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Ultra-rich must declare cost price of expensive assets: CBDT

May 04, 2016

Ultra-rich must declare cost price of expensive assets: CBDT

People with annual income of over Rs 50 lakh will have to disclose the acquisition cost of all the assets like land, building and jewellery in the Income Tax return forms for assessment year 2016-17. #CBDT #Income tax #ITR #Revenue Secretary Hasmukh Adhia #ultra rich people #assessee #disclosure of luxury items
Income from unlisted share sale to be taxed as capital gain

May 03, 2016

Income from unlisted share sale to be taxed as capital gain

Income from sale of unlisted shares would be treated as capital gains and taxed at a lower rate than business income to have a uniform approach and avoid litigations, the Income Tax department has said. #CBDT #Income tax #Capital Gains #sale of unlisted shares
EC seizes Rs 12 crore illegal cash in West Bengal

Apr 17, 2016

EC seizes Rs 12 crore illegal cash in West Bengal

The cash seizures in West Bengal and other states were made by EC-appointed special flying squads and surveillance teams and Income Tax officials. #Politics #Tamil Nadu #NewsTracker #Election Commission #West Bengal #Income tax #States #EC #polls #illegal cash #2016 Assembly Election #Assembly Election 2016
Cairn faces Rs 10,247-cr fine in addition to Rs 29k cr tax demand

Apr 07, 2016

Cairn faces Rs 10,247-cr fine in addition to Rs 29k cr tax demand

British oil explorer Cairn Energy Plc faces up to Rs 10,247-crore penalty over and above the Rs 29,000 crore in tax and interest demand slapped on it by the I-T Department using a retrospective legislation. #Interest #Income tax #Cairn India #Penalty #Finance Minister Arun Jaitley
#PanamaPapers: Action will be taken against unlawful accounts abroad, says Jaitley

Apr 04, 2016

#PanamaPapers: Action will be taken against unlawful accounts abroad, says Jaitley

Government today declared that action will be taken against "unlawful" accounts held abroad by Indians and constituted a multi-agency group to continuously monitor information in the wake of Panama Papers that named 500 people including film actors and industrialists who have allegedly stashed money in offshore entities. #Black money #Finance minister #CBDT #Arun Jaitley #Income tax #Panama Papers #Mossack Fonseca #offshore entities
Tax adventurism will prove extremely costly, says Jaitley

Apr 04, 2016

Tax adventurism will prove extremely costly, says Jaitley

Amid reports of some Indians having unaccounted wealth in tax havens, Finance Minister Arun Jaitley today said those who did not take advantage of the compliance window last year to declare illegal assets abroad will find "such adventurism extremely costly". #Black money #Finance minister #Arun Jaitley #Income tax #Panama Papers #Mossack Fonseca
Political funding: Janata Party asked to pay tax but what about the mainstream BJP and Congress parties

Apr 01, 2016

Political funding: Janata Party asked to pay tax but what about the mainstream BJP and Congress parties

It is common knowledge that political parties convert bulk of the donations in heavy cash into units of less than Rs 10,000 each and issue fictitious receipts, with the auditors winking at their shenanigans #Congress #BJP #Janata Party #Delhi High Court #Income tax #Political Funding #Subramanian Swami
Vodafone moves International Court of Justice over tax arbitration with India

Mar 29, 2016

Vodafone moves International Court of Justice over tax arbitration with India

British telecom giant Vodafone is believed to have moved the Hague-based International Court of Justice (ICJ) seeking appointment of a judge to preside over a arbitration over its Rs 14,200-crore tax case. #Vodafone #Income tax #International Court of Justice #Hutchison Whampoa #govt #ICJ #Capital Gains