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Income Tax Department Raids Against Unrecognized Political Parties, Action Taken On Tax Evasion!!

Gunjan ChaudharySeptember 7, 20220

The Income Tax Department has conducted raids in several states in connection with tax evasion against registered unrecognized political parties of India. Actually, News agency PTI has given this information by quoting the sources. According to official sources, all the registered unrecognized political parties are accused of tax evasion after raising suspicious funds. It is being told that this action has been taken on the recommendation of the Election Commission of India. However, nothing has been officially confirmed yet. Raids taking place in these states Sources close to the case said that meanwhile, the search operation is going on in various states including Gujarat, Delhi, Uttar Pradesh, Maharashtra, Haryana, and some other states. A coordinated action has also been initiate...

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Tax Avoidance, Tax Planning Differentiated By A Thin A Line: Income Tax Department

Pooja YadavMay 17, 20220

Tax Planning and tax evasions are legal jargons that always confuse a layman. When it involves tax savings there are a pair of terms that are important to know. Tax planning and tax avoidance are a number of them. repeatedly they're used as interchangeable terms though there's an enormous difference between them. allow us to find the difference between these two terms. The assessee can reduce his/her tax liability by legal means in any of the two ways- tax planning and tax avoidance. Tax planning is described because of the arrangement of monetary activities in a very way that the assessee can avail of maximum tax benefits by making the simplest possible use of the advantages,i.e, deductions, exemptions, etc. On the contrary tax avoidance may be a technique of refraining from lia...

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Xiaomi And Oppo May Face A Fine Of 1000 Crores, Alleging Violation of Law: Income Tax Department

Aditi priya singhDecember 31, 20210

The Income Tax Department has said that mobile companies Xiaomi and Oppo have violated tax laws and they can be fined Rs 1000 crore. It is worth noting that on December 21, Delhi and 11 states-Karnataka, Tamil Nadu, Assam, West Bengal Raids were conducted at the locations of these companies in Andhra Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Bihar and Rajasthan. A statement issued today by the Income Tax Department said, "In the raids, it has been revealed that both the major companies have sent an amount in the form of royalty quoting themselves and group companies located abroad, which is more than 5500 crores. . The statement said, 'These companies did not comply with the disclosure of transactions under the Income Tax Act 1961. Such a mistake makes them liable for penal action...

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