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
Mumbai: Sahil Peerzada has been summoned by the Mumbai Income Tax department just days after he was in the news in connection with the alleged molestation row in the Indian Premier League. The I-T notice for Sahil Peerzada is for an alleged gold fraud four years ago. Peerzada along with another man, Raees Khan, had allegedly defrauded a metal scrap trading corporate of Rs 464 crore. The gold fraud co-accused,...
01:33 PM, May 28, 2012
Pune: The Income Tax Department is conducting an enquiry at the office of Indian Premier League (IPL) team Pune Warriors India. The enquiry follows a sting operation where some Pune Warriors India players allegedly took money for spot-fixing during the IPL matches. The money is alleged to have been paid in cash and Income Tax officials say that players shown in the sting operation could also be questioned. The sting...
12:20 PM, May 23, 2012
As a part of his crisis management arising due to the continuous flop show of his films, Megastar Mammootty has preponed the shoot of his new project with director Ranjith. The movie will be the first project as a producer from Mammootty's Manager George. Shankar Ramakrishnan of 'Urumi' fame will script this movie which will start its production activities by June, soon after the release of Ranjith's Mohanlal film Spirit....
02:36 PM, May 22, 2012
New Delhi: Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday. Kingfisher Airlines was found to have deducted tax at source (TDS) on salary payments but had not deposited it in Government account, Minister of State for Finance SS Palanimanickam said in a written reply. "Survey... was conducted at...
02:23 PM, May 18, 2012
New Delhi: Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer. Winding up a debate on Finance Bill in the Rajya Sabha, Finance Minister Pranab Mukherjee said Parliament is omnipotent and has right to change any provision of...
01:47 AM, May 17, 2012
New Delhi: Three months after the Income Tax department conducted searches on his businesses, liquor baron Ponty Chadha is said to have reported Rs 175 crore of 'undisclosed' income to the department. "The business group has admitted an undisclosed income of Rs 175 crore and further tax related proceedings are on," official sources said. The I-T department has begun the process of collecting tax on the concealed income after it...
06:12 PM, May 14, 2012
Chennai: Income Tax sleuths have conducted raids at the premises of a son-in-law of actor-politician Chiranjeevi here, official sources said. The raids were conducted at the residence of his businessman son-in-law Vishnu Prasad in a posh locality in the and I-T officials are learnt to have recovered cash running into a few crore, sources said. Different teams of officials conducted raids at various properties in the city belonging to Prasad,...
03:12 PM, May 14, 2012
Vodafone had in April sent a notice to the Indian government threatening international arbitration in the tax dispute case. ...
09:32 PM, May 09, 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
Indore: Indore witnessed a sharp rise in the number of crorepatis (those with annual income of Rs 1 crore or more) in the just concluded fiscal -- from 260 to 423, amounting to a 63 per cent growth. These millionaires were not from the political class, because most ministers file returns in the state capital Bhopal, said Chief Income Tax Commissioner, Indore Division, Surendra Mishra. Many of these persons were...
10:25 PM, Apr 27, 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: British telecom major Vodafone on Tuesday described a reported statement of Finance Secretary RS Gujral as "completely untrue" on the tax issue and said it had never received any communication from authorities to withhold tax while making payment to the Hutchison. "This is completely untrue. At no point before the transaction concluded and the payment was made did any entity of the Vodafone Group receive any communication at...
09:10 PM, Apr 24, 2012
HYDERABAD: Has the state government turned into a big defaulter of Income Tax? Yes, it owes a whopping Rs 5,000 crore to the Income Tax department for the financial year 2011-12.As the government had failed to credit the tax amount, there is speculation that state coffers ran dry. Most of the tax amount is related to tax deducted at source (TDS) from employees salaries.Under normal circumstances, the state government pays...
10:36 AM, Apr 14, 2012
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