New Delhi: The Income Tax Department on Saturday conducted survey operations on city-based business premises of onion traders from neighbouring Uttar Pradesh to detect hoarding and illegal profiteering. Sources said the surveys were carried out on the premises of those traders who were searched by the department in Uttar Pradesh on Friday. "There were no searches on any trader from Delhi but surveys were conducted on the city premises of...
03:56 PM, Jan 08, 2011
New Delhi: Raids seem to be in vogue these days. In a frantic attempt by the government to tackle inflation, the Income Tax department today conducted raids on wholesale traders across the country Runway away onion prices have spooked the government so much that it ordered a probe on a possible cartel. Income tax officials raided onion traders across the country following evidence from the competition commission that wholesale traders...
10:59 PM, Jan 07, 2011
Mogosoia: Everyone curses the tax man, but Romanian witches angry about having to pay up for the first time are planning to use cat excrement and dead dogs to cast spells on the president and government. Also among Romania's newest taxpayers are fortune tellers - but they probably should have seen it coming. Superstitions are no laughing matter in Romania - the land of the medieval ruler who inspired the...
10:54 AM, Jan 06, 2011
New Delhi: The Income Tax Appellate Tribunal has nailed Italian businessman Ottavio Quattrocchi in Bofors scam. The tribunal says kickbacks were paid to Quattrocchi and Win Chadha in the nearly Rs 1,500 crore worth Bofors deal. It notes that 242.62 million Swedish kroners were paid to Quattrocchi and Chadha in kickbacks. The bribes were paid into accounts of M/s Colbar Investments Limited Inc and M/s Wetelsen Overseas, controlled by Quattrocchi...
02:24 PM, Jan 03, 2011
New Delhi: It's the 5000-odd unpublished tapes that have India Inc. sweating. As the Intelligence Bureau and Central Board of Direct Taxes launched a probe into how wire-tapped conversations between ministers, a professional lobbyist and top journalists got leaked to the media, the government has indicated that the unpublished recordings form the heart of a much larger tax evasion probe. The conversations of corporate lobbyist Niira Radia was tapped by...
04:13 PM, Dec 07, 2010
New Delhi: The heat on Commonwealth Games Organising Committee, whose members are under the scanner of various investigative agencies, is likely to increase as CBI could register more cases in connection with alleged irregularities in holding the sporting extravaganza. The agency, which has already registered three cases naming some top OC officials, is looking into more complaints of alleged instances of corruption in the run up to the Games, official...
05:11 PM, Dec 01, 2010
New Delhi: Union Government on Monday ordered an enquiry into the Nira Radia tapes. Intelligence Bureau and Central Board of Direct Taxes have been asked to find out who leaked the taped phone conversation of corporate lobbyist Radia with journalists, business leaders, politicians and bureaucrats. Sources have told CNN-IBN that Union Home Secretary GK Pillai wrote to Revenue Secretary Sunil Mitra to order an enquiry by CBDT into the leak....
05:02 PM, Nov 29, 2010
New Delhi: The Commonwealth Games probe now gathering pace with Income Tax officials carrying out nationwide raids on premises of four contractors who executed all the works related to the Games. Countrywide raids, searches and surveys were conducted at 50 premises across Delhi and the NCR, Jamshedpur, Kolkata, Bangalore and Mumbai by a team of over 300 officials. The companies, which were raided, include Shiv Naresh Sports Pvt Ltd and...
08:36 PM, Oct 28, 2010
New Delhi: Income Tax officials raided the offices of Shiv Naresh Sports Pvt Ltd and Satya Prakash Construction in connection with allegations of corruption in Commonwealth Games. The nation-wide raids on premises of the contractors began early on Thursday morning. The raids were carried out across the national capital region and Delhi. Raids are also being in Kolkata, Mumbai and Bangalore. Over 50 teams of Income Tax are involved in...
12:03 PM, Oct 28, 2010
New Delhi: The Supreme Court on Monday adjourned hearing in the tax case against Vodafone to November 15 after the telecom company sought time to go through the Rs 11,218 crore tax notice sent by the Income Tax department. Vodafone submitted before the court that it received the tax department order late Friday and hence needed time to pore over it. Considering the telecom giant's argument, a bench comprising Chief...
12:47 PM, Oct 25, 2010
Bangalore: Income Tax officials on Monday conducted raids at around 60 places in Karnataka, targeting seven ruling BJP MLAs, including ministers G Janardhana Reddy and G Karunakara Reddy. I-T raids were conducted at 60 to 65 places, mainly concentrating in Bangalore and Bellary, said sources in I-T department, whose action comes amidst allegations of horse-trading by both BJP and Opposition. They said that business premises of seven legislators, including mining...
12:20 PM, Oct 25, 2010
New Delhi: The Commonwealth Games probe gets wider - Income Tax (I-T) department to investigate over billing of goods used in the Games Village. The Comptroller and Auditor General (CAG) will be expanding the scope of its audit. The CAG will be examining contracts between parties responsible for construction related works. Earlier, Games Village organisers were caught in an embarrassing situation just days before the opening of the Games when...
08:42 AM, Oct 25, 2010
Patna: Money power and Bihar elections usually go hand in hand. Perhaps not this time. The Election Commission has roped in the Income Tax department in its crackdown on candidates who flout the norms. No wonder several candidates are facing the heat as this new system is being implemented. Hence, like many, independent candidate Daddan Pahalwan is a troubled man in this regard. The income tax notice wants him to...
08:57 AM, Oct 05, 2010
Mumbai: Shahrukh Khan has topped the list of highest tax paying Bollywood superstars. The actor paid Rs 5 crore as taxes this year. Earlier, actor Akshay Kumar was the highest tax payer in Bollywood with Rs 4.5 crore paid as taxes last year. Aamir Khan, who paid Rs 4 crore as taxes figured third in the list. Among the actresses, Katrina Kaif topped the list with Rs 1.3 crore. ...
11:06 PM, Sep 15, 2010
Mumbai: The Bombay High Court on Wednesday dismissed Vodafone International's plea challenging the Income Tax (I-T) Department Rs 12,000 crore demand in tax and penalty on $ 11 billion (about Rs 50,000 crore) takeover of Hutchison Telecom, a judgement that could impact foreign companies buying assets involving India firms. The court, however, gave liberty to Vodafone to argue before the tax department that no penalty should be imposed as they...
11:41 AM, Sep 09, 2010
New Delhi: Things are getting murkier for suspended Indian Premier League commissioner Lalit Modi as his link to an alleged payoff to the World Sports Group (WSG), a Mauritius-based company, as facilitation fee is being investigated by Income Tax officials. The officials are investigating Modi's link to an aircraft purchase, which was used by the former IPL boss for his private use. However, the former IPL boss has not shown...
10:57 AM, Sep 01, 2010
New Delhi: Union Cabinet on Thursday cleared the new Direct Tax Code Bill that proposes to raise the basic exemption limit for individual tax payers from Rs 1.6 lakh to Rs 2 lakh. So there will be no tax on incomes below Rs 2 lakh. The exemption for senior citizens has been raised to Rs 2.5 lakh, up from 1.4 lakh at present. The tax code will now be sent...
08:10 PM, Aug 26, 2010
On February 5, currency notes worth Rs 3 crore were recovered from the house of Arvind and Tinu Joshi in Bhopal. ...
09:17 AM, Aug 06, 2010
The last date for filing income tax returns is extended due to inclement weather and some technical snags. ...
11:45 PM, Jul 31, 2010
The Direct Taxes Code Bill is slated to be tabled in the forthcoming monsoon session of Parliament. ...
10:07 AM, Jun 19, 2010
