India’s Income Tax Department has conducted survey operations at several business premises of Marico Group on charges of tax evasion, PTI reported on Wednesday citing official sources.
The Income tax (I-T) department has estimated tax evasion amounting to over Rs. 5,000 crore each year after it has discovered that permanent account numbers (PAN) of buyers and sellers are not being entered into the software during registrations at the tehsil offices of the state.
The Bombay High Court has quashed a local court order issuing a non-bailable warrant against actor Arjun Rampal in a 2019 tax evasion case, terming the order ‘mechanical and cryptic’.
The income tax (I-T) department has begun reopening hundreds of old assessment cases, targeting businesses that may have claimed fake or inflated purchases to suppress profits and reduce tax liability.
Chief Minister N. Chandrababu Naidu has stressed the need to improve tax collection and revenue generation for the development of the State. He suggested using Artificial Intelligence (AI) technologies to detect tax evasion.
Income Tax officials on Monday carried out searches at the corporate office and branches of the Sri Chaitanya Group of educational institutions simultaneously in Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai.
The Income Tax (I-T) Department has launched an investigation into transactions involving promoters, their associates, and anchor investors who purchased unlisted shares of companies and later offloaded them through offers for sale (OFS) when these companies went public, according to a report by The Economic Times.
Amid news reports claiming that the DigiYatra platform’s facial recognition data will be used to crack down on tax evaders, the income tax department clarified that such reports were false.
Income Tax departments’ extensive crackdown! Over the past 20 months, the Income tax department has collected Rs. 37,000 crore from individuals who had taxable income but failed to file returns, according to officials.
The Income Tax (I-T) department has identified over 500 ‘actionable’ cases involving undisclosed immovable properties held by Indians in Dubai, according to The Economic Times report. Raids conducted in Delhi alone have uncovered unaccounted transactions exceeding Rs 700 crore, the report added citing sources.
