DRI seizes 3004 kg of Heroin at Mundra – arrest of eight persons (Ministry of Finance Press Release dated 22 Sept 2021)

In its continued crackdown on smuggling of Heroin into India,Directorate of Revenue Intelligence (DRI) detained two containers on 13.09.2021for examination that had arrived at Mundra Port from Kandhar, Afghanistan via Bandar Abbas, Iran. The containers were declared to contain Semi-processed Talc Stones. Detailed examination of the containers led to the seizure of 2988 kgs of heroin fromContinue reading “DRI seizes 3004 kg of Heroin at Mundra – arrest of eight persons (Ministry of Finance Press Release dated 22 Sept 2021)”

Income Tax Department conducts searches in West Bengal (MOF Press Release dated 21st Sept 2021)

The Income Tax Department carried out a search and seizure operation on 17.09.2021 on a prominent group engaged in manufacturing of steel products. 25 premises consisting of 8 residences, 9 offices and 8 factories, spread over Kolkata, Durgapur, Asansol and Purulia and other regions of West Bengal were covered in the operation. The search operation hasContinue reading “Income Tax Department conducts searches in West Bengal (MOF Press Release dated 21st Sept 2021)”

Income Tax Department conducts searches in Delhi, Punjab and West Bengal (MOF Press Release dated 21st Sept 2021)

The Income Tax Department carried out a search and seizure operation on 18.09.2021 on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab and Kolkata. During the course of the search operation, many incriminating documents, loose sheets, diaries, digital evidences etc have been recoveredContinue reading “Income Tax Department conducts searches in Delhi, Punjab and West Bengal (MOF Press Release dated 21st Sept 2021)”

Income Tax Department conducts searches in Nagpur (MOF Press Release dated 20 Sept 2021)

The Income Tax Department carried out a search and seizure operation on 17.09.2021 in the case of a prominent public figure in Nagpur and his family members. The group is having wide business interest spanning the fields of Education, Warehousing and Agri-business in Nagpur and other parts of Maharastra. More than 30 premises were coveredContinue reading “Income Tax Department conducts searches in Nagpur (MOF Press Release dated 20 Sept 2021)”

Income Tax Department conducts searches in Mumbai and other regions (Ministry of Finance Press Release dated 18th Sept 2021)

The Income Tax Department conducted a search and seizure operation at various premises of a prominent actor in Mumbai and also a Lucknow based group of industries engaged in infrastructure development. Total 28 premises spread over Mumbai, Lucknow, Kanpur, Jaipur, Delhi, and Gurgaon have been covered in the search operation.  Video : Tax Department conductsContinue reading “Income Tax Department conducts searches in Mumbai and other regions (Ministry of Finance Press Release dated 18th Sept 2021)”

Government extends certain timelines to ease compliances (Ministry of Finance Press Release dated 17th Sept 2021)

The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as “the Act”) in the following cases, as under:Continue reading “Government extends certain timelines to ease compliances (Ministry of Finance Press Release dated 17th Sept 2021)”

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act (Ministry of Finance Press Release dated 17th Sept 2021)

The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled BankContinue reading “Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act (Ministry of Finance Press Release dated 17th Sept 2021)”

Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India

The Heads of Tax Authorities of the BRICS countries, namely the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa held a virtual meeting here today under the Chairship of India.Shri Tarun Bajaj, Secretary, Revenue, Government of India, in his capacity asContinue reading “Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India”

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment ( Ministry of Finance Press Release dated 10 Sept 2021)

Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies, then, subject to the conditionsContinue reading “CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment ( Ministry of Finance Press Release dated 10 Sept 2021)”

Income Tax Department conducts searches in Ahmedabad (Ministry of Finance Press Release 10 Sept 2021)

The Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises of electronics, digital as well as print mediaContinue reading “Income Tax Department conducts searches in Ahmedabad (Ministry of Finance Press Release 10 Sept 2021)”