prosecution

3 Mistakes that can lead to an Income Tax Notice

Income Tax - Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...

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Penalties and Prosecutions under the Income tax Act

Income Tax - IS THE LEVY OF PENALTY AUTOMATIC? No penalty under the Income-tax Act is imposed unless the person concerned has been given reasonable opportunity of being heard. WHAT IS THE MINIMUM AND MAXIMUM PENALTY LEVIABLE? The quantum of penalty leviable depends upon the nature of default. The relevant sections of income-tax Act prescribe the minim...

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Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962

Income Tax - Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962 Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular N...

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Prosecution on Willful Failure to File Return of Income

Income Tax - Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]...

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Representation on Mechanical prosecution notices by Income-tax department

Income Tax - IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax department to Ministry of Finance, Government of India. Text of the same is as follows:- To Ajay Bhushan Pandey, Secretary (Revenue), Ministry of Finance, Government of India, 128-A North Block, New Delhi. Res...

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Former Central Excise Commissioner Sentenced to Four Years Rigorous Imprisonment

Income Tax - FORMER Central Excise Commissioner Ms LR Mithran was sentenced to a four year Rigorous Imprisonment with a fine of Rs. 20,000 for accepting a bribe of Rs. 8 lakhs from an assessee for reducing his duty liability from Rs. 36 Crores to Rs. 9 Crores. ...

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Vice President of Sterlite Industries Varadharajan arrested for alleged duty evasion of Rs 750 crore

Income Tax - The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises here for the past two days. They said Varadharajan has been remanded to 15 days judicial custody....

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HC dismisses Income Tax prosecution launched against D K Shivakumar

Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court) - Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court) The gist of the offence under section 276C(1) is the wilfull attempt to evade any tax, penalty or interest chargeable or imposable or under reports of the income. What is made punishable is “attempt to evade tax, penalty or interes...

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Income Tax Prosecution can be launched if Assessee aged below 70 years at the time of commission of offence

Pradip Burman Vs Income Tax Office (Delhi High Court) - While hearing an appeal filed by Dabur India Ltd Promoter Pradip Burman in Black Money case related to undisclosed Bank Account maintained Outside India, Delhi High Court held that prosecution can be launched against him as at the time of commission of alleged offence...

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Expedite prosecution filing & compounding application disposal: CBDT

F.No. 285/23/2013-IT(Inv.V)/595 - (07/03/2017) - From the figure of prosecution complaints filed and pendency of compounding applications reported in respect of your region till Jan,2017, I find that performance in this area is not upto the mark....

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Recent Posts in "prosecution"

HC dismisses Income Tax prosecution launched against D K Shivakumar

Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court)

Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court) The gist of the offence under section 276C(1) is the wilfull attempt to evade any tax, penalty or interest chargeable or imposable or under reports of the income. What is made punishable is “attempt to evade tax, penalty or interest” and not the “actual […]...

Read More

3 Mistakes that can lead to an Income Tax Notice

Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...

Read More
Posted Under: Income Tax | ,

Penalties and Prosecutions under the Income tax Act

IS THE LEVY OF PENALTY AUTOMATIC? No penalty under the Income-tax Act is imposed unless the person concerned has been given reasonable opportunity of being heard. WHAT IS THE MINIMUM AND MAXIMUM PENALTY LEVIABLE? The quantum of penalty leviable depends upon the nature of default. The relevant sections of income-tax Act prescribe the minim...

Read More
Posted Under: Income Tax |

Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962

Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962 Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular N...

Read More
Posted Under: Income Tax |

Prosecution on Willful Failure to File Return of Income

Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]...

Read More
Posted Under: Income Tax |

Representation on Mechanical prosecution notices by Income-tax department

IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax department to Ministry of Finance, Government of India. Text of the same is as follows:- To Ajay Bhushan Pandey, Secretary (Revenue), Ministry of Finance, Government of India, 128-A North Block, New Delhi. Res...

Read More

Expedite prosecution filing & compounding application disposal: CBDT

F.No. 285/23/2013-IT(Inv.V)/595 07/03/2017

From the figure of prosecution complaints filed and pendency of compounding applications reported in respect of your region till Jan,2017, I find that performance in this area is not upto the mark....

Read More

Compounding of Offences under Indirect Tax Laws

To prevent litigation and encourage early settlement of disputes, the Government introduced a scheme in year 2005 providing for compounding of offences against payment of compounding amount. Initially, it was extended to offences under Customs Act, 1962 and Central Excise Act, 1944. In the year 2012, it has been extended to offences under...

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Posted Under: Income Tax |

54 Reasons for Penalty/Prosecution under Income Tax Act, 1961

IN this Article we have discussed 37 defaults which invites levy of Penalty and 17 offences which are punishable under under the Income Tax Act,1961. Articles further discusses in brief about Penalty & Prosecution Provision in Brief. ...

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Posted Under: Income Tax | ,

Income Tax Prosecution can be launched if Assessee aged below 70 years at the time of commission of offence

Pradip Burman Vs Income Tax Office (Delhi High Court)

While hearing an appeal filed by Dabur India Ltd Promoter Pradip Burman in Black Money case related to undisclosed Bank Account maintained Outside India, Delhi High Court held that prosecution can be launched against him as at the time of commission of alleged offence...

Read More

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