Income tax department

The Government is mulling a probe by the Enforcement Directorate and the Income-Tax Department into the role of two Mauritius-based entities to identify their stakes in Devas Multimedia Pvt Ltd which executed the controversial S-band deal with the ISRO. It is also contemplating investigation into the activities of certain unknown government officials for their “collusive behaviour” and acts of omission and commission in extending undue favours to Devas at the Governm.. Full Article

In a major crackdown, the Income Tax department has under its scanner more than 22 crore instances of High Value transactions in the country and abroad which include unreported credit card operations and deals in real estate. The department has obtained, through its data mining and intelligence tools, instances of unreported transactions involving an estimated amount over Rs 2,000 crore. Full Article

Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account Number)" while entering into high value transactions. Full Article

Mahindra Satyam today said it has received a provisional attachment order from the Income Tax Department attaching land and buildings of the company. The company had received a provisional attachment order dated January 30, 2012, from the Additional Commissioner of Income Tax (ACIT), Central Range -- 3, Hyderabad attaching land and buildings of the company, it said in a filing to the BSE. Full Article

By now, many of you would have filed several tax returns of your clients or your own companies or even your own returns. It has been brought to our notice that this year, whenever an ITR form is filed electronically without the digital signature, the system shows that the ITR-V has been e-mailed to the e-mail ID registered with the Income-tax Department’s web site. Thereafter, when the ITR-V is tried to be opened, the system asks for a password. This was creating probl.. Full Article

The government on Friday said some of the persons named in the French list of people having funds abroad given to India have voluntarily paid about Rs 135 crore in taxes. Although the tax has not been assessed or raised yet, some persons have voluntarily paid taxes amounting to about Rs 135 crore so far,Minister of State for Finance S S Palanimanickam said in a written reply in Lok Sabha. Full Article

The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law book since financial year 1967-68 and it seems it's here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe. The main features of tax benefit with respect to charity are as follows: Full Article

To assist taxpayers, a limited call center service with two agents has been established at ITD-CPC, Bangalore. Taxpayer queries on status of ITR-V receipt at CPC, Bangalore will be answered on 080-22546500 aand on toll Free no. 1800-425- 2229 between 9:30 AM to 6 PM. The service will be available in English, Hindi and Kannada. Full Article