Luxury goods like handbags, wristwatches, footwear, and sportswear will be affected by this move.
With the Income Tax Department imposing a penalty of Rs 944.20 crore on IndiGo, India's largest airline has termed the order "erroneous" and vowed to challenge it legally.
More than 9 crore people have filed their income tax returns (ITR) for the financial year 2025 (as of February 28), according to latest data from the Income Tax Department.
The Central Board of Direct Taxes (CBDT) clarified on Monday that the Income Tax Department is not carrying out any special drive to re-open cases on issues pertaining to HRA claims as has been reported in some sections of the media, triggering a scare among the taxpayers.
The account has an amount of Rs 4.80 crore at present. Rs one crore was withdrawn from the account this month.
“Till the matter is heard, we will not take recovery/coercive steps as elections are going on,” Solicitor General Tushar Mehta assured a bench of Justices B V Nagarathna and Augustine George Masih.
But the I-T could not recover any cash or jewellery so far from the residence of Swarup Biswas, whose wife is a Trinamul Congress councillor and a borough chairman of Kolkata’s civic body.
The Directorate of Income Tax has made several arrangements to keep a vigil on the movement of unaccounted cash, bullion & other valuables, likely/suspected to be used for electoral purposes, during the Model Code of Conduct within the NCT of Delhi.
The move aims at curbing black money use in Assam during the Lok Sabha Elections 2024.
First, regulatory authorities should work closely with start-ups and investors to establish clear guidelines and best practices for valuation. Transparency is paramount and start-ups must maintain comprehensive records of their valuation methodologies.
