Controversial yoga guru Baba Ramdev’s Patanjali Yogpeeth has been exempted by the Income Tax Appellate Tribunal(ITAT) from paying tax. The Delhi bench of the tribunal referred to a 2006 amendment in the I-T Act, according to which yoga was additionally described as having “charitable purpose”. The tribunal stated that Patanjali[Read More…]
Tag: Income Tax
Irregularities in AAP’s donation records: IT to Election Commission
Income Tax department on Friday claimed to have found that audit reports prepared by the Aam Aadmi Party (AAP) for donations amounting to about Rs 27 crore are incorrect. In a report submitted to the Election Commission, the department, which has been investigating the donations list of the party for[Read More…]
Rs 4.17 L cr suspicious deposits by 18 L people post note ban: CBDT
69 percent of total income of political parties comes from unidentified sources
For more than a decade, about 69 per cent of the total income came from unknown sources, according to a report released on Tuesday by an NGO working towards electoral reforms. A recent report released on Tuesday has claimed that almost 69 per cent of the total income of political[Read More…]
No political interference: Naidu on Tamil Nadu chief secy’s case
Union Minister M Venkaiah Naidu on Tuesday said there was no political interference over the income tax raid on Tamil Nadu chief secretary’s residence and the law will take its own course in the matter. “I do not want to react to irresponsible statements (made by Rao). He is known[Read More…]
Rs 40 crore deposited in banned notes at Axis bank: I-T cells search bank premises, residences
Amid currency ban, the income tax ( I-T) department has conducted a search at the Kashmere Gate branch of Axis bank in New Delhi and found that around Rs 40 crore was deposited in banned currency notes since demonetisation. The I-T department also conducted search operation at the residence of[Read More…]
Government proposes amendment to I-T Act: 4-year lock-in, 50% tax for unaccounted deposits
Central government proposes to introduce an amendment to the Income Tax Act in the Parliament that will enable it to levy a 50 percent tax on unaccounted bank deposits made using the banned currency notes up to December 30 along with a 4-year lock-in period for half of the remaining[Read More…]
After daughter’s grand wedding, J Reddy’s office under IT raid
Days after G Janardhan Reddy’s daughter’s lavish wedding grabbed headlines for its splash-of-cash, the Income Tax Department has raided the mining baron’s offices in Bellari. Reportedly, a number of documents have been found and are being examined. His residence is also likely to be raided, reported India Today. Reddy, a[Read More…]
Govt recovers ₹13,000 crore from overseas accounts
The government has uncovered over ₹13,000 crore black money stashed illegally abroad after it was warned by two separate sources in 2011 and 2013. In its bid to crackdown on tax evaders and illegal offshore bank accounts, this spells success for the Narendra Modi-government. On a tipoff from the French[Read More…]