INCOME TAX

  • Tax evasion through foreign assets to be a criminal offence 13 hours 8 minutes ago

    New Delhi: The announcement by Finance Minister Arun Jaitley categorising tax evasion in relation to holding of illegal foreign assets as a "predicate offence" under anti-money laundering laws has, for the first time, made concealment of income a criminal offence in India. At present, tax evasion is a civil offence...
  • Controversial meat exporter Moin Akhtar Qureshi granted bail by Delhi court 19 hours 15 minutes ago

    New Delhi: Controversial meat exporter Moin Akhtar Qureshi has been granted bail by a Delhi court in black money case filed by the Income Tax (I-T) department. The I-T department launched an investigation against Qureshi for alleged evasion of tax. Last week, the Enforcement Directorate conducted raids at seven different...
  • Individuals get more tax benefits; but to pay more on services 2 days ago

    New Delhi: Giving with one hand and taking with the other, Finance Minister Arun Jaitley on Saturday hiked tax deduction limit for individuals to Rs 4.44 lakh, but slapped an extra surcharge on super-rich and raised service tax rate. The individual taxpayers would get additional deductions of up to Rs 74,600...
  • Budget focuses only on corporates,income tax payers: P Chidambaram 2 days ago

    New Delhi: Accusing Finance Minister Arun Jaitley of pleasing just the corporates and the income-tax payers, his predecessor in the UPA regime P Chidambaram on Saturday said the Modi government's first full Budget has failed the fiscal test, the test of equity, and the test of rising inequality. ...
  • How the last five Union Budgets impacted income tax 3 days ago

    With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitley as he prepares to present the government's first full Union Budget on Saturday. Income tax slabs have always been the most awaited section of the Budget. With the...
  • Jaitley may dole out tax sops in Budget to win over middle class February 22, 2015

    New Delhi: Eager to win over middle class after the Delhi poll debacle, Finance Minister Arun Jaitley on February 28 is expected to present a common man friendly Budget by either raising tax slabs or hiking investment limit in savings instruments. Besides giving sops to the individual tax payers, he is...
  • Black money: Income Tax department to file 100 more complaints in court February 22, 2015

    New Delhi: The Income Tax department is set to launch over 100 fresh prosecution complaints for "wilful" evasion of taxes against those entities and individuals whose names have figured in the HSBC, Geneva black money bank accounts list. The department, according to sources, is also expected to collect an additional revenue...
  • Axe the Tax: Raise Income Tax exemption limit to Rs 3 lakh February 18, 2015

    In CNN IBN's Axe the Tax series, the most popular expectation from Budget 2015 is to hike the income tax exemption limit to Rs 3 lakh from the existing Rs 2.5 lakh. ...
  • Budget 2015: Tax benefits, duty cuts top industry budget wish-lists February 15, 2015

    New Delhi: As the Budget day approaches, various sectors are lobbying hard for tax benefits and duty cuts while a few others want the government to ensure a stable and predictable taxation regime. The groups and consultants lobbying for MNCs want the government, in the Union Budget on February 28,...
  • Budget 2015: Arun Jaitley to set threshold for taxing indirect share transfer by MNCs February 15, 2015

    New Delhi: Government is likely to define in the forthcoming budget the term 'substantial value' to tax MNCs for selling Indian operations by fixing 50 per cent of their total asset base as the threshold. Seeking to bring about clarity in taxation of indirect transfer of assets by MNCs, Finance...
  • Income Tax notice to Congress too on funding, Aam Aadmi Party has already received one February 11, 2015

    New Delhi: The Income Tax (I-T) Department has issued notice to the Congress on political funding, sources said on Wednesday. "We have received Income Tax notice on funding," said Congress sources. Not only the Congress but the Aam Aadmi Party (AAP) has also been served a similar notice by the I-T Department....
  • I-T department serves notice to AAP seeking details over donation of Rs 2 crore to party: Sources February 11, 2015

    New Delhi: Even as the Aam Aadmi Party (AAP) is still celebrating its massive majority in Delhi Assembly elections, the party has been asked by the Income Tax department to explain donations of over Rs 2 crore to the party. According to sources, the Income Tax notice has been served on...
  • What would Arvind Kejriwal, IRS have done? February 5, 2015

    Some disillusioned members of the AAP have taken up the case of the party's dubious funding. The AAP is a brilliant propagandist. It claims to wear the label of honesty on its sleeves. It disclosed the names of a large number of corporate entities from whom it received donation by...
  • Actor Mohanlal to perform at the opening ceremony of the 35th National Games of India for free February 1, 2015

    Thiruvananthapuram: Superstar Mohanlal, who has been condemned for charging a hefty fee for his new musical band at the opening ceremony of the 35th National Games of India, Friday said that he is doing it for free. "The report that I've charged a Rs.2 crore fee for the show is baseless....
  • Robert Vadra's Skylight hospitality issued tax notice, to explain his controversial land deals: Sources January 1, 2015

    New Delhi: Son-in-law of Congress President Sonia Gandhi, Robert Vadra's owned Skylight hospitality firm has been issued a tax notice on Thursday. The Income-Tax department has asked Vadra to explain all his controversial land deals and financial transactions. This is not the first time Vadra has been accused. Prior to...
  • SC asks Centre to ensure completion of Income Tax probe into black money case by March 31 December 3, 2014

    New Delhi: The Supreme Court on Wednesday asked the Centre to ensure that the ongoing Income Tax probe for suspected black money concerning 627 Indians who have accounts in HSBC bank, Geneva, be completed by March next year. The apex court directed the Special Investigation Team (SIT) probing the black...
  • Crorepati engineer: Time to unearth black money at home? December 1, 2014

    The Income Tax department has recovered diamonds worth Rs 100 crore, 2 kilos of gold and Rs 10 crore in cash from the residence of tainted Noida chief engineer Yadav Singh. ...
  • I-T department accepts Jayalalithaa's plea to pay charges instead of prosecution December 1, 2014

    Chennai: In a big relief for former Tamil Nadu chief minister J Jayalalithaa and her aide Sasikala, the Income tax department has accepted their plea for compounding alleged offences in filing returns in their individual capacity for the assessment year 1993-94. The Income tax department has informed a court in Chennai...
  • After recovering diamonds worth Rs 100 crore, Rs 10 crore cash, I-T department to probe UP chief engineer's bank lockers December 1, 2014

    New Delhi: The Income Tax department will open bank lockers of Uttar Pradesh Chief Engineer Yadav Singh in at least 12 banks located in Noida, Delhi and Ghaziabad on Monday, said sources. The I-T department had recovered diamonds worth Rs 100 crore, Rs 10 crore in cash and around 2...
  • Noida engineer to be sacked after I-T sleuths recover valuables worth Rs 100 crore November 29, 2014

    Noida: The Uttar Pradesh government is in the process of suspending Noida engineer Yadav Singh after Income Tax department sleuths recovered diamonds worth Rs 100 crore, 2 kilos of gold and Rs 10 crore in cash from his residence. Raids were carried out at two dozen locations in NCR simultaneously. It...
  • I-T recovers Rs 100 crore diamond, Rs 10 crore cash from Noida chief engineer's residence November 29, 2014

    Noida: The Income Tax department has recovered diamonds worth Rs 100 crore, 2 kilos of gold and Rs 10 crore in cash from the residence of tainted Noida chief engineer Yadav Singh. Raids were carried out at two dozen locations in NCR simulatenously. It revealed that the official had floated several...
  • AG Mukul Rohatgi asks Income Tax department to not appeal ruling in Vodafone tax case November 27, 2014

    Mumbai: The attorney general has recommended the government refrain from appealing a Bombay High Court ruling in favour of Vodafone Group Plc in a long-running tax dispute, a person directly involved in the matter said. Vodafone, the biggest foreign corporate investor in India, has been involved in a series of tax...
  • I-T seizes over Rs 135 crore cash, jewellery from Sahara group November 24, 2014

    New Delhi: The Income Tax department has claimed to have seized cash of over Rs 135 crore from the premises of Sahara group during its raids on its two premises in Delhi and Noida in connection with alleged tax evasion charges. Sources said that the department made one of its...
  • SIT on black money to create database of tax crimes November 19, 2014

    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...