The Income Tax department has asked the Department of Telecom (DoT) to submit a copy of the special audit report on leading telecom firm Bharti Airtel to look into corporate tax or income tax issues. Government-appointed auditors contractor Nayak and Kishnadwala had submitted a report on Bharti Airtel in March this year, which according to [...]
Archive for the ‘Income Tax’ Category
Tax dept asks DoT to submit a copy of Bharti Airtel audit report
Posted by khyati on September 21st, 2010
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13% rise in Q2 advance tax paid by top 100 Cos
Posted by admin on September 19th, 2010
Advance tax paid by the country’s top 100 companies in the second quarter (July-September) increased by 13 per cent to Rs 23,780 crore with big names like Grasim India, Bharti Airtel, Genpact and Tata Motors showing lower growth in their payments. The first two instalments – paid on June 15 and September 15 – have [...]
IT dept raids three pharma majors
Posted by admin on September 19th, 2010
Income Tax department carried out raids on the premises of three listed pharma majors at various places in Punjab, Himachal Pradesh and Chandigarh to detect tax evasion. “We are conducting search operations which began in the morning on three groups primarily engaged in pharmaceutical business,” a senior official of Income Tax department, (Investigation Wing), said. [...]
Rs. 40,000 cr Advance Tax outflow may lead to liquidity crunch
Posted by admin on September 19th, 2010
With Rs 40,000 crore going out of the banking system due to advance tax payments, the cost of funds, in the short-term money market, will operate close to the repo rate (6%) – the rate at which the Reserve Bank of India (RBI) makes available overnight funds to banks. Tax outflows have led to a [...]
How to check your Form 26AS for TDS and TCS?
Posted by admin on September 19th, 2010
If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the income tax records. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. This statement will include details of Tax deducted [...]
Rs 2200 cr recovered from Mehta scam gets stuck due to IT dept & bank differences
Posted by khyati on September 17th, 2010
The money recovered from Harshad Mehta led 1992 banking securities scam is lying idle. The distribution of 2,200 crore recovered from Mehta group by the custodian appointed under a Special Act by government is not taking place due to differences between two major claimants, the I-T department and banks and financial institutions (FIs), which have [...]
