INCOME TAX

  • Government to review new Income Tax Return Forms, make them simple 22 hours 25 minutes ago

    New Delhi: Government on Saturday announced that new Income Tax Return (ITR) Forms that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others. It will come out...
  • Delhi Court to hear Income Tax case against Subrata Roy, others on June 1 3 days ago

    New Delhi: A Delhi court on Wednesday fixed June one to hear an Income Tax case in which Sahara Chief Subrata Roy, now lodged in Tihar Jail, and others have been accused of not filing returns for a group company for 2013-14 assessment year. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma...
  • Delhi HC stays warrant for Subrata Roy's appearance in IT case April 10, 2015

    New Delhi: The Delhi High court on Friday stayed till May the trial court proceedings and the warrant issued by it for the appearance of Sahara Chief Subrata Roy, now lodged in Tihar Jail, in an Income Tax case for allegedly not filing returns for a group company for the...
  • Tax officials attach all assets of controversial meat exporter Moin Qureshi: Sources April 10, 2015

    New Delhi: Income Tax Department on Friday attached all assets of the controversial meat exporter Moin Qureshi, sources said. Attached assets include a farm house in Chattarpur, house in Defence Colony, luxurious cars, land in Uttar Pradesh, shares in companies promoted by Qureshi, number of bank accounts and lockers. Sources in the...
  • Income Tax collections to fall short by Rs 9,000 crore April 8, 2015

    New Delhi: Income Tax collections are expected to fall short by an estimated Rs 9,000 crore because of a huge shortfall in the overall TDS mop up in the just concluded 2014-15 fiscal. Sources said that the department has till now collected an estimated Rs 6,96,000 crore of taxes against the...
  • What is due must be paid, India no tax haven: Arun Jaitley April 6, 2015

    New Delhi: Finance Minister Arun Jaitley on Monday asserted that legitimate tax demand cannot be considered "tax terrorism" because India is not a tax haven. Appearing to defend the tax notices sent to about 100 FIIs totalling USD 5-6 billion, he said "taxes which are payable must be paid". "India is not...
  • CBDT asks I-T department to act on public grievances after PM's rap March 29, 2015

    New Delhi: CBDT has called for according a "top priority" to addressing taxpayers' grievances by the Income Tax department after Prime Minister Narendra Modi expressed his disappointment about delays in corrective action and harassment of the assesses by tax officials. Taking a stern view of the PM's rap on the...
  • Income Tax department collects over Rs 3,500 crore from non-filers March 24, 2015

    Bangalore: The Income Tax department has issued over 20 lakh "intimations" and collected Rs 3,569 crore in the current financial year from those taxpayers who had either not filed their tax returns or did so incorrectly. Under its 'non-filers tracking management system', an intelligence based project which was launched two...
  • Delhi Court to record pre-charge evidence against Dabur promoter Burman on March 18 March 16, 2015

    New Delhi: A Delhi court on Monday fixed March 18 for recording pre-charge evidence in an alleged tax evasion case lodged against Dabur promoter Pradip Burman, whose name has cropped up in a black money list submitted by the government to the Supreme Court. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma...
  • BJP alleges Digvijaya Singh took money from MP builder, Congess denies March 15, 2015

    Bhopal: The ruling BJP in Madhya Pradesh has alleged that Congress General Secretary Digvijay Singh took crores of rupees from a local builder in lieu of granting undue favours to him when his party was in power in the state. However, the Congress has denied the charges. MP BJP unit president...
  • Tax evasion through foreign assets to be a criminal offence March 2, 2015

    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 March 2, 2015

    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 February 28, 2015

    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 February 28, 2015

    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 February 27, 2015

    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...