Income Tax Department

Finance Minister P Chidambaram to meet top IT brass later this month

Press Trust of India | Sunday May 19, 2013

Finance Minister P Chidambaram will inaugurate a two-day conference of top Income Tax department and CBDT officers later this month in the national capital and discuss efforts to maximise revenue collection.

I-T department slaps Rs 582 crore tax demand notice on Infosys

Sunday May 19, 2013

The income tax department has slapped a fresh $106 million (about Rs 582 crore) tax demand notice on Infosys, for fiscal year 2009, adding to the tax woes of India's second largest IT firm.

What to do when you get an income tax notice?

Thursday May 16, 2013

Do not panic and never try to ignore the notice. Because this ignorance may lead to a fine, that can be extended up to Rs 10,000, apart from the penalty of tax and interest.

Nokia to continue focus on Indian market despite tax issue

Friday May 10, 2013

Finnish handset maker Nokia, embroiled in tax dispute with Indian authorities, on Thursday said that despite this issue it will continue to focus on the country's market that is big.

Finland seeks negotiated settlement of Nokia tax dispute

Wednesday May 8, 2013

The income tax department had slapped a tax notice of Rs 2,000 crore on Nokia's Indian subsidiary for violating the withholding tax norms since 2006 while making royalty payments to the parent company in Finland.

HSBC fears 'significant' penalty in NRI tax evasion probe

Wednesday May 8, 2013

The US tax department is investigating possible evasion of federal income taxes by the American residents of Indian origin through use of their accounts with HSBC India.

I-T department detects unaccounted assets worth over Rs 1,400 crore

Sunday May 5, 2013

Stepping up its effort to unearth black money, the Finance Ministry has detected unaccounted income and assets worth over Rs 1,400 crore during the first three months of this year.

Karnataka: IT officials raid premises of astrologer, seize Rs 1.7 crore

Press Trust of India | Sunday May 5, 2013

Officials of Income Tax department have seized Rs 1.7 crore cash from two premises of a city-based astrologer popular with politicians in Karnataka.

Ekta Kapoor's Balaji Telefilms guilty of 30 crores' tax evasion

Edited by Janaki Fernandes | Friday May 3, 2013

An investigation by the Income Tax department of Mumbai has concluded that Balaji Telefilms of filmmaker and TV producer Ekta Kapoor, has evaded taxes to the tune of 30 crores.

Income tax department's information utilisation deficient: CAG

Wednesday May 1, 2013

There are deficiencies in the income tax department's utilisation of information related to taxation and sometimes available details are either inadequate or incorrect, says a report by the Comptroller and Auditor General (CAG).

I-T returns may require disclosure of all assets

Tuesday April 30, 2013

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families to report Indian assets and liabilities in income-tax (I-T) return forms.

Ekta Kapoor, Bollywood producer, raided by Income Tax department

Reported by Rashmi Rajput, Edited by Janaki Fernandes | Tuesday April 30, 2013

Bollywood producer Ekta Kapoor was raided this morning by officials from the Income Tax department.

Ekta Kapoor, Bollywood producer, raided by Income Tax department

Edited by Janaki Fernandes | Friday May 3, 2013

Bollywood producer Ekta Kapoor was raided this morning by officials from the Income Tax department. Close to 100 officers searched her home and offices in Mumbai as well as studios owned by her Balaji Telefilms.

MNCs parking profits in tax havens a challenge for tax department: President

Monday April 29, 2013

The basic objective of such units is to locate places where rate of taxation is low to evade or avoid tax, he said.

Idea served I-T notice; terms it "erroneous"

Friday April 26, 2013

Mobile operator Idea Cellular on Thursday said it has been served a notice by the Income Tax Department, which the company believes is "erroneous" and it has approached appropriate forums.