New Delhi: Income Tax department has slapped a fresh $ 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm.
The Bangalore-based software services exporter is already contesting additional income tax demands of $ 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the fresh tax demand notice as well.
"The company has received the assessment order from the Income tax authorities for fiscal 2009 on May 2, 2013 alongwith a demand order for an amount of $ 106 million," Infosys said in a filing to the US Securities and Exchange Commission (SEC) last week.
In the filing Infosys added, "As the company is contesting this position like earlier years, the appellate authority would be approached within the time limit prescribed under the relevant law."...
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12:28 PM, May 19, 2013
New Delhi: Finance Minister P Chidambaram will inaugurate a two-day conference of top Income Tax department and CBDT officers later this month in the national capital and discuss efforts to maximise revenue collection. The annual conference of Chief Commissioners and Directors General of the I-T department will be held on May 28 and 29. A host of challenges being faced by the department like illegal chit fund companies, ponzi schemes,...
09:55 AM, May 19, 2013
Mumbai: Balaji Telefilms on Friday agreed to pay arrears and a fine for not having paid their taxes, sources said. The Income Tax Department probe had found that the production house had defaulted on taxes up to Rs 30 crore. The I-T Department also finished questioning the company's promoters - actor Jitendra, Ektaa Kapoor and Tusshhar Kapoor. ...
05:31 PM, May 03, 2013
Ranchi: Former Jharkhand Chief Minister Madhu Koda, who got a three-week provisional bail from Jharkhand High Court, could not go home on Wednesday following his failure to produce bail documents to the jail authorities. "We don't have any document of his bail in any of the cases against him (Koda). He can only walk out after producing all bail-related documents," Jail Superintendent Dilip Pradhan told PTI in Ranchi. Koda was...
02:07 AM, Apr 18, 2013
The Income Tax officials have begun conducting inquiries and raids into a multi-crore wedding extravaganza organised by Maharashtra Nationalist Congress Party (NCP) minister Bhaskar Jadhav for this son and daughter last week in Ratnagiri. ...
07:22 PM, Feb 19, 2013
The Bombay High Court judge who was handling the Purti case against former BJP president Nitin Gadkari has stepped down and refused to hear the matter anymore. The case will now be transferred to a new bench. ...
02:59 PM, Feb 14, 2013
Income Tax officers' body has demanded an apology from former Bharatiya Janata Party president Nitin Gadkari for his alleged threat to its officials claiming that the remarks aimed at hindering a fair and free into Purti Group investments. It also sought security for the officials handling the investigation. ...
12:50 PM, Jan 27, 2013
The Bharatiya Janata Party on Sunday denied reports of Income Tax summons to party president Nitin Gadkari and alleged that it was a plot to malign his image. The report was also denied by Gadkari who said he hasn't received any notice from the I-T department. ...
01:23 PM, Jan 13, 2013
The Income Tax department on Saturday issued summons to BJP chief Nitin Gadkari in connection with alleged tax evasion. The summons were for Gadkari and some associated companies. Top sources in the department said Gadkari has been asked for his personal appearance so that he can be confronted with the documents and probe conducted by the I-T in this regard in the last few months. ...
09:59 PM, Jan 12, 2013
A day after the Supreme Court asked actor Amitabh Bachchan to respond to a petition from the Income Tax department, the actor said on Wednesday that he is ready to pay the taxes due. ...
10:13 AM, Jan 09, 2013
The Income Tax department officials on Tuesday conducted a survey operation on the premises of Finnish cellphone major Nokia in Chennai on charges of alleged tax evasion. Sources in the department said the survey operation was conducted at the company's premises in the Tamil Nadu capital (under section 133 of the I-T Act) and few other locations in the country would be brought under this action. ...
09:12 PM, Jan 08, 2013
The Supreme Court on Tuesday sought the response of superstar Amitabh Bachchan on a petition by Income Tax Department which has claimed that the actor owes to it Rs 1.66 crore as taxes on his income he earned through quiz show 'Kaun Banega Crorepati' during 2001-02. ...
07:22 PM, Jan 08, 2013
New Delhi: The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names. The department, which approached the Finance Ministry and the Central Board of Direct Taxes (CBDT) in this regard recently, has initiated the step in order to...
11:30 AM, Nov 18, 2012
Mumbai: The Mumbai Income Tax department has shared its preliminary investigation report on BJP President Nitin Gadkari's Purti Group with the Pune Income Tax DG and Kokata Income Tax DG. The preliminary probe has found that most of the companies with registered addresses were fake addresses. In the course of the field surveys, the officers could not locate books of accounts. The companies were incorporated with minimum capital and there...
01:12 PM, Nov 08, 2012
New Delhi: The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country. Information Commissioner Rajiv Mathur directed the department to make public the documents placed before the Union Cabinet last year on the basis of which decision was taken to grant the exemption. He, however, allowed the I-T department to...
06:54 PM, Oct 26, 2012
There was high drama at Congress leader and industrialist Naveen Jindal's press conference on Thursday afternoon where he claimed he has proof against editors of Zee News allegedly extorting money from his team. The Income Tax Department launched a probe into 18 of BJP President Nitin Gadkari's companies. The striking employees of Kingfisher Airlines reached a truce with the management and are set to resume work. ...
11:46 PM, Oct 25, 2012
New Delhi: CNN-IBN has accessed details of one of the alleged shell companies that invested in BJP President Nitin Gadkari's Purti Group. Regency Equifin Pvt Ltd interestingly has Gadkari's accountant Kawdu Zade and other employees in Purti as directors. Also, records show that Regency Equifin both borrowed from and lent money to Gadkari. The company bought shares worth Rs 4 crore in Gadkari's Purti Group in 2008. The 2008-09 balance...
08:42 PM, Oct 25, 2012
New Delhi: As more details of the web of shell companies associated with Bharatiya Janata Party (BJP) president Nitin Gadkari's Purti Group emerged, the Income Tax department swung into action. Sources in the I-T department confirmed they were probing the source of funds of the 18 odd companies that are shown as investors in Purti Power and Sugar. "The source of the funds, the manner of the sourcing and the...
08:11 PM, Oct 25, 2012
New Delhi: The Congress's chief ministerial candidate for Himachal Pradesh, Virbhadra Singh, on Wednesday apologised for threatening mediapersons earlier in the day, explaining that he lost his cool amidst the flurry of questions from the press. Virbhadra had threatened to break the cameras of the mediapersons, when questioned about the allegations of corruption against him. Apologising, Virbhadra said, "I respect the media and the press. They are doing their job....
04:25 PM, Oct 24, 2012
The statements of Manish Pandey, Mohnish Mishra and Shalabh Srivastava claimed to have exposed corruption in IPL. ...
12:09 PM, Oct 20, 2012
