Ajay Maken on Thursday said that he has asked the ED and I-T Department to investigate the matter. ...
09:15 PM, May 17, 2012
New Delhi: Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer. Winding up a debate on Finance Bill in the Rajya Sabha, Finance Minister Pranab Mukherjee said Parliament is omnipotent and has right to change any provision of...
01:47 AM, May 17, 2012
New Delhi: Three months after the Income Tax department conducted searches on his businesses, liquor baron Ponty Chadha is said to have reported Rs 175 crore of 'undisclosed' income to the department. "The business group has admitted an undisclosed income of Rs 175 crore and further tax related proceedings are on," official sources said. The I-T department has begun the process of collecting tax on the concealed income after it...
06:12 PM, May 14, 2012
Chennai: Income Tax sleuths have conducted raids at the premises of a son-in-law of actor-politician Chiranjeevi here, official sources said. The raids were conducted at the residence of his businessman son-in-law Vishnu Prasad in a posh locality in the and I-T officials are learnt to have recovered cash running into a few crore, sources said. Different teams of officials conducted raids at various properties in the city belonging to Prasad,...
03:12 PM, May 14, 2012
Vodafone had in April sent a notice to the Indian government threatening international arbitration in the tax dispute case. ...
09:32 PM, May 09, 2012
New Delhi: Faced with criticism over the proposed amendments to tax laws with retrospective effect, the government may dilute the provisions to allow waiver of penalties on tax demands to be raised on Vodafone-like acquisitions involving domestic assets. "Adding a clause to allow waiver of penalty for deals which took place before April 1, 2012 is being considered by the government," a senior Finance Ministry official said. Once the changes...
12:42 PM, May 06, 2012
Indore: Indore witnessed a sharp rise in the number of crorepatis (those with annual income of Rs 1 crore or more) in the just concluded fiscal -- from 260 to 423, amounting to a 63 per cent growth. These millionaires were not from the political class, because most ministers file returns in the state capital Bhopal, said Chief Income Tax Commissioner, Indore Division, Surendra Mishra. Many of these persons were...
10:25 PM, Apr 27, 2012
Raipur: A Joint Commissioner of Income tax department has been arrested for allegedly accepting Rs 15 lakh bribe from local businessmen, the CBI said on Friday. The probe agency has also arrested three businessmen who had allegedly offered the bribe to him. Joint Commissioner PW Athalye along with his I-T team had carried out searches at the factory of Raipur-based Khetan group on April 16, agency sources said. The group...
09:02 PM, Apr 27, 2012
New Delhi: British telecom major Vodafone on Tuesday described a reported statement of Finance Secretary RS Gujral as "completely untrue" on the tax issue and said it had never received any communication from authorities to withhold tax while making payment to the Hutchison. "This is completely untrue. At no point before the transaction concluded and the payment was made did any entity of the Vodafone Group receive any communication at...
09:10 PM, Apr 24, 2012
HYDERABAD: Has the state government turned into a big defaulter of Income Tax? Yes, it owes a whopping Rs 5,000 crore to the Income Tax department for the financial year 2011-12.As the government had failed to credit the tax amount, there is speculation that state coffers ran dry. Most of the tax amount is related to tax deducted at source (TDS) from employees salaries.Under normal circumstances, the state government pays...
10:36 AM, Apr 14, 2012
New Delhi: The Income Tax department is probing the connection of disgraced IAS officer Arvind Joshi with UK based Vectra chairman Ravindra Rishi. The probe comes after the Income Tax department found an entry of Rs 2.5 crore against the code RR in the diary of Joshi, from whom over Rs three crore was recovered in cash. The diary noting is of the period 1999-2004. During this period, Joshi was...
06:58 PM, Apr 12, 2012
Beijing: Amid concerns over Indian government's move to amend tax laws retrospectively, Planning Commission Deputy Chief Montek Singh Ahluwalia has said that as a policy the country would continue to woo foreign investments. "There is absolutely no question of India having turned against foreign investment," Ahluwalia told The Wall Street Journal. Indian government's proposed amendment to the Income Tax Act, 1961, to bring into tax net Vodafone type overseas mergers...
03:04 AM, Apr 04, 2012
New Delhi: It's the start of a new financial year and the 'aam aadmi' will have to pay more as a host of duty and fare hikes come into effect from Sunday. The 2 per cent increase in service and excise duty has taken effect. Eating out may leave you a few pounds heavier but your pockets will be lighter. All luxury items including cars and beauty spa treatment will...
09:10 AM, Apr 01, 2012
New Delhi: The Income Tax Department seized nearly Rs 2.25 crore from a car from the outskirts of Ranchi on Friday. The car reportedly belongs to a relative of Independent Rajya Sabha candidate, RK Agarwal. "The car carrying over Rs two crore was seized near Namkum. The owner of the car is said to be from a sponge iron factory in Jamshedpur," Senior Superintendent of Police Saket Kumar Singh said....
10:46 AM, Mar 30, 2012
New Delhi: The Income Tax Department has seized shares of Unitech Group companies through which the realty firm holds stake in mobile telecom firm, Uninor. "We can confirm that Uninor is in receipt of notices from the Income Tax Department stating that the shares owned by Unitech Ltd, through their companies Acorus, Cestos and Simpson, in our company have been attached," Uninor said in a statement on Wednesday. Unitech, which...
06:20 PM, Mar 28, 2012
New Delhi: Kingfisher Airlines, the troubled carrier, has managed to make a payment of Rs 44 crore to the Income Tax Department. The income tax appellate tribunal had set March 27 as the deadline for the payment. This was a condition set by the Tribunal to unfreeze the airline's bank accounts by the tax department. Kingfisher will now have to pay the remaining Rs 290 crore in weekly installments. This...
11:45 PM, Mar 26, 2012
New Delhi: Stressing that there is no vindictive intention behind the move to retrospectively amend tax laws, Finance Minister Pranab Mukherjee on Sunday said the government does not plan to open a plethora of old cases by making changes to the Income Tax Act. "I can assure the industry that there is no intention of opening plethora of the old cases on this plea or that plea because that is...
02:16 PM, Mar 25, 2012
SC's rejection of the plea to review Vodafone judgement has made the announcement to amend the I-T act even more controversial. ...
09:35 PM, Mar 21, 2012
New Delhi: The number of complaints filed against economic offences came down to 244 in 2010-11 against 312 cases in the previous fiscal. There were 244 complaints filed for offences under the Income Tax Act in 2010-11 as against 312 cases in 2009-10, Minister of State for Finance SS Palanimanickam told the Rajya Sabha in a written reply. In 2008-09, there were 162 cases of such offences. The number of...
05:50 PM, Mar 20, 2012
New Delhi: Finance Minister Pranab Mukherjee on Sunday expressed hope that the direct tax regime would become effective from 2013-14. Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next year onwards". Standing Committee on Finance headed by senior BJP leader Yashwant Sinha scrutinised the DTC Bill and submitted the report...
05:22 PM, Mar 18, 2012
