Page 9 - Income Tax Department

I-T department detects Rs 2,500 crore default at MP mining centres

The Income Tax (I-T) Department on Friday conducted surprise inspections at mining offices in four districts of Madhya Pradesh and detected defaults aggregating to over Rs 2,500 crore, sources said

I-T raids over 70 locations of Uflex company, Rs 1.50 cr in cash recovered

The officials found 20 bank accounts belonging to people from the economically weaker section of the society with transactions ranging from Rs 5-50 crore

We stand up for BBC: UK govt in Parliament after India's I-T survey

The British government has strongly defended the BBC and its editorial freedom in Parliament after the Income-Tax department's survey operations on the UK-headquartered media corporation's New Delhi and Mumbai offices over three days last week. A Foreign, Commonwealth and Development Office (FCDO) junior minister responded to an urgent question raised in the House of Commons on Tuesday to say that the government cannot comment on the allegations made by the I-T department over an ongoing investigation but stressed that media freedom and freedom of speech are essential elements of robust democracies. David Rutley, Parliamentary Under-Secretary of the FCDO, pointed to a broad and deep relationship with India which meant the UK was able to discuss a wide range of issues in a "constructive manner". We stand up for the BBC. We fund the BBC. We think the BBC World Service is vital. We want the BBC to have that editorial freedom, said Rutley. It criticises us (government), it criticises t

BBC survey: Income, profits not commensurate with India ops, says CBDT

The income and profits shown by various BBC group entities are not commensurate with the scale of their operations in India, according to an official statement on Friday, a day after the Income Tax authorities ended a three-day-long survey against the British media organisation. The Central Board of Direct Taxes (CBDT) issued a statement without naming the media organisation and said that I-T teams unearthed crucial evidences by way of statement of employees, digital proof and documents. Officials said the statement pertains to the British Broadcasting Corporation (BBC). According to the statement, several discrepancies and inconsistencies with regard to transfer pricing documentation were found during the survey. The survey was launched on February 14 at BBC offices in Delhi and Mumbai and it ended after about 60 hours on Thursday night.

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Income tax 'raids': What is the difference between surveys and searches?

Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'

I-T Dept's survey operation at BBC offices and memories of another 'raid'

Such incidents reinforce the impression that the government is hiding something

Income Tax department's survey on BBC India continues for second day

The Income Tax department survey operation against the BBC India continued for the second day with the sleuths understood to be making copies of electronic and paper-based financial data of the organisation, officials said Wednesday. The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India. Sleuths knocked at the doors of the BBC around 11:30 AM on Tuesday and they are still present, sources aware of the development told PTI. The tax officials are speaking to staffers of the BBC in the finance and some other departments even as other staffers and journalists were allowed to leave Tuesday night. Some computer peripherals and mobile phones were cloned as part of the operation, officials had said. The action, which sparked a sharp political debate with the ruling BJP accusing the BBC of "venomous reporting" and the ..

Aware of I-T searches at BBC office; cannot offer any judgement: US

The United States on Tuesday said it is aware of the survey operation conducted by the Indian tax authorities at the BBC office in Delhi but is not in a position to offer its judgement. The Income Tax officials said the operation was part of a tax evasion investigation. "We are aware of the search of the BBC offices in Delhi by Indian tax authorities. I would need to refer you to Indian authorities for the details of this search. Beyond this discrete action, what I'll say more broadly is the general point that I've consistently made in this context, but in a universal context as well," State Department Spokesperson Ned Price told reporters here. "We support the importance of free press around the world. We continue to highlight the importance of freedom of expression and freedom of religion or belief as human rights that contribute to strengthening democracies around the world. It has strengthened this democracy here in this country. It has strengthened India's democracy," Price ...

I-T teams at BBC's Delhi, Mumbai offices for survey operation: Officials

The Income Tax Department on Tuesday conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of a tax evasion investigation, officials said. The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India. The department is looking at documents related to the business operations of the company and those related to its Indian arm, they said. As part of a survey, the Income Tax Department only covers the business premises of a company and does not raid residences and other locations of its promoters or directors.

UK government 'closely monitoring' tax surveys at BBC offices in India

The UK is "closely monitoring" the situation following the Income Tax surveys at the BBC offices in India, British government sources here said on Tuesday. The Income Tax department conducted survey operations at the BBC's offices in Delhi and Mumbai on Tuesday with the officials describing the action as part of an investigation into alleged tax evasion. Reacting to the Indian IT department's action, the UK-based British public broadcaster said that it was "fully cooperating" with the authorities and hoped that the situation will be resolved "as soon as possible". While there has been no official statement from the UK government related to the action, British sources said they are closely monitoring" reports of tax surveys conducted at the offices of the BBC in India. In New Delhi, officials said the survey was being carried out to investigate issues related to international taxation and transfer pricing of BBC subsidiary companies, and alleged that the BBC had been served with ...

Press Club of India condemns I-T department's surveys at BBC offices

The Press Club of India (PCI) on Tuesday condemned the Income Tax Department's surveys at the offices of the BBC in New Delhi and Mumbai. The department conducted the surveys at the British broadcaster's offices as part of an investigation into alleged tax evasion, officials said. "The recent raids are part of a series of attacks on the media by government agencies in recent times, especially against those sections of the media that the government perceives as hostile to it," the PCI said in a statement. It appealed to the government to restrain its agencies from "misusing their powers in order to intimidate the media". The department's action comes weeks after the British broadcaster aired a two-part documentary, "India: The Modi Question". "If the government has any issue with the report, it should take it up with the concerned office rather than shoot the messenger," the PCI said.

Editors Guild deeply concerned about I-T survey at BBC offices

The Editors Guild of India on Tuesday said it was "deeply concerned" about the Income Tax surveys at the offices of BBC India and termed it as a continuation of a "trend" of using government agencies to "intimidate and harass" media outlets critical of the ruling establishment. In a statement, the Guild also demanded that great care and sensitivity be shown in all such investigations so as to not undermine the rights of journalists and media organisations. The statement came after Income Tax authorities conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of an investigation into alleged tax evasion. The action, it is learnt, is being carried out to investigate some international taxation and transfer pricing issues. The broadcaster said it was "fully cooperating" with the tax authorities. "The survey by the I-T department is in continuation of a trend of using government agencies to intimidate and harass press organisations that are critical of government

Left hits out at Centre over Income Tax survey operation at BBC offices

The CPI(M) on Tuesday hit out at the Centre over IT "raids" on the British Broadcasting Corporation's (BBC) offices in Delhi and Mumbai, questioning if India remains the "mother of democracy". CPI(M) General Secretary Sitaram Yechury also slammed the government for not accepting the opposition demand for a Joint Parliamentary Committee probe into the Adani Group issue. "First ban BBC documentaries. No JPC/enquiry into Adani exposures. Now IT raids on BBC offices! India: 'Mother of democracy'?," Yechury said in a tweet. CPI MP Binoy Viswam, on the other hand, said the "IT survey" was the attempt of a "frightened government" to "strangle" the voice of truth. He also alleged that the action was a "raid" and not a "survey". "Raid on BBC! They call it survey! This survey is killing spree of a frightened govt. To strangle the voice of truth. World is witnessing it. When Modi preside over G-20, they will ask about India's record on freedom of press. Can he reply truth fully?" Viswam sai

Income Tax Department sleuths survey BBC's Mumbai studios, Delhi office

The sources also said that the team reached there to verify documents and some of the employees were also asked to leave the office and go home

Fully cooperating with Indian income tax authorities, tweets BBC

The BBC on Tuesday said the Indian income tax authorities were at its offices in New Delhi and Mumbai and the British public broadcaster was fully cooperating with them. The Income Tax Department on Tuesday conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of an investigation into alleged tax evasion, officials said in New Delhi. The surprise action comes weeks after the broadcaster aired a two-part documentary, "India: The Modi Question". "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating. We hope to have this situation resolved as soon as possible," the press office of the BBC tweeted.

Congress attacks govt over Income Tax survey operation at BBC offices

The Congress on Tuesday took a swipe at the government over the Income Tax survey operation at the BBC offices, saying while they are demanding a JPC on the Adani issue it is after the BBC. The Income Tax Department on Tuesday conducted a survey operation at the British Broadcasting Corporation's (BBC) offices in Delhi and Mumbai as part of a tax evasion investigation, officials said. Congress general secretary Jairam Ramesh also used a Hindi idiom to attack the government, saying "Vinash Kale, Vipreet Buddhi" (When doom approaches, a person's intellect works against his interest). "Here we are demanding JPC on the Adani issue but the government is after the BBC. Vinash Kale Viprit Buddhi," Ramesh said. As part of a survey, the Income Tax Department only covers the business premises of a company and does not raid residences and other locations of its promoters or directors.

Income-Tax Department notifies ITR forms for filing returns for FY23

The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year. The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April. "Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added. ITR-1 and ITR-4 are simpler forms that cater to a large number

10 best tax-saving mutual funds in 2023

Mutual funds like ELSS are an easy way to save on income tax under Section 80c while reaping handsome potential returns on investment

I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official

Income-tax collection cost that the I-T Department incurs in the country is one of the lowest in the world at Rs 0.57 for every Rs 100 collected as tax, Shishir Agarwal, Chief Commissioner of Income Tax, Hyderabad, said on Thursday. He was speaking at a seminar on 'Post-Union Budget 2023-24-Implication for Trade and Industries' organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI). We spend just 57 paise to collect every Rs 100 income-tax. We are one of the lowest in the world. The UK spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, France 111 paise. The USA is the only country that spends less than us, a press release quoted him as saying. According to him 65 per cent of I-T returns filed were processed and refunds made within 24 hours of filing. Speaking about the Union Budget which was presented in Parliament on Wednesday, the official said it is progressive' and was presented in line with government of India policies ...