Tata trusts given irregular tax exemptions: CAG

Moreover, the CAG added, in some cases "they did not fully utilised ... Proceeds for acquiring capital assets. The ITD allowed exemption irregularly in these assessments completed after scrutiny".

CA student hacks industrialist Anil Ambani's I-T account

A young chartered accountant student from Hyderabad has allegedly hacked into the e-filing of income tax returns account of leading industrialist Anil Ambani, with an intention to know his income and tax amount paid over a period of time, police said today.

Income Tax Department slaps Rs 1,631 crore tax notice on NMDC

The mining company has paid Rs 1,134.27 crore to the tax authorities so far and contested the claim in respective appellates, sources said.

E-filing of income tax returns to surge on new norms

"A large number of people come under Rs.5 lakh to Rs.10 lakh category. The lowering of income limit for mandatory e-filing will give a boost to online filing of returns," Vineet Agarwal, a director at KPMG India, said.

Tax officials dig out old cases to meet target; speed up probe

As the current fiscal draws to a close, tax evasion is being tackled head on to meet indirect tax collection target for 2012-13.

I-T Dept to quiz PAN holders not filing returns

There are over 12 lakh PAN (Permanent Account Number) holders who had not filed income tax returns, the Department said, adding it has set up a nodal cell to monitor such cases.

I-T refunds decline 23.33% in April-September

In case of refund bank facility, refund directly goes to account of concern assessee.

Govt asks tax officials to go slow on refunds

To check the widening fiscal deficit the government has asked tax authorities to go slow on refunds.

Rich must be prepared to be taxed more: Chidambaram

Home Minister P Chidambaram, who as Finance Minister had slashed taxes, today suggested that rich should be taxed more even though "many people" would not like the idea.