Income tax department

After days of number crunching and close to four rounds of hearing with Vodafone, the Income Tax Department on October 22, 2010, raised an order demanding the final amount of Capital Gains Liability Tax that the UK based telecom giant will have to Full Article

After slapping over Rs 11,000 crore tax notice on Vodafone over its deal with Hutch , the income tax department today said it is not "unnecessarily aggressive" on this case and is just implementing the law. "We are implementing the law as it is. We a Full Article

The Income Tax department is expecting to collect Rs 5,000 crore as taxes from the payments and salaries relating to award of contracts and payments made by various agencies in the Commonwealth Games . Full Article

The Income Tax department today issued an order raising a tax demand of Rs.11,217.95 crore on Vodafone International Holdings BV treating it as an assessee in default under section 201(1) of the Income Tax Act, 1961 (the Act) for failure to deduct ta Full Article

Confronted with rising number of cases where financial data is encrypted electronically, the Income Tax department is hunting for high-end digital data extraction and investigation tools which can glean through erased information and recover internet Full Article

Income Tax sleuths will keep an eye on private functions such as 'mundan' and marriage held by persons associated with candidates in poll-bound Bihar to check if these ceremonies were being secretly financed by them to bribe voters. The details of mo Full Article

The money recovered from Harshad Mehta-led 1992 banking securities scam is lying idle. The distribution of 2,200 crore recovered from Mehta group by the custodian appointed under a Special Act by government is not taking place due to differences between two major claimants — the I-T department and banks and financial institutions (FIs) — which have lost money in the scam. Full Article

In a major crackdown, the Income Tax department is conducting nationwide searches on more than 70 premises of major real estate developers in the NCR including Paras and Amrapali group over alleged tax evasion. According to sources, more than 450 off Full Article