INCOME TAX

  • 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...
  • 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...
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