According to the Income Tax department, the group is in the practice of buying large chunks of land parcels in piecemeal and aggregating them

Private wealth creators are solely responsible for India's banking stress; increasingly fleeing India with their wealth and bank loans, and those making huge profits are doing so by cutting jobs and wages

The arbitration court unanimously ruled that India breached its obligations to Cairn under the UK-India Bilateral Investment Treaty

Total assets worth Rs 17.68 crore which includes cash of Rs 14.26 crore, gold jewellery, bullion and silver valued at Rs 3.42 crore have been seized so far, says Ministry of Finance

If you have no plans to make tax-saving investments, you may opt for the new tax regime. From FY21 onwards, taxpayers have two options

The raids have led to detection of foreign assets lying with a company registered in tax-haven British Virgin Islands (BVI) with an office in Dubai, and controlled and managed by the Chairman of the group

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A senior citizen enjoys a higher exemption limit compared to non-senior citizens. While the exemption limit for the financial year 2020-21 available to a non-senior citizen is Rs 2.50 lakh, a senior citizen may avail an exemption up to Rs 3 lakh

The government had raised the threshold income for paying tax to Rs 5 lakh in the interim budget of 2019. According to data from the income tax department, there were 8.04 crore individual taxpayers in assessment year 2018-19 of which 5.95 crore filed returns

Vivad se Vishwas Scheme has received 15 times better response in comparison to Direct Tax Dispute Resolution Scheme (DTDRS) in 2016; the disputed amount settled under it is 153 times that of DTDRS

On the direct tax collection targets for 2021-22, CBDT Chairman PC Mody said that the projections are \"realistic and not ambitious\"; we are confident about achieving the target, he added

The government has estimated a total gross tax collection of Rs  22.17 lakh crore in 2021-22, which is lower than last year's Budget estimates of Rs 24.23 lakh crore

Of the total allocation of Rs 257.35 crore for 2021-22, Rs 178.32 crore has been earmarked for upgradation of the Lal Bahadur Shastri National Academy of Administration (LBSNAA) in Mussoorie to a centre of excellence

The government has proposed to reduce deadline for filing belated, revised ITR by three months from March 31 of the relevant assessment year to December 31 of the assessment year

In a major move, FM Sitharaman reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years

The capital expenditure target for upcoming fiscal is 34 per cent higher than the current financial year's target of Rs 4.12 lakh crore

Presenting her third budget in Parliament, FM Sitharaman stated that under the voluntary vehicle scrapping policy, personal vehicles would undergo a fitness test after 20 years, whereas commercial vehicles would need to take it after completing 15 years

Budget 2021 expectations: The move will also save cost to traders who have to submit individual or separate clearance documents for each package that's imported or exported with the Indian customs departments

It is widely expected that the government will leave the personal income tax slabs untouched since a new (tax) regime was already introduced in the financial year 2020-21

Union Budget 2021: It will be the first time since the presentation of independent India's first budget on November 26, 1947,  the documents will not be printed due to coronavirus pandemic and will instead be distributed electronically to the MPs