The service tax department has frozen some more bank accounts of debt-crippled Kingfisher Airlines for missing the deadline for clearing dues.
An income-tax commissioner cannot be a part of the body that decides the appeal against the same order, a tax tribunal has said.
During Nov-Dec, the I-T dept had issued notices to all 700 account holders under section 148 of the income tax Act for alleged tax evasion.
Direct tax collection grew 16% in 10 months this fiscal, sharply lower than the 35% pace needed to meet the government's full-year projection.
Under the circumstances, senior functionaries in the tax office and the ministry think that it may be appropriate to seek the court's view on the matter.
The proposed Direct Tax Code, or DTC, has a provision that seeks to cast an obligation on taxpayers to furnish full details of foreign assets.
The service tax department has frozen the bank accounts of national flag carrier Air India for failing to pay sevice tax dues of about Rs 170 crore.
India will request Switzerland to provide details of all undisclosed accounts held by Indian nationals in HSBC, Geneva.
The Income Tax Appellate Tribunal or ITAT has ruled that cash seized during a raid by the tax authorities can be adjusted against the advance tax liabilities of a tax payer.
The Rs 2,900 crore which was netted last fiscal after tax raids was twice the amount collected a year ago.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon