sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court

Admits to Rs 350 cr in unreported income
September, 12th 2009

HDIL, the Mumbai-based realty firm currently under the lens of the income tax department, has allegedly admitted to the existence of unreported income of around Rs 350 crore, said people familiar with the information. This, according to sources in the I-T department, is the highest ever admission of unreported income by any company.

The I-T department had carried out a raid on the residential and official premises of HDIL on Thursday, deploying over 100 officials, in what was described as one of the largest such moves in recent times. The unaccounted income, as allegedly admitted by the company, was related to transactions carried out since 2007, said the people connected with the matter.

Under the provisions of the Income-Tax Act, income unearthed during a raid attracts interest and penalty up to 300% of the amount. The law also provides the tax payer the right to appeal before the first appellate authority (Commissioner Appeal) against the demand by the I-T department.

The law also provides for a second appellate forum, Income-tax Appellate Tribunal (ITAT), which is the final fact finding authority on tax matters. Many tax cases end up in the high court and even the Supreme Court.

Twelve premises of the company were raided by I-T officials on Thursday, after a tip-off that the company had allegedly suppressed profit by inflating expenses through fictitious vouchers. This is the second time in two years that the I-T department has carried out such action against HDIL.

The action against HDIL is the latest in a series of raids carried out by the department against builders. Besides suppression of income, many builders have also been found to have claimed tax benefits they are not entitled to, such as deductions for developers of small and medium sized apartments.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions