Income

IPL spot-fixing: I-T begins probe in hawala transactions

New Delhi: In more trouble for the arrested cricketers and bookies in the IPL spot-fixing scandal, the Income Tax department has begun a probe into alleged hawala and illegal cash transactions and will question them. The I-T department has got in touch with the investigators of the Delhi police and initiated "tax evasion and suspected hawala dealings" related probe into the latest allegations of spot-fixing.

The department, according to official sources, will question and record statements of all those who have been booked by special units of both the Delhi and Mumbai police.

Three IPL cricketers - India pacer S Sreesanth, players of the Ajit Chandila and Ankeet Chavan, Bollywood actor Vindoo Randhawa and a number of bookies mainly from Mumbai and Delhi have been arrested after the IPL scandal was busted last Thursday.

The department "will move" for questioning the players and bookies arrested so far in the case and will work in close coordination with other law enforcement agencies working on this case, a department official said. I-T investigators will also go through the tax returns and transactions of the people who are found to have been involved in spot-fixing to detect unreported income, the official added....more    

Apple uses firms outside US to avoid taxes

Washington: Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in US income taxes, a Senate investigation has found. The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the...  

Infosys to challenge new tax demand of $ 105.3 million

Bangalore: Infosys Ltd, India's No 2 software services exporter, said on Monday it would challenge a $ 5.77 billion income tax demand raised by Indian authorities earlier this month. The demand relates to certain tax benefits on income from software development done overseas at the clients' location and revenue from special economic zones in India, Infosys said in a statement. It said the latest tax demand disregards a clarification by...  

I-T Dept slaps Rs 582 cr tax demand notice on Infosys

New Delhi: Income Tax department has slapped a fresh $ 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of $ 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the...  

Chidambaram to meet top I-T brass later in May

New Delhi: Finance Minister P Chidambaram will inaugurate a two-day conference of top Income Tax department and CBDT officers later this month in the national capital and discuss efforts to maximise revenue collection. The annual conference of Chief Commissioners and Directors General of the I-T department will be held on May 28 and 29. A host of challenges being faced by the department like illegal chit fund companies, ponzi schemes,...  

Income limit of 'creamy layer' hiked to Rs 6 lakh per annum

New Delhi: In a bid to widen the ambit of beneficiaries getting reservation under the OBC quota, the Central government on Thursday enhanced the ceiling for applying the 'creamy layer' restriction on "socially advanced persons". While the income criteria so far was Rs 4.5 lakh per annum, the Union Cabinet today increased it to Rs 6 lakh per annum. The increase in the income limit to exclude the creamy layer...  

Lalu holds Parivartan rally in Patna, I-T seeks expense details

Patna: Rashtriya Janata Dal chief Lalu Prasad held a massive 'Parivartan' rally in Patna as the Income Tax department issued a notice to his party seeking details of expenses for the rally. The rally which is being held at Gandhi Maidan in Patna is the first of its kind by RJD after 2005 when it lost power to the NDA. Lalu Prasad reportedly wanted to use the rally as a...  

Fire at Income Tax office in south Mumbai

Mumbai: A fire broke out on the sixth floor of the Income Tax Building in Marine Lines area in south Mumbai on Thursday night but there were no report of casualties. Ten fire engines have been rushed to the spot, fire brigade sources said. The building, called 'Aayakar Bhavan', houses office of the Commissioner of the Income Tax. The fire call was received at 10:20 pm. There were no reports...  

South India ahead of North due to better governance

Bangalore: The quality of governance and better leadership has led to southern states surging ahead of their northern counterparts, widening the gap in terms of per capita income and poverty between the south and north, says a study. Per capita incomes in the south (Tamil Nadu, Karnataka, Andhra Pradesh and Kerala) have risen fast and poverty has declined in recent years and the reason is quality of governance, better leadership...  

I-T dept detects alleged tax evasion in Nitin Gadkari's Purti group transactions

New Delhi: The Income Tax department has detected alleged tax evasion to the tune of Rs 7 crore in the business transactions of Purti group of companies related to former BJP President Nitin Gadkari. Probing the alleged dubious transactions of the Purti Power and Sugar Limited (PPSL) since 2012, the department has completed assessments pertaining to the last two financial years and has found evasion to the tune of more...  

Balaji Telefilms tax case: Company to pay arrears

Mumbai: Balaji Telefilms on Friday agreed to pay arrears and a fine for not having paid their taxes, sources said. The Income Tax Department probe had found that the production house had defaulted on taxes up to Rs 30 crore. The I-T Department also finished questioning the company's promoters - actor Jitendra, Ektaa Kapoor and Tusshhar Kapoor. ...  

Ekta Kapoor's Balaji Telefilms owes Rs 30 cr to I-T dept

Mumbai: Film and television producer Ekta Kapoor's production house Balaji Telefilms evaded tax to the tune of Rs 30 crore by inflating bills, said the Income Tax Department sources on Friday. Ekta has, however, now agreed to pay the remaining amount, added the sources. I-T officials had conducted raids at Balaji Telefilms office in Mumbai on Tuesday. The raids were also carried out at the residences of Ekta, her father...  

Mumbai: Income Tax raids at Ekta Kapoor's Balaji Telefilms office

Television doyenne and film producer Ekta Kapoor's residence and office were raided by team of about 100 Income Tax officials in Mumbai. ...

Mumbai: Income Tax raids at Ekta Kapoor's Balaji Telefilms office

Mumbai: Income Tax officials are conducting raids at Ekta Kapoor's Balaji Telefilms office in Mumbai. The raids are also being conducted at producer Ekta Kapoor's residence as well as her father Jeetendra and brother Tushaar Kapoor residences. Tax evasion by the production house is the reason suspected behind the search and seizure operation of the the I-T wing. Around 100 officials of the Income Tax Department carried out search operations...  

Odisha Congress leaders meet Prime Minister for funds

New Delhi: Expressing concern over the misuse of central funds in Odisha, a delegation led by state Congress president Niranjan Patnaik met Prime Minister Manmohan Singh to seek a need-based financial package for the state, party leaders said in Delhi on Saturday. "The prime minister has said that there is no discrimination whatsoever with Odisha as is being claimed by the state government, and under the revised guidelines of backwardness,...  

Reconsider Income Tax Act amendment : Modi to Chidambaram

Patna: Bihar Deputy Chief Minister Sushil Kumar Modi has urged the Centre to reconsider amendment in Income Tax Act to disallow levies imposed by state governments on PSUs for imposition and computation of income tax. "The working of the proposed amendment is such that it would give wide discretionary powers in this regard," Modi, who is also state's Finance minister, said in his letter to Union Finance Minister P Chidambaram....  

Former Jharkhand CM fails to produce bail documents

Ranchi: Former Jharkhand Chief Minister Madhu Koda, who got a three-week provisional bail from Jharkhand High Court, could not go home on Wednesday following his failure to produce bail documents to the jail authorities. "We don't have any document of his bail in any of the cases against him (Koda). He can only walk out after producing all bail-related documents," Jail Superintendent Dilip Pradhan told PTI in Ranchi. Koda was...  

Income Tax dept to 'name and shame' habitual tax evaders

New Delhi: The Income Tax (I-T) department has decided to name and shame "chronic" tax defaulters by publicising their names and addresses. It is in the process of finalising the procedures of compiling the names and cases pertaining to habitual tax dodgers and subsequently uploading them on its website. "The department would upload the names of such defaulters who have either a huge outstanding tax against their name and are...  

US President Barack Obama's income fell in election year

Washington: President Barack Obama paid an effective federal tax rate of 18.4 per cent in 2012 and saw income from his best-selling books drop as he ran for re-election, according to his tax returns released by the White House on Friday. Obama and his wife Michelle had adjusted gross income of $608,611 in 2012, down from $789,674 in 2011, and paid $112,214 in total taxes, compared to $162,074 in 2011....  

Tax evader Hasan Ali Khan's bail plea rejected

Patna: A local court on Friday rejected the bail application of Pune-based businessman Hasan Ali Khan in a fake passport case. Judicial Magistrate Sunil Kumar passed the order summarily rejecting the bail plea of Khan. The police had last week submitted a charge sheet in the court hearing the fake passport case against the businessman, who is presently lodged in a jail in Mumbai. A case was lodged against Khan...