Tag: I-T Department
17 Results
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I-T dept clarifies on FPI surcharge, experts say benefits limited
Sitharaman on Friday announced a series of decisions including the rollback of the controversial tax surcharge on the Foreign Portfolio Investment (FPIs) announced in the Union Budget last month.
August 24, 2019 -
ICICI loan case: I-T department quizzes Venugopal Dhoot
The Income Tax (I-T) Department in Mumbai has quizzed Videocon Group Chairman-cum-Managing Director Venugopal Dhoot in connection with its ongoing investigations into the ICICI Bank-Videocon loan case, official sources said here. Dhoot was responding to summons issued by the I-T Department recently and was questioned by officials at its south Mumbai office for around four …
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May 16, 2018 -
I-T Dept demands Rs 106 crore in taxes from Rotomac group
A day after the Central Board of Investigation (CBI) arrested Rotomac group owner Vikram Kothari and his son in connection with the Rs 3,695 crore cheating case, the Income Tax department has reportedly asked the group to pay Rs 106 crores in unpaid taxes. According to reports, I-T Department has also issued a showcause notice …
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February 23, 2018 -
I-T unearths Rs 195cr black income after raids on major Karnataka fish processing firms
The Income Tax department on Monday said that it had unearthed alleged tax evasion and undisclosed income of Rs 195 crore in its first-ever major action against fish processing businesses in coastal Karnataka. Making details of the recent operation public, the department also said that it had detected the role of a Chinese firm, in …
February 12, 2018 -
Prosecution complaints have surged: I-T dept
The Income Tax department on today reported that it has substantially increased criminal prosecution proceedings initiated in a large number of cases of tax offenders and evaders. During FY 2017-18 (up to the end of November 2017), the department filed prosecution complaints for various offences in 2,225 cases compared to 784 for the corresponding period …
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January 13, 2018 -
I-T department to challenge ITAT order favouring Tatas
Income Tax (I-T) authorities are expected to challenge a recent order of the IT Appellate Tribunal (ITAT) here that dismissed a bid to tax the Tatas on capital gains of around Rs 1 lakh crore from the 2006 sale of Idea Cellular shares by a Mauritius subsidiary of the group. Sources indicated that the ITAT …
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November 21, 2017 -
I-T Department unearths income of Rs.5,400 cr post-note ban
The Income Tax (I-T) Department has unearthed undisclosed income of more than Rs.5,400 crore in over a thousand search operations carried out since the November 8 demonetisation of high-value currency, Parliament was informed on Friday. "During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by …
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July 21, 2017 -
I-T asks tax practitioners to register entities separately
Barely a fortnight after GST was implemented, some taxpayers have reported that GST portal is mixing up their data with others, a “mishap” for which the I-T department blamed tax practitioners for registering multiple entities simultaneously. The Mumbai division of CBEC in a circular said some cases have been brought to its notice wherein “taxpayers …
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July 17, 2017 -
I-T Dept seeks Rs.30k cr penalty from Cairn for non-payment of tax
The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs.30,700 crore in penalties for its alleged failure to pay Rs.10,247 crore capital gains tax on time. Within weeks of tax tribunal ITAT upholding levy of retrospective tax, the Income Tax Department first sent a fresh demand note …
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April 20, 2017 -
TDS default: I-T dept issues over 850 prosecution notices
The Income Tax department has issued over 850 prosecution notices to firms in the private and government domain in Karnataka and Goa on charges of delay in remitting TDS funds to the exchequer. A senior official said notices where the tax department files court cases for default in Tax Deducted at Source (TDS) payments have …
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February 22, 2017 -
TDS default: I-T dept issues over 850 prosecution notices
The Income Tax department has issued over 850 prosecution notices to firms in the private and government domain in Karnataka and Goa on charges of delay in remitting TDS funds to the exchequer. A senior official said notices where the tax department files court cases for default in Tax Deducted at Source (TDS) payments have …
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February 22, 2017 -
TDS default: I-T dept issues over 850 prosecution notices
The Income Tax department has issued over 850 prosecution notices to firms in the private and government domain in Karnataka and Goa on charges of delay in remitting TDS funds to the exchequer. A senior official said notices where the tax department files court cases for default in Tax Deducted at Source (TDS) payments have …
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February 22, 2017 -
I-T dept to launch 2nd phase of bank a/cs scrutiny next month
The I-T department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs.5 lakh for now. The Income Tax department will appoint two data analytics firms in next 10 days to analyse the deposits …
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February 20, 2017 -
Tax dept scans 1-cr accounts under ‘Operation Clean Money’
In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax department has run big data analytics through more than 1-crore accounts in its data bank …
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February 5, 2017 -
Rag picker finds Rs.9.85 lakh old currency in Rishikesh garbage dump
A rag picker in Rishikesh became rich for few hours on Friday, when he found Rs.9.85 lakh old 500 rupee notes in garbage. Sensing trouble, the rag picker handed the money over to police. Uttam Kumar, a rag picker, was doing his routine work in the holy township when he found bundles of old currency lying …
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January 6, 2017 -
I-T officials question Kotak Mahindra Bank manager
The Income Tax Department on Friday questioned the manager of a Kotak Mahindra Bank branch here in connection with two of its customer accounts, officials said. According to a police official, a "raid" was conducted in the morning on the Kasturba Gandhi Marg branch in the heart of Delhi. Rohit Rao, official spokesperson of Kotak Mahindra Bank, …
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December 23, 2016 -
I-T officials question Kotak Mahindra Bank manager
The Income Tax Department on Friday questioned the manager of a Kotak Mahindra Bank branch here in connection with two of its customer accounts, officials said. According to a police official, a "raid" was conducted in the morning on the Kasturba Gandhi Marg branch in the heart of Delhi. Rohit Rao, official spokesperson of Kotak Mahindra Bank, …
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December 23, 2016