Vodafone tax case: HC allows penalty proceedings to go on

Delhi High Court on Wednesday allowed the income tax department to go ahead with its penalty proceedings against telecom major Vodafone, but asked the agency not to give effect to its final order till the next hearing in July.

Black money window: I-T dept creates special tab on website

Black money window: I-T dept creates special tab on website

The Income Tax department has created a special zone on its official website to showcase country-wide activities being done by it to popularise the one-time black money compliance window that will complete its first month in operation soon.

Govt pursuing black money very aggressively: Jayant Sinha

Govt pursuing black money very aggressively: Jayant Sinha

Minister of State for Finance Jayant Sinha today said more "sources of black money" will come to light as India is pursuing such cases very aggressively in many areas including the Panama papers.

Asaram Bapu’s trusts hold undisclosed income of Rs 2,300 cr, reveals IT probe

Asaram Bapu’s trusts hold undisclosed income of Rs 2,300 cr, reveals IT probe

Various charitable trusts controlled by jailed ‘godman’ Asaram Bapu hold undisclosed income of Rs 2,300 crore since 2008-09, a probe by the Income Tax (I-T) department has revealed.

Income Tax dept to block PAN, LPG subsidy, loans of defaulters

Income Tax dept to block PAN, LPG subsidy, loans of defaulters

In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to “block” Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled, and take measures to ensure that they are not sanctioned loans.

CBDT to look into high value transactions to trace tax evaders

CBDT to look into high value transactions to trace tax evaders

In order to identify tax evaders, the Income Tax department on Friday said it will use 360 degree profiling and match the database of people filing returns with those of informations about high value transactions.

Domestic black money window: IT dept notifies declaration forms

Domestic black money window: IT dept notifies declaration forms

The Income Tax department on Thursday notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.

Black money window: IT dept to publish list of asset valuers

Black money window: IT dept to publish list of asset valuers

The Income Tax department will soon put out a list of registered valuers of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened Wednesday.

Cash purchase of goods, services over Rs 2 lakh to attract 1% tax

Cash purchase of goods, services over Rs 2 lakh to attract 1% tax

Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 percent tax collected at source (TCS) from Wednesday.

Domestic black money window will ensure peace of mind: IT dept

Domestic black money window will ensure peace of mind: IT dept

The Income Tax department on Thursday brought out its first public advertisement to popularise and create awareness about the four-month window for declaring domestic black money that opens on June 1.

 

IT department to 'name and shame' crorepati defaulters this fiscal

IT department to 'name and shame' crorepati defaulters this fiscal

The department has begun publishing the names of tax defaulters in leading national dailies since last year and has named 67 such defaulters from across the country till now.

IT dept's PAN-Aadhaar linkage crosses 50-lakh mark

The Income Tax department's ambitious plan to link its PAN number database with Aadhaar has crossed the 50-lakh mark.

 

SC allows IT department to reassess Amitabh Bachchan's income for the year 2001-02

SC allows IT department to reassess Amitabh Bachchan's income for the year 2001-02

IT department had challenged Bombay HC order in SC that gave tax relief to Amitabh.

Vodafone challenges special audit order: HC seeks IT reply

Vodafone challenges special audit order: HC seeks IT reply

Delhi High Court today sought the Income Tax department's response on Vodafone's plea challenging an order directing special audit of its accounts for assessment year 2012-13.

Just 1% of population pay taxes; over 5,000 paid more than Rs 1 crore

Just 1% of population pay taxes; over 5,000 paid more than Rs 1 crore

Taxpayers account for just about one per cent of India's population, but tax outgo was over Rs 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government for assessment year 2012-13.

Panama paper leaks: I-T dept may go to court, seek SIT to probe 7-year old cases

Panama paper leaks: I-T dept may go to court, seek SIT to probe 7-year old cases

The Panama Papers are a set of over 11 million confidential documents detailing information about more than 214,000 offshore companies compiled by Panamanian corporate service provider Mossack Fonseca.

I-T department slaps Rs 750 crore fine on Asaram, son Narayan Sai

I-T department slaps Rs 750 crore fine on Asaram, son Narayan Sai

In more trouble for controversial godman Asaram Bapu, the Income Tax department has slapped Rs 750 crore fine on him and his son Narayan Sai.

EC detains two with Rs 1 crore 34 lakh cash in Kerala

Two persons were detained by the Election Commission who were travelling to Kerala in a bus with carrying Rs 1 crore 34 lakhs.

Panama Papers leak: India to take part in special OECD meet in Paris today

Panama Papers leak: India to take part in special OECD meet in Paris today

India will take part in a special OECD meet on Wednesday in Paris to firm up cooperation between countries in the wake of the 'Panama Papers' leak that has seen the government here order a multi-agency probe after 500 Indians were named in it as holding offshore assets in the tax haven.

 

No dichotomy between assurances and action on retrospective tax: Jayant Sinha

No dichotomy between assurances and action on retrospective tax: Jayant Sinha

Dismissing notions of contradiction between ministerial assurances and departmental actions on retrospective taxation, Union Minister Jayant Sinha on Thursday said Income Tax department has to follow "due process of law" in the Rs 8,500-crore Vodafone transfer pricing case.