45-457: Anil Dhirubhai Ambani (born 4 June 1959) is an Indian businessman, chairman, and managing director of Reliance Group (a.k.a. Reliance ADA Group ). The Reliance Group was created in July 2006 following a demerger from Reliance Industries Limited . He led several listed corporations, including Reliance Capital , Reliance Infrastructure , Reliance Power , and Reliance Communications . Anil's net worth
90-492: A 14-story building in Mumbai. On 20 February 2022, Ambani's elder son, Jai Anmol, married Krisha Shah, daughter of the late Nikunj Shah, a Mumbai-based entrepreneur. Ambani is a teetotaler and a vegetarian . As an avid jogger, he also runs marathons . In 2018, India's principal opposition party, Indian National Congress , accused Prime Minister Narendra Modi of favouring Anil Ambani's defence manufacturing company over HAL ,
135-402: A clear succession plan. After bickering between Anil and his brother Mukesh, their mother Kokilaben mediated and split the family-owned businesses between the two brothers. Anil Ambani received parts of Reliance Group with interests in telecom , entertainment, financial services, power and infrastructure. Ambani is also credited with India's largest IPO , that of Reliance Power , which in 2008
180-655: A coordinated tax system and therefore, the result was the enactment of several taxation acts, viz., the wealth-tax Act 1957 , the Expenditure-tax Act, 1957 and the Gift-tax Act, 1958 . The Direct Taxes Administration Enquiry Committee, under the chairmanship of Shri Mahavir Tyagi, submitted its report on 30 November 1959, and the recommendations made therein took shape of the Income Tax Act, 1961. The 1961 act came in to force with effect from 1 April 1962 by replacing
225-652: A global platform. He has contributed to the production of several Spielberg films, including the Academy Award -winning Lincoln . Ambani gained notoriety as one of the fastest destroyers of shareholder wealth in the last 100 years with the combined group market cap declining by 90% since the formation of the Reliance ADA Group . In early 2019, a court in Mumbai held Ambani in criminal contempt for non-payment of personally guaranteed debt Reliance Communications owed to Swedish gear maker Ericsson . Instead of jail time,
270-526: A public sector enterprise, in a fighter aircraft deal worth ₹ 58,000 crore (equivalent to ₹ 780 billion or US$ 9.3 billion in 2023) with French manufacturing firm Dassault . Ambani, several of whose companies are debt-ridden, has denied all charges of benefiting from crony capitalism . In factual terms, Reliance Defence stood to get just over 3 per cent of the ₹ 30,000 crore (equivalent to ₹ 400 billion or US$ 4.8 billion in 2023) Dassault Aviation offsets contract, contrary to
315-633: Is also responsible for the administration of direct tax laws through the IT Department. The CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex officio capacity also function as a division of the ministry dealing with matters relating to the levy and collection of direct taxes. The CBDT is headed by a chairman and also comprises six members, all of whom are ex officio special secretaries to
360-577: Is available at almost all Income Tax Department offices across the country. Launched in 2006 by the Income Tax Department, the Tax Return Preparer Scheme assists small and marginal taxpayers in preparing and filing their tax returns by creating a company of ‘Tax Return Preparers’. Tax Return Preparers are experts in income tax law and in filing of income tax returns. They can charge a maximum fee of Rs. 250, or sometimes nothing. Over
405-622: Is being implemented by the Income Tax Department. The Income Tax Department is a leader in implementing Sevottam, which is certification of quality of public service delivery in India. The term Sevottam comes from the Hindi words Seva and Uttam and supposedly means excellence in service delivery. It involves the identification of the services delivered to the citizens, quality of service, its objective, improvement of quality, by using innovative methods for developing business process and more informative with
450-624: Is currently estimated at around $ 30 million. Ambani, once the sixth richest person in the world, declared bankruptcy before a UK court in February 2020. He served in the Rajya Sabha , the upper house of the Parliament of India from Uttar Pradesh , as an Independent MP between 2004 and 2006. Anil Ambani is the youngest son of the founder of Reliance Industries , Dhirubhai Ambani and his wife Kokilaben Ambani. Ambani has said that his father would lead
495-405: Is married to the actress Tina Munim . He married her after facing much resistance from his family, due to the fact that she came from the world of fashion and glamour, and her lifestyle choices before marriage had been unconventional. Nevertheless, the couple have had a stable marriage and have two sons, Jai Anmol Ambani and Jai Anshul Ambani. As of 2010, Ambani and his family reside at The Sea Wind,
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#1732883796405540-414: Is mentioned that the king received 1/6th of income from his subjects, which was legally termed as tax. In lieu of this tax, the king had a duty to protect his subjects. According to Kautilya 's Arthashastra – an ancient treatise on the study of economics, the art of governance and foreign policy – artha had a much wider significance than wealth. According to him, the power of the government depended upon
585-555: Is received after the lapse of the time period provided by the assessing officer, assessment is made under section 144. Such assessments are called "scrutiny assessments." The department can survey any business premises during the time such place is open for business for physical verification of records and other valuables. Section 133A of the Income Tax Act 1961 provides the department to conduct surveys. The department can search residential and business premises of any taxpayer to check records and valuables to ensure that no evasion of tax
630-797: Is taking place. Section 132 of the Income Tax Act, 1961 provides the department the power to conduct search and seizure. Both the survey action and the search and seizure action are known in the general parlance as "raids." The finance ministry instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes. Income Tax departments raided various illegal tax-evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency. The Enforcement Directorate issued several FEMA notices to forex and gold traders. Large sum of cash in defunct notes were seized in different parts of
675-489: Is the general anti avoidance rule (GAAR) . Taxation has been one of the key function of the sovereign state since ancient times. In Manusmriti , the Manu stated that the king has the sovereign power to levy and collect tax according to sastras. लोके च करादिग्रहणो शास्त्रनिष्ठः स्यात् । — Sandeep Baldi, Shyam Nagar 128, Manusmriti (It is in consonance with sastras to collect taxes from citizen.) In Bodhayana Dharmasutras, it
720-562: The Benami Transactions (Prohibition) Act, 1988 , and the Black Money Act, 2015 . The Income Tax Act, 1961, has a wide scope and empowers ITD to levy tax on the income of individuals , firms , companies , local authorities , societies , or other artificial juridical persons . Thus, the Income Tax Department influences businesses, professionals, NGOs, income earning citizens, and local authorities, among others. The act empowers
765-499: The Nagpur unit in the coming years. In March 2022, Anil Ambani stepped down from the boards of Reliance Infrastructure and Reliance Power. In August 2024, SEBI banned Anil Ambani from the securities market for five years on charges of diversion of funds. Income Tax Department The Income Tax Department (also referred to as IT Department ; abbreviated as ITD ) is a government agency undertaking direct tax collection of
810-669: The government of the Republic of India . It functions under the Department of Revenue of the Ministry of Finance . The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961 , to collect revenue for the government of India. It also enforces other economic laws such as
855-553: The Centralised Processing Center in Bengaluru on the basis of the information provided by the taxpayer. Such automatic processing of returns is called as "summary assessment" and is carried out in accordance with sub-section (1) of section 143 of the Income Tax Act, 1961. After the notices mentioned in points (1) and (2) above are complied with, assessment is made under sub-section (3) of section 143. When no compliance
900-415: The Income Tax Department to tax international businesses and professionals and therefore ITD deals in all matters of double taxation avoidance agreements and various other aspects of international taxation such as transfer pricing . Combating tax evasion and tax avoidance practices is a key duty of ITD to ensure constitutionally guided political economy . One measure to combat aggressive tax avoidance
945-415: The Income Tax Department, most extensive and famous among these being Directorate of Investigation. The Income Tax Department of the government of India is a leader in good governance. Since large portion of population interacts with department on a yearly basis hence good governance by ITD has improved citizen satisfaction with government functioning. A very well known model of good governance, Sevottam ,
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#1732883796405990-477: The Income-tax Act of 1922. This act of 1922 marked an important change from the act of 1918 by shifting the administration of the income tax from the hands of the provincial government to the central government . Another remarkable feature of this act was that the rates were to be enunciated by the annual finance acts instead of in the basic enactment. Again, the new Income-tax Act came in 1939. The 1922 act
1035-524: The Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961 , which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir. Administration in the Income Tax Department (ITD) is run through a statutory body, the Central Board of Direct Taxes (CBDT) , at
1080-489: The apex level and 18 territory-based regional headquarters at the field offices level. Besides these are 10 specialised directorates within the Income Tax Department, most extensive and famous among these being the Directorate of Investigation. The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue, Ministry of Finance . The CBDT provides inputs for the policy and planning of direct taxes in India and
1125-608: The brothers on "incentive-oriented outings" where they would be rewarded with a box of mangoes for a 10-km (6 mile) hike, but also punished them for acting out in front of guests. He earned his Bachelor of Science degree from Kishinchand Chellaram College and received a Master in Business Administration at the Wharton School of the University of Pennsylvania in 1983. Ambani's father Dhirubhai died in 2002 without leaving
1170-748: The chairman and six members, with only fundamental issues reserved for collective decision by the CBDT. The areas for collective decision by the CBDT include policy regarding discharge of statutory functions of the CBDT and of the union government under the various direct tax laws. At present Income Tax Department (ITD) field offices are divided into 18 regions with territorial jurisdiction and one region for international taxation. As required for efficient and effective administration, these regions have some administrative autonomy to carry out duties assigned by CBDT. Directorates are meant to take responsibility of specialised functions. There are 10 specialised directorates within
1215-800: The country. In Chhattisgarh liquid cash worth of ₹ 4.4 million (US$ 53,000) was seized. In December 2016, the Income Tax department received more than 4000 emails, on black money holders, in India, within 3 days, when Income Tax Department, issued in public notice an email to report black money. Huge amounts of cash in the form of new notes were seized all over the country after the demonetisation. In December 2016, over ₹4 crore in new ₹2000 notes were seized from four persons in Bangalore, ₹33 lakh in ₹2000 notes were recovered from Manish Sharma, an expelled BJP leader in West Bengal, and ₹1.5 crore
1260-473: The court gave him a month to come up with the funds. At the end of the month, Ambani was bailed out by his elder brother, Mukesh Ambani . In April 2019, three ADAG Companies reached standstill agreement with Franklin Templeton after secured NCD default. This led to SEBI changing mutual fund regulation of reducing unlisted NCDs exposure to 10% and making standstill agreement void. In aftermath, FT India didn't sell
1305-516: The establishment of British rule in India. Following the mutiny of 1857 , the British government faced an acute financial crisis. To fill up the treasury, the first Income-tax Act was introduced in February 1860 by James Wilson, who became British-India's first finance minister . The act received the assent of the governor general on 24 July 1860, and came into effect immediately. It was divided into 21 parts consisting of no less than 259 sections. Income
1350-489: The government of India. The chairman and members of the CBDT are selected from the Indian Revenue Service (IRS), whose members constitute the top management of the IT Department. The chairman and every member of CBDT are responsible for exercising supervisory control over specialised functional categories at field offices of the IT Department. Various functions and responsibilities of the CBDT are distributed amongst
1395-505: The group launched construction of a defense production unit in Mihan-SEZ region. The unit will be part of a joint venture between Reliance Group, led by Anil Ambani, and its JV partner French major Dassault Aviation . The production at Mihan-SEZ will begin with components for the Rafale warplanes and Falcon business jet produced by Dassault. It is expected to fully assemble both the aircraft in
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1440-413: The help of information technology. The citizen-centric approach includes the following three components: Ayakar Seva Kendra (ASK; translated as Income Tax Help Centre ) is an integrated model that provides single window system for registration of all applications including those or redressal of grievances as well as receipt of paper return. The assesses can approach ASK and pose all kinds of queries. ASK
1485-544: The impression that it was to be the biggest beneficiary of the Rafale fighter jet deal. In a possibly related controversy, one of his businesses partly financed a French film in which former French president Francois Hollande 's then-partner had acted around the same time the aircraft deal was being negotiated. Reliance Group Reliance Group is an Indian conglomerate , headquartered in Mumbai , India. The company, which
1530-454: The pledged securities and wound 6 debt funds affecting 300,000 investors. In February 2020, Anil Ambani was locked in a legal battle with 3 Chinese banks. He was asked to set aside US$ 100 million by the court which led him to make the statement that his net worth is currently zero after considering his liabilities. The dispute still rages on with the UK court ordering him to pay the 3 Chinese banks to
1575-426: The strength of its treasury. He stated: "From the treasury comes the power of the government, and the earth, whose ornament is the treasury, is acquired by means of the treasury and army." In Raghuvamsh , Kalidas , eulogising King Dalip, said, "it was only for the good of his subjects that he collected taxes from them just as the sun draws moisture from the earth to give it back a thousand time." The 19th century saw
1620-561: The tune of US$ 716 million . In October 2021, Anil Ambani was named in the Pandora Papers along with his brother Mukesh. In January 2023, the Bombay High Court questioned the Income Tax Department's accusation of tax evasion against Anil Ambani after a petition by him challenged the decision of the notice issued by the IT department . Ambani belongs to a Gujarati family which hails from
1665-582: The two brothers Mukesh Ambani and Anil Ambani , split Reliance Industries in December 2005. Anil Ambani got the responsibility of Reliance Infocomm , Reliance Energy , and Reliance Capital . Reliance Group entered the power sector through Reliance Power , and the entertainment sector by acquiring Adlabs. In October 2010, Reliance power placed the world's largest order worth $ 8.29 billion to Shanghai Electric Group to supply power equipment based on Supercritical steam generator technology. On 28 October 2017,
1710-642: The village of Chorwad near Junagadh in the Kathiawar region of Gujarat , India. He is the youngest son of the legendary textile entrepreneur Dhirubhai Ambani and his wife, Smt . Kokilaben Ambani, a devoted home-maker who founded the Kokilaben Dhirubhai Ambani Hospital in suburban Mumbai. Anil is one of four children. He has an older brother, Mukesh Ambani , and two sisters, Smt. Nina Kothari (wife of late Bhadra Shyam Kothari) and Smt. Deepti Salgaocar (wife of Dattaraj Salgoncar). Anil Ambani
1755-569: The years income tax return filing has been made more simple, convenient, and smart through use of technology. This includes following: Taxation law is not only very complex as it requires specialised knowledge and expertise to implement, but also it necessitates various kinds of deterrent actions to ensure compliance by taxpayers. Assessment is done to ensure correct estimation of total taxable income of an assessee (i.e. taxpayer) and it determines amount of tax to be payable by (or to be refunded to) assessee. Most income tax returns filed are processed by
1800-483: Was amended not less than twenty nine times between 1939 and 1956. A tax on capital gains was imposed for the first time in 1946, although the concept of ‘capital gains’ has been amended many times by later amendments. In 1956, Mr. Nicholas Kaldor was given the responsibility of investigating the Indian tax system in light of the revenue requirement of the second five-year plan (1956–1961) . He submitted an exhaustive report for
1845-515: Was classified under four schedules: i) income from landed property; ii) income from professions and trade; iii) income from securities, annuities and dividends; and iv) income from salaries and pensions. Agricultural income was subject to tax. Subsequently, many laws were brought to streamline income tax laws. For example, the Super-Rich Tax was introduced in 1918, and the new Income-tax Act was passed in 1918. But most important among all these were
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1890-426: Was formed after Dhirubhai Ambani 's business was divided up, is headed by his younger son Anil Ambani . Reliance Group has five listed companies, Reliance Power , Reliance Infrastructure , Reliance Home Finance, and Reliance Health . The group provides financial services, construction, entertainment, power, health care, manufacturing, defence, aviation, and transportation services. Reliance Commercial Corporation
1935-406: Was founded by Dhirubhai Ambani in 1966 as a polyester firm. It was renamed to Reliance Industries on 8 May 1973. Reliance later entered into financial services, petroleum refining, and power sector. By 2002, Reliance had grown into a U$ 15 billion conglomerate . After the death of Dhirubhai Ambani on 6 July 2002, Reliance was headed by his two sons. The Reliance ADA Group was formed in 2006 after
1980-665: Was seized in Goa. 900 notes of the new ₹2000 denomination were seized from a BJP leader in Tamil Nadu. Around ₹10 crore in new ₹2000 notes were seized in Chennai. As of 10 December 2016, new notes worth ₹242 crore were seized by the Income Tax Department. The Income Tax department conducted raids and surveys in various states in separate cases related to alleged tax evasion, violation of FCRA violation and illicit funding of registered unrecognised political parties. The government data reveals that
2025-564: Was subscribed in less than 60 seconds, the fastest in the history of Indian capital markets to date. In 2005 Ambani made his debut in the entertainment industry with an acquisition of a majority stake in Adlabs Films, a company with interests in film processing, production, exhibition and digital cinema. The company was renamed Reliance MediaWorks in 2009. In 2008 a joint venture worth US$ 1.2 billion with Steven Spielberg 's production company DreamWorks cast Ambani's entertainment business on to
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