New Delhi: Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said that the Income Tax Department will not reopen cases where assessment proceedings had been finalised before April 1, 2012. "I gave a commitment in Parliament with regard to retrospective amendments that CBDT (Central Board of Direct Taxes) will issue a policy circular to clarify that in cases where assessment proceedings have become final before first...
04:19 PM, May 30, 2012
New Delhi: The I-T department on Tuesday reportedly froze the bank accounts of Kingfisher Airlines, allegedly over part payment of dues. Sources said that the airlines had been slapped with a notice of Rs 342 crore. The airlines had to repay Rs 9 crore every week. KFA made a part payment of Rs 4.5 crore for two weeks. Since November 2011, the Service and Income Tax departments have frozen as...
05:10 PM, May 29, 2012
New Delhi: Faced with criticism over the proposed amendments to tax laws with retrospective effect, the government may dilute the provisions to allow waiver of penalties on tax demands to be raised on Vodafone-like acquisitions involving domestic assets. "Adding a clause to allow waiver of penalty for deals which took place before April 1, 2012 is being considered by the government," a senior Finance Ministry official said. Once the changes...
12:42 PM, May 06, 2012
Raipur: A Joint Commissioner of Income tax department has been arrested for allegedly accepting Rs 15 lakh bribe from local businessmen, the CBI said on Friday. The probe agency has also arrested three businessmen who had allegedly offered the bribe to him. Joint Commissioner PW Athalye along with his I-T team had carried out searches at the factory of Raipur-based Khetan group on April 16, agency sources said. The group...
09:02 PM, Apr 27, 2012
New Delhi: The Income Tax department is probing the connection of disgraced IAS officer Arvind Joshi with UK based Vectra chairman Ravindra Rishi. The probe comes after the Income Tax department found an entry of Rs 2.5 crore against the code RR in the diary of Joshi, from whom over Rs three crore was recovered in cash. The diary noting is of the period 1999-2004. During this period, Joshi was...
06:58 PM, Apr 12, 2012
New Delhi: The Income Tax Department seized nearly Rs 2.25 crore from a car from the outskirts of Ranchi on Friday. The car reportedly belongs to a relative of Independent Rajya Sabha candidate, RK Agarwal. "The car carrying over Rs two crore was seized near Namkum. The owner of the car is said to be from a sponge iron factory in Jamshedpur," Senior Superintendent of Police Saket Kumar Singh said....
10:46 AM, Mar 30, 2012
New Delhi: The Income Tax Department has seized shares of Unitech Group companies through which the realty firm holds stake in mobile telecom firm, Uninor. "We can confirm that Uninor is in receipt of notices from the Income Tax Department stating that the shares owned by Unitech Ltd, through their companies Acorus, Cestos and Simpson, in our company have been attached," Uninor said in a statement on Wednesday. Unitech, which...
06:20 PM, Mar 28, 2012
New Delhi: Kingfisher Airlines, the troubled carrier, has managed to make a payment of Rs 44 crore to the Income Tax Department. The income tax appellate tribunal had set March 27 as the deadline for the payment. This was a condition set by the Tribunal to unfreeze the airline's bank accounts by the tax department. Kingfisher will now have to pay the remaining Rs 290 crore in weekly installments. This...
11:45 PM, Mar 26, 2012
New Delhi: It couldn't have gotten worse for the people looking to celebrate the festival of colours with their near and dear ones. Crisis-hit Kingfisher Airlines looks set to cancel more flights on Thursday and coming days. On Wednesday, oil companies pulled the plug on supply to the cash-strapped airlines due to non-payment of dues. The International Air Transport Association (IATA) too barred its agents from booking any flights, seriously...
07:06 AM, Mar 08, 2012
New Delhi: A number of documents related to Commonwealth Games projects have either gone missing or are untraceable making tough the ongoing probe into alleged irregularities in conduct of the Games. Sources said that problems were being faced by officials of various probe agencies including the Central Vigilance Commission (CVC), Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax (I-T) department. "There are many documents related to the...
05:33 PM, Mar 05, 2012
Mumbai: Congress MLA Kripashankar Singh had to step down from the post of Mumbai Pradesh Congress chief after an indictment from the Bombay High Court in disproportionate assets case. But for someone who began his life in Mumbai in 1973 as a vegetable seller, it's perhaps an incredible rags to riches tale. Kripashankar Singh and his family, whose reported source of income is a salary of Rs 45,000, now owns...
07:22 PM, Feb 29, 2012
New Delhi: Rejecting the revised appeal by Kingfisher Airlines to allow 18 months to clear dues, the Income Tax Department on Friday sought Rs 35-40 crore as upfront payment and asked the airline to pay the balance dues in 8 months. Unhappy with Kingfisher's offer to make payments over 18 months period on weekly basis, the I-T Department summoned the airline management for a meeting and made it clear that...
05:23 PM, Feb 24, 2012
New Delhi: There's more trouble for Kingfisher Airlines. After SBI sources came on record that they are not ready to lend anymore money to the airline company, more banks are coming out from the consortium of lenders to kingfisher. UCO bank chairman came on record and said 'no money for Kingfisher'. Bank of India has also said that it will not give any money to Kingfisher till the consortium of...
11:14 PM, Feb 23, 2012
New Delhi: The Income Tax department has called the Kingfisher Airlines management for a meeting on Thursday. The I-T department has rejected the revised appeal by the airlines, asking the airlines to first revisit the conditions of payments. Sources have said that the Kingfisher has offered to make payments over 18 months period on weekly basis. They also added that the Income Tax authorities are not happy with the tenure...
02:51 PM, Feb 23, 2012
New Delhi: The Income Tax department is likely to defreeze the frozen accounts of Kingfisher Airlines, which has been hit by a major cash crunch, leading to cancellations of several flights in almost all its routes across the country. According to sources, Kingfisher Airlines is also likely to make partial payments of Income Tax dues. The airlines owes as much as Rs 53.8 crore for financial year 2011 to the...
07:44 PM, Feb 21, 2012
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