Income Tax

Case against Ramdev's trust referred back to tribunal

The Uttarakhand High Court on Wednesday referred back a case of recovery of income tax worth Rs 40 crore from a Ramdev's trust to the Income Tax Judicial Tribunal, asking it to dispose of the case quickly. ...  

Chidambaram warns tax dodgers, rules out amnesty

In warning to tax dodgers, Finance Minister P Chidambaram on Sunday said that a huge amount of data is being mined to go after them and ruled out any amnesty scheme for defaulters. "No. In income tax there is no case for amnesty. Because now almost all returns are online except a small category which was exempt. We have a huge amount of data which is being mined. Therefore, there...  

'Tax dept to send notices to 35,000 assesses next week'

Finance Minister P Chidambaram on Saturday said the revenue department will send tax notices to 35,000 assesses next week, beefing up efforts to reach the collection target for the fiscal. ...  

An election Budget

Fresh air |  Vivek Sengupta

Make no mistake: Regardless of what pundits tell you, this is an election Budget prepared skillfully not just with a view to the upcoming Lok ...

Budget: Social spending hiked, I-T rates unchanged

Resisting the temptation of election-year populism, the General Budget on Thursday offered no major tax sops but slapped a surcharge on 'super-rich', raised duties on mobile phones, cigarettes and imported luxury vehicles and introduced tax deduction at source (TDS) on property sale above Rs 50 lakh. ...  

IT industry seeks MAT reduction to 5 pc in Union Budget

The IT and IT-enabled services industry here has sought the reduction in minimum alternate tax (MAT) to 5 per cent in the Budget 2013-14 for all IT companies operating in SEZs. The Finance Minister is slated to announce on Thursday the budget proposals for the next fiscal. ...  

Cases of terror funding have increased by 300 per cent: Report

A Finance Ministry report has come out with shocking details about terror funding just a few days after the Hyderabad bomb blasts. According to the report terror funding has gone up by 300 per cent in the last one year while cases of hawala transaction and fake currency notes have also increased manifold. ...  

If I were FM: Bring back fuel subsidies, demand people in Kolkata

In its countdown to Union Budget 2013, CNN-IBN met people across the country to get their views on what they want from the Finance Minister. Here is a voice from Kolkata. ...

If I were FM: People in Ahmedabad want service tax reduced to 10 pc

In our countdown to Union Budget 2013, we met people across the country to get their views on what they want from FM. ...

I-T probes source of wedding extravaganza by NCP minister

The Income Tax officials have begun conducting inquiries and raids into a multi-crore wedding extravaganza organised by Maharashtra Nationalist Congress Party (NCP) minister Bhaskar Jadhav for this son and daughter last week in Ratnagiri. ...  

Mumbai: Overnight I-T raids at Leopold Cafe

The Income Tax department conducted raids at the Leopold Cafe in Mumbai on Monday night. Tax sleuths started their inspection around 6 pm in the evening and continued through the night. ...  

Judge refuses to hear Purti case involving Gadkari

The Bombay High Court judge who was handling the Purti case against former BJP president Nitin Gadkari has stepped down and refused to hear the matter anymore. The case will now be transferred to a new bench. ...  

FM to meet Cong leaders to get their budget wishlist

Finance minister P Chidambaram is expected to meet Congress leaders to get their budget wishlist on Thursday. The Congress is likely to make a strong pitch for raising the Income Tax exemption limit and increasing allocations for anti-poverty programmes. ...  

Match referee calls pacer Praveen Kumar 'mentally unfit'

On-field brawl puts the Indian pacer in hot water during the match between ONGC and Income Tax. ...  

Gadkari questioned by I-T officials for 4 hours

Officials of the Income tax Department questioned former BJP President Nitin Gadkari in Nagpur on Thursday. Gadkari was questioned over his investments in the Purti Group for about 4 hours. ...  

Gadkari denies threatening I-T officers probing Purti

Clarifying his statements that prompted the Income Tax officers' body to seek an apology from him, former Bharatiya Janata Party president Nitin Gadkari on Saturday denied threatening I-T officers who are probing allegations of dubious funding of his firm, Purti Group. "I never threatened the IT Department or its officials. I have full faith in the professional integrity of the department." Gadkari said in a statement. ...  

I-T officers' body demands apology from Nitin Gadkari

Income Tax officers' body has demanded an apology from former Bharatiya Janata Party president Nitin Gadkari for his alleged threat to its officials claiming that the remarks aimed at hindering a fair and free into Purti Group investments. It also sought security for the officials handling the investigation. ...  

Gadkari threatens I-T officials probing Purti links

A day after Rajnath Singh took his place as the Bharatiya Janata Party President, Nitin Gadkari is out but not down. In an open threat, he has in fact warned Income Tax officials of consequences when the BJP comes to power. "I know the names of the officials who are trying to target me. They are trying day and night to frame me. But they should know that the Congress...  

Negotiations going with investors: Kingfisher to SC

The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines's plea challenging Karnataka High Court's order to deposit around Rs 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages. A bench headed by Justice DK Jain deferred the hearing for four weeks after senior advocate Harish Salve, appearing for the airlines, submitted that "serious negotiations are going on between the...  

UPA trying to malign me, will quit if found guilty: Gadkari

Troubled Bharatiya Janata Party (BJP) President Nitin Gadkari on Tuesday reacted to the Income Tax Department surveys on Purti group investors and accused the Centre of ordering I-T surveys to damage his presidential prospects. ...