a police nakabandi.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
The Mumbai Police on Tuesday registered a first information report (FIR) against Shiv Sena-Uddhav Balasaheb Thackeray MLC and former Maharashtra minister Anil Parab and four others for allegedly assaulting and threatening a civic engineer, an official said.
The SIT on black money has widened its probe.
Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment. The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025-26), up from Rs 18 crore in 2024-25.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
The Central Bureau of Investigation has sought posting of its officers in some of the Indian missions abroad besides cutting down of red-tape involved in sending Letters Rogatory (LR) as measures to expedite cases related to black money.
A city council in Sydney has cancelled a Khalistan propaganda event planned for next month due to security reasons, a media report said on Friday.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
Former Union law minister Ram Jethmalani on Thursday demanded setting up of a special investigation team to probe unaccounted money of Indians, estimated to the tune of $1500 billion, lying in Swiss and other foreign banks.
The Indian mrime minister supported a new global standard on automatic exchange of tax information
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
Use cheques, cards to check black money, says Jaitley.
Prime Minister Narendra Modi on Saturday unequivocally said that repatriation of black money kept abroad is a "priority" for his government, as he sought close global coordination to achieve this objective.
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
The Central Board of Direct Taxes is set to rationalise I-T rules.
The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said. The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA) at locations in several states including in Delhi, Uttar Pradesh, Meghalaya, Maharashtra and others. The agency is conducting searches at 44 places related to Vivo and associated companies, they said.
Prithviraj Hegde explains the first results of the demonetisation exercise in layman terms.
Prithviraj Hegde explains the first results of the demonetisation exercise in layman terms.
Mandatory reporting of assets held by individuals abroad and re-opening of I-T return filings up to 16 years are among the steps being proposed by the government to tackle the menace of black money.
The Enforcement Directorate (ED) conducted searches against Chennai-based 'lottery king' Santiago Martin, the single biggest donor to political parties with over Rs 1,300 crore in electoral bonds, as part of a money laundering investigation. The action comes after the Madras High Court allowed the ED to proceed against Martin following a police decision to close the initial FIR against him.
The Centre told the Supreme Court on Wednesday that almost every country, including India, was grappling with the problem of use of black money in elections and the electoral bonds scheme was a "conscious attempt" to eradicate the menace of "unclean money" in the poll process.
Out of these, no balance has been found in case of 289 accounts
Three entities entrusted with job submit reports on black money estimation.
Amid protests from vegetable merchants over tax raids, the I-T department has unearthed unaccounted money worth over Rs 7 crore (Rs 70 million) from Punjab-based wholesale vegetable merchants, an official said.
The Supreme Court on Tuesday said it will hear on December 6 the plea of a Congress leader challenging a recent notification by which the sale of electoral bonds has been extended by 15 more days in the year of general elections to legislative assemblies of states and Union territories (UTs) with a legislature.
A voter's right to know is 'far too important' in democracy than the privacy of a donor, Supreme Court judge Justice Sanjiv Khanna said on Thursday as the apex court scrapped the 2018 electoral bond scheme for funding political parties.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.
As part of Budget 2013-14 proposals, it is considering widening the scope of source-based taxation to more areas to improve reporting mechanism for transactions.
