Income Tax : Chapter 1 Introduction & Background 1.1. Introduction One of the most significant and influential inventions of 20th century w...
Corporate Law : JUST a week ago, we carried a story and case where a Single Bench of the Delhi High Court had taken serious note of the lackadaisi...
Income Tax : In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases o...
Income Tax : The investigation wing of the Income Tax Department has sought call detail records (CDRs) of the last six months of a landline num...
Income Tax : Nowadays I am receiving one or more email daily with subject 'Tax Refund Notification'. With mail I receive a attached form in wh...
Income Tax : Bank Accounts, Beneficiaries and Some Scamsters Involved in Income tax Refund Fraud in Mumbai Identified. The Central Board of Dir...
Income Tax : In one of the largest seizures of cash in an income-tax raid on an individual, the department on Tuesday recovered Rs 7.5 crore fr...
Corporate Law : Under section 45 of PMLA Act, the extent of involvement of the persons falling in such category in the alleged offences, the natur...
Income Tax : From the above provision, it is clear that the authorities mentioned in the definition of AO in section 2(7A) of the Income-tax Ac...
Income Tax : On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his juri...
Income Tax : Notification No. 82/2009 - Income Tax In exercise of the powers conferred by the fourth proviso to sub-section (1) of section 132...
Income Tax : Notification No. 47/2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incom...
From the above provision, it is clear that the authorities mentioned in the definition of AO in section 2(7A) of the Income-tax Act, 1961, must be assigned the jurisdiction to any authorities mentioned in the definition by the CBDT under the provisions of section 120 of the Income-tax Act, 1961, to act as an Assessing Officer. Only in that circumstances that Assistant Commissioner or Dy. Director of Income-tax, other authorities mentioned in the definition u/s 2(7A) of the Income-tax Act, 1961, can act as fee Assessing Officer) In this case, the Dy. Director of Income-tax (Investigation II
Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department. The IT department has recently adopted a technology to track down fraudulent electronic transactions even after they are deleted from computers. The department has a Cyber Forensic Lab in Mumbai that consists of advanced technological […]
Officials of the air intelligence unit at Delhi’s IGI Airport recently identified a traveler suspected to be carrying huge cash in his baggage. But before the suspect could be detained, he had boarded the aircraft for Hyderabad. All that the airline staff could divulge about the traveller were his initials and mobile number. The number […]
The Income-Tax department has mobilised a large number of staff members from its local offices for a comprehensive investigation into the fraud in Satyam Computers. A top official said the staff will join duty in a day or two following the IT Chief Commissioner’ s orders earlier this week. He said the investigations would not […]
The current financial year 2008-09 the Investigation Wing of the Income Tax Department, Kolkata, has so far seized unaccounted cash of Rs 65 Crore and other assets to the tune of Rs 11 Cr. Multiple searches have led to disclosure of income to the tune of Rs 360 Cr so far. Some of the noteworthy […]
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).
The Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual defaulters. In order to effectively manage the database of taxpayers, the Director General of Income Tax (Investigation) has invited bids from companies for developing a software, which can undertake identity search of taxpayers across the country.
JUST a week ago, we carried a story and case where a Single Bench of the Delhi High Court had taken serious note of the lackadaisical approach of the Department in releasing the information. The High Court had directed the department to furnish the information within two weeks.
