New Delhi: Income Tax Department officials on Thursday raided the offices of GMR in multiple cities over suspected tax evasion by the infrastructure company. The search operations in the Delhi, Mumbai and Bangalore offices of the company are being carried out by the I-T Department's investigation wing. GMR has confirmed the raids and a spokesperson said that the company was cooperating with authorities. GMR Group was among the companies that...
01:15 PM, Oct 11, 2012
New Delhi: Finance Minister P Chidambaram will review the direct tax collections and overall functioning of the Income Tax Department and the CBDT on Monday. The review, according to sources, is scheduled for October 8 and top officials of the CBDT, I-T and Finance Ministry will attend. In view of the review, the top brass and the staff of the Central Board of Direct Taxes (CBDT), the administrative body of...
03:39 AM, Oct 06, 2012
New Delhi: The Supreme Court has ruled that the details of a person's income tax returns and performance of an employee are "personal information" which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved. The apex court added that under the transparency law, information pertaining to the performance of an employee or officer cannot be made public as it is...
04:34 AM, Oct 05, 2012
New Delhi: The Income Tax department will come out with final guidelines by the end of October on implementation of General Anti Avoidance Rules (GAAR), Finance Minister P Chidambaram said in New Delhi on Monday. The guidelines will be based on the suggestions of the committee headed by tax expert Parthasarthi Shome who submitted the final report to the Minister earlier in the day. "I expect Stage 1-finalisation of our...
04:30 PM, Oct 01, 2012
Mumbai: Kingfisher Airlines continues to default on its service tax outstandings, amounting of over Rs 60 crore, and the government move to allow FDI policy in civil aviation sector offers the "only ray of hope" to recover the dues from the debt-ridden airline, according to a top tax official. Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it...
11:21 AM, Sep 27, 2012
New Delhi: Britain-based telecom service provider Vodafone on Thursday said it was willing to discuss a tax demand of Rs 11,000 crore but remained non-commital on paying a lesser amount if the interest and penalty are waived. "I don't know," Analjit Singh, non-executive chairman, Vodafone India, told reporters after a meeting with tax officials in New Delhi, when asked if the company would be prepared to pay the Rs 8000...
09:11 AM, Sep 21, 2012
New Delhi: The Supreme Court on Thursday directed the income tax (IT) department, which had intercepted 5,800 telephone conversations of corporate lobbyist Nira Radia, to get them transcribed within two months for a proper probe as some of them concern national security. The court was annoyed that in such a "serious matter" the I-T department has not prepared the transcript of all the intercepted calls, some of which relate to...
11:17 AM, Sep 07, 2012
Hyderabad: A law grad and a woman affiliate employee of the Income Tax Department allegedly teamed up to steal tax refunds right under the nose of the I-T top brass. Central Crime Station (CCS) sleuths sniffed out the scam before it built up to astronomic proportions and arrested the Bunty and Babli duo, and four associates of theirs, on Wednesday. Damage done by then: Rs 1.15 crore. Tax consultant Shaik...
02:26 PM, Sep 06, 2012
New Delhi: Assuring investors of a stable tax regime, Finance Minister P Chidambaram on Monday said the Income Tax Department would adopt a non-adversarial approach in realising the direct tax target of Rs 5.70 lakh crore for 2012-13. "We will ensure there is a stable tax regime, there is stable tax laws and everybody (tax department) adopts a non-adversarial approach to tax collection. "Tax department will be friendly, helpful, interactive....
07:25 PM, Sep 03, 2012
New Delhi: Finance Minister P Chidambaram on Monday said there will be no "rash" action in Vodafone tax case and the matter will be decided after considering all aspects including recommendations the Shome Committee on indirect transfer of assets. "They (I-T assessing officers) and are not going to act rashly. These are not small amounts on which you can take a rash decision," he told reporters. He was asked whether...
04:31 PM, Sep 03, 2012
New Delhi: Finance Minister P Chidambaram has a piece of advice for everyone. Holding a press conference in Delhi, the Finance Minister said that there was no need for anyone to fear tax collection. "Nobody needs to fear tax collection. If a case is thrown up for scrutiny, it does not mean unpaid taxes. It is a random way of checking tax returns based on risk assessment. People should not...
02:00 PM, Sep 03, 2012
New Delhi: Finance Minister P Chidambaram will hold a meeting with top officials of the Income Tax department on Monday. He is expected to address them later in the day. Sources say he will likely review measures to bolster tax collection and tackle black money. ...
09:49 AM, Sep 03, 2012
New Delhi: Union Finance Minister P Chidambaram on Tuesday said that the Direct Taxes Code (DTC), initiated by him during his earlier tenure, needed a fresh look. After a meeting with top officials of Central Board of Excise and Customs (CBEC), he also said the tax department has to be firm with tax evaders for whom non-compliance is a business. "DTC has gone through various versions...I need time to look...
08:26 PM, Aug 28, 2012
New Delhi: The Revenue department has begun a final tax assessment of the trusts associated with yoga guru Ramdev after service and I-T officials recently conducted special probes on these enterprises for alleged tax evasion. Both the revenue collection arms of Finance Ministry's Income Tax and Service Tax departments have recently issued notices to these trusts which are now being contested by Ramdev. Officials of Central Economic Intelligence Bureau (CEIB)...
10:50 AM, Aug 19, 2012
Mumbai: Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into the sixth floor of the building. The department lodged a formal complaint at the local police station on Wednesday. Lessons have obviously...
02:15 PM, Aug 11, 2012
New Delhi: Undisclosed income of Rs 49,325 crore has been detected in the country in the last three years while tax evasion of Rs 600 crore has been found on inputs from abroad under multi-pronged efforts to check blackmoney menace, government said on Friday. The information has been contained in a 13-page fact-sheet released by the Finance Ministry in an apparent bid to blunt the campaign by yoga guru Ramdev,...
04:29 AM, Aug 11, 2012
New Delhi: The government on Tuesday extended the last date for e-filing of income tax returns till August 31 after power failure disrupted normal life in many parts of the country. "On consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and Hindu Undivided Family (HUF)...
08:07 PM, Jul 31, 2012
The tax filing deadline is just around the corner, so here are some quick tips from H&R Block to make your tax filing simpler. 1. If your gross total income exceeds Rs 10 lakh, it is mandatory to file your return electronically: The Central Board of Direct Taxes (CBDT) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu Undivided Family (HUF)...
05:27 PM, Jul 30, 2012
Hyderabad: In a bid to ease the filing of I-T returns by the taxpayers, the Income Tax Department has set up 12 counters for the verification of preliminary details like Permanent Account Number (PAN), assessing office code among others. These counters came up after the IT Department decided to accept the returns for the current year only at the Ayakar Bhavan at Basheerbag. The last date of filing the returns...
04:00 PM, Jul 28, 2012
New Delhi: The government has announced a new scheme under which any tax payer can seek online help or call an expert home for a nominal fee to help file income tax returns. The expert, called Tax Return Preparer, can charge a maximum of Rs 250 for preparing a tax return. The new Tax Return Preparer Scheme is an initiative of the income tax department to help small and marginal...
10:53 AM, Jul 26, 2012
