IT Dept

AWS: The income tax department has reportedly raised the demand for Rs 190.85 crore tax for 2014-15 and Rs 358.27 crore for 2016-17 by invoking Section 147 of the Income-tax Act

The Income Tax Department on Tuesday conducted searches at multiple premises linked to packaging major Uflex as part of an alleged tax evasion investigation against the company, officials said. Around 60-70 premises, including the company offices and linked premises in Delhi, Noida (Uttar Pradesh), Jammu and Kashmir, Gujarat, West Bengal, Tamil Nadu, Karnataka, are being covered, they said. No immediate reaction from the company on PTI's queries was available. According to the company's information available on its e-portal, it is "India's largest flexible packaging materials and solutions company and a leading global polymer sciences corporation.

Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one

The new websites will have improved load time and page response and the user-interface (UI) experience will also be improved

Diverted Profits Tax, commonly known as "Google tax", refers to tax provisions designed to counter the practice of profits being diverted to other jurisdictions that have lower or zero tax rates

Mfg sector was worst hit with 140,000 job cuts, followed by education (22,204) and construction (8,954). IT/BPO created most new jobs at 370,000, followed by the health sector (93,701)

In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax

CBDT said that so far, the search action on both groups has led to detection of unaccounted income of more than Rs 100 crore, and undisclosed assets of more than Rs 5 crore have been seized

The Income-tax department has detected "unaccounted" income of more than Rs 250 crore after it recently raided a Kolkata-based group engaged in manufacturing of power transmission and distribution equipments apart from few other businesses, the CBDT said Thursday. The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand. "Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns," the Board said in a statement. The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The shell entities have been found to have routed back the unaccounted money in the guise of share capital or unsecure

The government on late Tuesday increased the windfall tax on domestically produced crude to Rs 17,750 a tonne from Rs 17,000 a tonne earlier

On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail

The recruitment drive would beef up the headcount at the Securities and Exchange Board of India (Sebi) for faster and more effective execution of its regulatory role

The I-T department has accused Huawei's Indian unit of repatriating large amounts to the parent company in China to reduce its taxable income here

The 'E-sevai 2.0' will handle all consumer to government, government to government, and government to consumer payments

The new reassessment law had capped the period for issuing notices with respect to reopening past cases at three years, down from from six years earlier

Only substantial structural changes eligible under Sec 54 of I-T Act

The arrest pertaining to the co-location case follows an FIR which was registered in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange

He even asked the I-T officials to see for themselves how they were growing crops in each acre of land