INCOME TAX

  • SIT on black money to create database of tax crimes 3 days ago

    New Delhi: The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation. The SIT is wanting to bring together the databases of CBDT, Financial...
  • IT to begin probe against 90 from Mumbai in blackmoney case October 29, 2014

    Mumbai: Mumbai Income Tax authorities will soon initiate the process of ascertaining if there was any "criminality" involved in the accounts of 90 individuals from the city whose names figure in the list of 627 Indians submitted by the Centre to the Supreme Court in the blackmoney case. Sources in...
  • Arun Jaitley to meet IT official to review revenue collection October 28, 2014

    New Delhi: Finance Minister Arun Jaitley will hold a high-level review-cum-strategy meeting of top Income Tax (I-T) commissioners on Thursday to bolster revenue collection work and chart a roadmap to achieve the target. All Principal Chief Commissioners and Chief Commissioners of I-T department in the country have been asked by...
  • HC order on Vodafone transfer pricing being analysed: CBDT October 13, 2014

    Mumbai: The Central Board of Direct Taxes (CBDT) will give its views on the high court order on Vodafone transfer pricing case after studying the judgement, chairman KV Chowdary said on Monday. "We are examining transfer pricing issue at both the (Income Tax) commissioner and Central Board of Direct Taxes...
  • Income Tax department launches secure email system for staff to curb frauds October 12, 2014

    New Delhi: To curb misuse of official cyber tools and attempts of phishing, the Income Tax department has rolled out a secure email system for all its employees and officers. The department, official sources said, has recently discontinued its existing email systems (called Lotus mail and IMail) and has issued...
  • Bombay High Court rules in favour of Vodafone in transfer pricing case October 10, 2014

    Mumbai: In a landmark judgement, the Bombay High Court has ruled in favour of the Vodafone group in the transfer pricing dispute. The HC has said that there is no taxable income arising out of transactions. Vodafone had moved Bombay HC seeking relief from the I-T notice with regard to the...
  • Madras HC exempts Jayalalithaa from personal appearance in IT case September 24, 2014

    Chennai: Madras High Court on Wednesday exempted from personal appearance Tamil Nadu Chief Minister Jayalalithaa and her aide Sasikala before the trial court for questioning and for framing charges in the Income Tax returns case. On September 18, the Additional Chief Metropolitan Magistrate MR Dakshinamurthy had directed them to...
  • Tamil Nadu: CM Jayalalithaa told to appear in court on October 1 in tax case September 18, 2014

    Chennai: A court on Thursday asked Tamil Nadu Chief Minister Jayalalithaa and her aide Sasikala to appear before it "without fail" on October 1 in income tax returns case. When the matter came up for hearing before Additional Chief Metropolitan Magistrate R Dakshinamurthy, the defence counsel filed petitions seeking adjournment of...
  • Tax case: Chennai court summons CM Jayalalithaa on October 1 September 18, 2014

    Chennai: The Egmore Additional Chief Metropolitan Magistrate on Thursday directed Chief Minister J Jayalalithaa and her partner Sasikala to appear in the Income Tax (IT) case on October 1. The case is related to the nonfiling of income tax returns by Jayalalithaa and Sasikala in their individual capacity for 199394. Complaints were...
  • Bombay HC gives time to IT Department to engage senior counsel in PIL September 10, 2014

    Mumbai: The Bombay High Court on Wednesday granted three weeks' time to the Income Tax Department to engage a senior advocate for representing it in a public interest litigation regarding Godzari irrigation project in Kolhapur. The division bench headed by Justice PV Hardas was hearing a...
  • Political parties should deposit funds in banks: EC August 29, 2014

    New Delhi: The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability. The Election Commission order in this regard under Article 324 of the Constitution (superintendence, direction...
  • I am being subjected to media trial, says Virbhadra Singh August 23, 2014

    Shimla: Himachal Pradesh Chief Minister Virbhadra Singh on Saturday alleged that he and his family members are being subjected to a "malicious media trial" through "false" and "baseless" stories about their income tax matters. "It appears that some vested interests and political opponents are running biased personal investigations into the...
  • Delhi HC asks CBI to file report on graft allegations against Himachal Pradesh CM Virbhadra Singh August 20, 2014

    New Delhi: The Delhi High Court on Wednesday asked CBI to file a report giving details of probe and its status in a preliminary enquiry alleging Himachal Pradesh Chief Minister Virbhadra Singh, during his earlier tenure as CM and Union Minister, indulged in graft, money laundering and forgery. "The CBI is...
  • NCW holds CBDT guilty in IT officer sexual harassment case July 17, 2014

    New Delhi: After an Income Tax officer from West bengal alleged that she was sexually harassed by her superior and her complaints to the Central Board of Direct Taxes (CBDT) were ignored, the National Commission for Women (NCW) has held the CBDT guilty. The NCW said that the lady officer was...
  • More tax concessions when economy improves: Finance Minister July 12, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose." "I think there was never a Union Budget since 1947, which...
  • It is not the end, but start of the journey, says Arun Jaitley on his maiden Budget July 10, 2014

    New Delhi: Finance Minister Arun Jaitley is confident that his government will be able to stick to the 4.1 per cent fiscal deficit target even though rating agencies have voiced skepticism about the Budget estimates. "This is not the end, this is just the start of the journey," Jaitley said...
  • Income tax relief in Jaitley's Budget for 201415, smokers will pay more July 10, 2014

    New Delhi: The Budget for 201415 on Thursday doled out sops to income tax payers by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5 lakh while seeking to revive growth, manufacturing and investor confidence. Without...
  • Budget 2014: IT exemption limit hiked by Rs 50000, save a maximum of Rs 35000 per year July 10, 2014

    There is some good news for individual tax payers under the age of 60 years as Finance Minister Arun Jaitley increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. The savings limit under Income Tax Act Section 80C has also been hiked by...
  • Budget 2014: Disinvestment target revised upwards to Rs 58,425 cr July 10, 2014

    New Delhi: Finance Minister Arun Jaitley on Thursday raised the disinvestment target for the current fiscal to Rs 58,425 crore. The target include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies, as per the Budget document. This...
  • Budget 2014: Tax exemption limit raised to Rs 2.5 lakh from Rs 2 lakh July 10, 2014

    New Delhi: In a minor relief to the individual tax payers, the Narendra Modi government in its maiden Union Budget raised the income tax exemption slab from Rs 2 lakh to Rs 2.5 lakh. "I propose not to make any changes in the tax rate. However, with the view to provide...
  • Budget 2014: Retrospective tax amendment to be undertaken with extreme caution July 10, 2014

    New Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley on Thursday said all fresh cases arising out of the 2012 amendment of IT Act will be looked into by a high level CBDT committee. However, the existing tax disputes, arising...
  • Axe the Tax: What the common man wants from Jaitley's Budget July 10, 2014

    New Delhi: Ahead of the Narendra Modi government's first Budget, CNNIBN presented your wishlist of taxes that you want axed, to Finance Minister Arun Jaitley as part of its award winning Axe the Tax campaign. This year, you asked for an increase in the Income Tax threshold from Rs 2...
  • Arun Jaitley set to present Modi government's maiden Budget today July 10, 2014

    New Delhi: The Narendra Modi government's maiden Budget will be presented in Parliament on Thursday by Finance Minister Arun Jaitley. With high expectations to meet, it remains to be seen whether the Budget will be a bitter pill for the common man in its bid to revive the economy. It is...
  • Union Budget 2014: As it happened July 10, 2014

    Finance Minister Arun Jaitley's promises of bold budget decisions and broadsides against the "mindless populism" of his leftofcentre predecessors have proved a hit with investors, helping the benchmark BSE stock index to a record high last week. ...
  • Budget 2014: First test of Modi government's reform mettle July 10, 2014

    New Delhi: Prime Minister Narendra Modi faces the first major test of his reform credentials on Thursday, when his freshfaced government presents its maiden budget amid early doubts about his willingness to make unpopular decisions. Modi, 63, won a landslide general election victory in May with a pledge to boost growth...
  • National Herald case: Sonia Gandhi calls IT notice 'political vindictiveness' July 9, 2014

    New Delhi: Congress President Sonia Gandhi on Wednesday called the Income Tax notice to her in the National Herald case 'political vindictiveness'. She said that the 'witchhunt' will help the Congress come back to power. "We have been issued notices by the Income Tax department, it's political vindictiveness. Such political...
  • Modi's Budget may not have any major exemptions for salaried class July 7, 2014

    New Delhi: With the Narendra Modi government set to present its maiden Union Budget on July 10, expectations among the public is running high. There is a lot of hope that Finance Minister Arun Jaitley will bring in bold changes in the tax exemption limit which will come as a...
  • IT moves SC with a tax demand of Rs 4,800 crore from Sahara July 3, 2014

    New Delhi: There seems to be more trouble for the Sahara Group as the Income Tax department has now approached the Supreme Court with a tax demand of Rs 4,800 crore for the last 3 years. This comes even as Sahara chief Subrata Roy has sought an interim bail of...
  • National Herald case: IT notice to Congress over tax exemption July 1, 2014

    New Delhi: The Income Tax department on Tuesday sent a notice to the Indian National Congress for claiming tax exemption, say sources. The IT notice comes in the backdrop of court summons to Congress leaders Sonia Gandhi and Rahul Gandhi in connection with the National Herald case. While the Congress has said...
  • Kolkata: CBI arrests two Income Tax officers in bribery case June 30, 2014

    Kolkata: The Central Bureau of Investigation on Monday arrested two senior Income Tax officers from Kolkata in a bribery case. Those in arrest include Joint Commissioner IT, an IT officer and a Chartered Accountant. CBI sleuths have also seized Rs 3 lakh from their possession. The CA had allegedly taken a...