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Chennai: Officials from the income tax department carried out searches at places linked to the popular textile retail chain, Pothys, for the second consecutive day. While the searches wound up in Madurai on Friday, the sleuths continued searches in Chennai and Coimbatore on Saturday.The retail chain chairman's residence in RA Puram and other premises on ECR were searched for the second day. The teams returned to the spots on Saturday morning, and the places were guarded by CRPF personnel. The searches went on till late night, said sources.Income tax officials did not reveal if any seizures were made and added that the searches would continue on Sunday too. Searches began on Friday in more than 25 places based on allegation of large-scale tax evasion.
Chandigarh, Jul 1 (PTI) Punjab registered a record 44.44 per cent growth in net goods and services tax collections at Rs 2,379.90 crore in June 2025, said Finance Minister Harpal Singh Cheema on Tuesday. Addressing the media here, Cheema said Punjab outpaced the national average in GST collection growth, firmly positioning itself among the top-performing states in tax mobilization despite facing national and geopolitical challenges, including border-related tensions. Also Read | Who Is PVN Madhav? Here's Everything You Need To Know About the Newly Appointed Andhra Pradesh BJP President. The ...Read More >
CHENNAI: The Madras High Court has ruled that tapping of phones of individuals in a covert operation to detect crimes amounts to violation of the right to privacy, which is an integral part of the fundamental right to life guaranteed under Article 21 of the Constitution. However, the court said tapping can be done on the occurrence of a public emergency or in the interest of public safety as per the law. Justice N Anand Venkatesh delivered the ruling on Wednesday, allowing a 2018 petition filed by P. Kishore, Managing Director of Everron Education Limited, a Chennai-based company. The petiti ...Read More >
CHENNAI: The Income Tax Department on Friday searched nearly 25 to 30 locations linked to Pothys Private Ltd, one of Tamil Nadu's largest textile and jewellery retailers, over suspected tax evasion. The coordinated raids spanned Chennai, Madurai, Tirunelveli, Kanniyakumari and Coimbatore. The action comes at a sensitive moment for Pothys, which has been preparing for an initial public offering estimated at about Rs 1,200 crore. Proceeds from the listing are expected to fund the group's expansion plans, strengthen supply chains and online sales platform. In Chennai, Pothys Boutique remained s ...Read More >
New Delhi, Jul 14 (PTI) The Income-Tax Department on Monday launched multi-city raids as part of a tax evasion probe against those entities which assist certain individuals avail bogus deductions in their returns by claiming a variety of exemptions, official sources said. They said false deductions claimed by persons in lieu of making political donations to registered or unregistered political parties, payment of medical insurance, tuition fee and certain category of loans are among those cases which are being investigated as part of these raids. Certain individuals and their tax advisors li ...Read More >
Ahmedabad: The financial data received from third-party sources, ground-level intelligence, and advanced artificial intelligence tools helped the income tax (I-T) department sleuths to unearth a nationwide scam of bogus claims of deductions and exemptions.Investigations uncovered organised rackets operated by certain ITR preparers and intermediaries, who filed returns claiming fictitious deductions and exemptions. These fraudulent filings involved the abuse of beneficial provisions, with some even submitting false TDS returns to claim excessive refunds, read the release by the Central Board of ...Read More >
Patna, Aug 1 (PTI) Healthcare services were affected at AIIMS-Patna on Friday as resident doctors went on an "indefinite strike" in protest against the alleged high-handedness of Sheohar MLA Chetan Anand. According to a press statement issued by the Resident Doctors' Association (RDA), AIIMS-Patna, on Friday, "The RDA expresses deep disappointment and anguish over the lack of action by the administration following the violent and traumatic incident that occurred on Wednesday, when MLA Chetan Anand, his wife and their armed guards breached hospital security, physically assaulted staff, and thr ...Read More >
HYDERABAD: BRS working president KT Rama Rao on Wednesday described the Supreme Court order on nomination of two MLCs as "a slap in the face of both the Congress and the BJP". The apex court issued an order modifying its earlier interim directive on the nomination of Prof M Kodandaram Reddy and Amer Ali Khan to the state Legislative Council under the Governor's quota. In a press statement, Rama Rao said that the Supreme Court declaring invalid the appointments of Kodandaram and Amer Ali as MLCs under the Governor's quota by the state government was a slap in the face for both the BJP and the ...Read More >
New Delhi: The country's largest carmaker Maruti Suzuki has announced the rollout of its first made-in-India electric vehicle - the e-Vitara SUV - in a major boost to the green segment from its upgraded Gujarat plant, which is now set to become one of the world's largest automotive manufacturing hubs with a projected annual capacity of one million units. Crucially, this facility will serve as Suzuki's global production base for electric vehicles (EVs), exporting to over 100 countries, including advanced markets in Japan and Europe, which is aligned with India's vision of becoming a global aut ...Read More >
Customs officials in Kerala are conducting raids at multiple locations, including the residences of actors Prithviraj and Dulquer Salmaan, as part of "Operation Numkhor." The operation investigates alleged tax evasion involving luxury vehicles imported from Bhutan using fraudulent registrations. Authorities are examining vehicle documents and have detected approximately 15 violations related to this scheme. Residences of Malayalam stars Prithviraj Sukumaran (Thevara) and Dulquer Salmaan (Panampi ...Read More >
New Delhi: If you are depositing large amounts of cash in your bank account, this could attract the attention of the Income Tax Department. While most people consider depositing money in banks completely safe, transactions exceeding prescribed limits in a financial year can be flagged. Banks and cooperative banks are required to report such transactions to the tax authorities. Why People Are Worried Recently, the Income Tax Appellate Tribunal (ITAT) in Delhi clarified that if a substantial amount is deposited in a bank account, the department has full authority to inquire about the source. W ...Read More >
Gurgaon: MCG additional commissioner Yash Jaluka directed bulk waste generators (BWG) across the city to ensure proper disposal of waste by private agencies who are assisting them. Giving these instructions in a meeting held on Friday, he said it is often observed that BWGs hand over their waste to private agencies, which only sort valuable items and dump the remaining waste on roads, drains, vacant land or public places. This, he said, not only affects cleanliness of the city but also poses a threat to public health."Under the Solid Waste Management Rules-2016, it is the legal and moral respo ...Read More >
Baramulla, Jul 5: Hundreds of mourners from Delina and its neighbouring villages Saturday participated in the Muharram procession, the 9th day of the month of Muharram-Ul-Haram at Delina area of north Kashmir's Baramulla district. The procession was one of the series of processions being held in the month of Muharram, the first month of Islamic calendar. Dressed in black and carrying flags bearing religious inscriptions, participants from the villages of Hygam, Bulgam, Bohripora, Syedpora, Uri, Boniyar and other villages marched from new Imambargah through the National Highway NH-1 to the ma ...Read More >
Gross Goods and Services Tax (GST) collections rose 7.5 per cent year-on-year to Rs 1.96 lakh crore in July (for sales in June), data released by the government on Friday showed. Even though the pace of growth in gross GST collections picked up to 7.5 per cent in July from 6.2 per cent, this is the second consecutive month wherein the growth rate has been in single digits and much lower after posting double-digit growth in the first two months of the ongoing financial year. ARTICLE CONTINUES BELOW VIDEO Net GST collections, after accounting for refunds, took a hit by growing by just 1.7 per ...Read More >
New Delhi [India], October 15 (ANI): The much-anticipated festive season may not deliver the usual consumption boost this year, with Ambit Capital warning that weak labour markets, slowing credit, and mounting tariffs could weigh on consumer sentiment despite recent tax cuts.In its latest economic insights report, Ambit Capital said that while GST and income tax reductions are expected to cost the exchequer nearly Rs 2 lakh crore, the impact on demand is likely to be modest. It says tax cuts may ...Read More >
Chennai: Income tax sleuths seized 20 crore unaccounted cash and 10 kg undeclared gold worth 11 crore as part of the ongoing searches in places linked to Pothys, a popular chain of textiles in the state. Official sources confirmed the seizures and added that the searches were still ongoing. "The search is likely to go on till Tuesday," said sources.The officials began searches in more than 20 locations in Chennai, Madurai, and Coimbatore on Friday, based on information about alleged large-scale tax evasion committed by the textile chain over the years. More than 200 officers, accompanied by CR ...Read More >
New Delhi [India], July 1 (ANI): As the Digital India Mission completed 10 years on Tuesday, BJP leader Pradeep Bhandari drew contrast between the BJP and the opposition bloc and said that while the INDI Alliance is associated with 'corruption and nepotism,' the Modi government is associated with the model of development. The BJP leader praised the central government for the success of Digital India and stated that the country now accounts for 50 per cent of global financial transactions, a testament to Prime Minister Modi's development model. Addressing a press conference here on Tuesday, P ...Read More >
New Delhi, July 19 (PTI) The Regional Medical Research Centre in Bhubaneswar, under the Indian Council of Medical Research (ICMR), has developed an advanced malaria vaccine that can prevent plasmodium falciparum infection in individuals and minimise community transmission. The ICMR Delhi has invited Expressions of Interest (EoI) from eligible organisations, companies and manufacturers enthusiastic about the Transfer of Technology for commercial production of "a recombinant chimeric multi-stage malaria vaccine (AdFalciVax) against plasmodium falciparum". The pre-clinical validation of this te ...Read More >
New Delhi, May 20 (PTI) The Supreme Court has said there was "no rule" that a person accused of money laundering ought to spend a year in jail before being give bail as it allowed the relief to a businessman. A bench of Justices Abhay S Oka and Ujjal Bhuyan granted bail to businessman Anwar Dhebar in the alleged Rs 2,000 crore liquor scam case and said, "It is not a rule to be in custody for a year to get bail." He was arrested in August last year and has spent over nine months in jail. The top court said the maximum punishment for the offence alleged was seven years, and that the trial agai ...Read More >
MUMBAI : Shiv Sena (UBT) MP Sanjay Raut on Friday posted a video on X purportedly showing the state's social justice minister Sanjay Shirsat of the Shiv Sena sitting in a room along with a partially opened bag containing what look like bundles of currency notes. Shirsat, however, rubbished the claim, saying the bag only contained clothes.The allegation came a day after it emerged that Shirsat had received a notice from the income tax department seeking an explanation for increase in his financial worth between the 2019 and 2024 assembly elections from Rs 3.3 crore to Rs 35 crore. Last month, S ...Read More >
New Delhi, Oct 22 (SocialNews.XYZ) India experienced a bumper festive season this year, with sales of consumer goods, automobiles, jewellery, handicrafts, and decorative items recording a sharp surge during Diwali, signalling renewed consumer confidence and economic momentum, economists said on Wednesday. Dr Manoranjan Sharma, Chief Economist at Infomerics Ratings, stated that the surge reflects a strong revival in domestic demand and a growing preference for Indian-made products. "There has been a significant increase in sales of consumer electronics, textiles, jewellery, handicrafts, and de ...Read More >
New Delhi: The Supreme Court Friday asked BJP leader Rajiv Babbar to consider closing the defamation case against Congress MP Shashi Tharoor over his statement comparing Prime Minister Narendra Modi to a scorpion. A division bench of justices MM Sundresh and N Kotiswar Singh verbally remarked "let us close all these things. Why get so touchy about all this? This way, administrators and judges come in the same group and have thick skin". The development took place during the resumed hearing of a plea filed by the senior Congress leader against a Delhi High Court order refusing to quash the cas ...Read More >
Imphal: Prime Minister Narendra Modi begins a two-day visit to the northeast Saturday, launching and laying foundation stones for development projects worth over Rs 36,000 crore across Manipur, Assam and Mizoram aimed at transforming the region into a strategic and economic powerhouse under Centre's Act East Policy.But it is Manipur, still scarred and socially fractured by ethnic conflict, that will be the emotional and political fulcrum of this tour.This marks Modi's first visit to Manipur since the May 2023 ethnic clashes between the Meitei and Kuki-Zo communities that left over 260 dead and ...Read More >
* Tax, Legal & Accounting * 1 min read I-T dept conducts raids in bogus tax deductions case The Income-Tax Department initiated multi-city raids targeting entities facilitating bogus deductions in tax returns. The investigation focuses on false claims related to political donations, medical insurance, tuition fees, and certain loans. This action follows the discovery that some taxpayers didn't correct their ITRs despite the department's outreach under the NUDGE campaign. New Delhi, The Income- ...Read More >
Mumbai, Sep 30 (PTI) Corporate India's credit moderated marginally in the April-September period, and the impact of the tariffs slapped by the US is a monitorable factor going ahead, rating agencies said on Tuesday. Crisil said the credit ratio, or the number of upgrades to downgrades, moderated to 2.17 in the first half of the fiscal, which is down from 2.75 in the same period last year and 2.64 in the October 2024-March 2025 period. The agency, which rates 7,300 companies, said there were 499 upgrades and 230 downgrades during the period in its portfolio. The credit quality is expected to ...Read More >
New Delhi: Leaders of the 24 party I.N.D.I.A. bloc met virtually on Saturday to finalise their strategy for the Monsoon Session of Parliament, which begins on Monday. They agreed to focus on eight priority issues, while reserving the option to raise additional local concerns as they arise. Among the key issues identified are Pahalgam terror attack and the Centre's response, Operation Sindoor and US President Donald Trump's claim that he brokered an India Pakistan cease fire ("five jets were shot down"), foreign policy questions, including India's position on the Gaza conflict, Special Intensi ...Read More >
Corporate India shows strong credit quality. Domestic consumption and government spending provide support. US tariffs present a challenge for export sectors. Gems, textiles, and marine industries face potential impact. Rating agencies report stable credit ratios overall. Banking sector exposure to these risks is low. Credit growth projections remain healthy. Corporate India's credit quality remains strong, supported by favourable domestic consumption, strong balance sheets and steady government- ...Read More >
Hyderabad: North Telangana districts bore the brunt of heavy rains that disrupted normal life in many parts of the state on Wednesday. People in the northern districts were subject to harrowing times to reach their destinations due to the extensive damage to roads that was made worse by breaches across culverts and bridges on overflowing canals and water bodies. Meanwhile, flights were diverted at Shamshabad airport due to the heavy downpour in Greater Hyderabad limits. Hyderabad-bound flights were diverted to Vijayawada, Bengaluru and Tirupati in the afternoon. The IMD issued a red alert for ...Read More >
NEW DELHI: EC on Thursday revised the rules relating to counting of postal ballots, making it mandatory for all postal ballot papers to be counted before the penultimate round of EVM/VVPATs counting is taken up.The new practice will be first implemented in Bihar where assembly polls are due in Nov.This restores the arrangement prior to May 2019, when EC had changed the guidelines to allow EVM counting to proceed regardless of postal ballot counting stage. The 2019 change did not rule out chances of EVM counting being completed before postal ballot counting. INDIA bloc had, during the 2024 elec ...Read More >
Bengaluru: The Karnataka Commercial Tax Department has once again issued a clarification regarding the recent tax notices sent to bakeries, condiments, and tea stalls in Bengaluru. Following earlier backlash, the department had stated that traders with annual turnover below ₹1.5 crore can opt for the Composition Tax Scheme and pay only 1% tax, offering significant relief. Now, in a press release, the department reiterated that traders who have received notices should visit their respective tax offices and submit proper documentation explaining their turnover and eligibility. It clarified that ...Read More >
NEW DELHI, April 1 (Reuters) - India said it would not apply its strict tax evasion rules on foreign investments made before April 2017, easing concerns among global investors on Wednesday after a court order in a Tiger Global case raised fears of retrospective scrutiny. A landmark Supreme Court ruling in December said Tiger Global must pay taxes on its $1.6 billion sale of a stake in an Indian company in 2018. The judges said Tiger Global used its Mauritius units that were only "conduits", and no benefit under an international treaty for pre-2017 investments would apply. Tiger Global denie ...Read More >