The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action,
Government is considering a proposal to do away with FBT — the tax on all benefits and perks that companies provide to their employees introduced in the 2005-06 Finance Bill — in the coming Union budget.
The new regime in power will follow up the work to recover Indian wealth taken away to various offshore banking destinations.
In an indication that first-quarter direct tax collections could beat expections, tax deducted at source (TDS) collections in Mumbai were up 47% for the period April 1 to May 11 compared with the year-ago period, according to data with the income tax department.
The list, provided by the German govt, reportedly contain the names of prominent Indian businessmen and industrialists. World's top tax havens that hoard billions
The Bombay High Court has given the permission to Aditya Birla Nuvo to move the first appellate authority on tax matters against the tax notice served on it by the income tax (I-T) department.
A public interest litigation (PIL) has been filed before Allahabad High Court against the government, income-tax department and Delhi-based Shiv Nadar group company Slocum Investment, alleging tax evasion.
In a move similar to the Vodafone case, the Bombay High Court has asked the I-T department to file a reply on a notice it issued to SABMiller UK pertaining to the latter’s $120-million acquisition of Foster’s India from its Australian parent in 2006.
In an order that will have a bearing on hundreds of diamond cutting and polishing firms in the country, the Income-Tax Appellate Tribunal (ITAT) has held that tax is not payable in India for commissions paid abroad at the time of acquiring rough diamonds.
The Supreme Court on Friday admitted an appeal by the Income Tax department against the relief given to Sony Entertainment Television by the Bombay High Court.
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