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Representation on Income Tax and GST Issues faced by taxpayers

We take this opportunity to bring to your kind attention certain very important issues in Income Tax and GST which need to be addressed by the government to further strengthen tax payers’ confidence. ...

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DGGI (HQs) arrests two in cases of fraudulent IGST refund claims

Two Arrests have been made by the Directorate General of GST Intelligence (HQs) in cases of fraudulent IGST refund claims here, today. As per the statement of the DGGI (HQs), the action was taken on receipt of an input from Allahabad Bank, Paschim Vihar, New Delhi that suspicious transactions were noticed in the accounts of […]...

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Posted Under: Income Tax |

CBDT removes bugs in ITR-6 and ITR-7 utilities

ITR-6 & ITR-7 utilities are modified to fix bugs identified while filling Schedule FSI and TDS. These issue fixes has no impact on XML schema which remains same and for those taxpayers where these schedules are not relevant. For those taxpayers who are entering data in these schedules, it is requested that they may download […]...

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Posted Under: Income Tax |

CSR expenditure to be made tax deductible expenditure- HLC Recommends

The Committee has made far reaching recommendations.  The main recommendations  include, making CSR expenditure tax deductible, provision for carry forward of unspent balance for a period of 3 – 5 years, aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citize...

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Posted Under: Income Tax |

Govt to take measures to ensure that honest taxpayers are not harassed: PM

Black sheep in tax administration...misused...powers...harassed taxpayers...honest assesses...taking excessive action for minor...violations...have...taken...step...compulsorily retiring...number of tax officials...will not tolerate this type of behaviour...

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Posted Under: Income Tax |

Income Tax Search on a prominent Real Estate Group in Mumbai

The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune.  During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and resident...

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Posted Under: Income Tax |

Income tax department Launches lighter version of e-Filing portal

Income tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking ‘e-Filing Lite’ button in home page. The current e-Filing portal having all the services can be accessed by clicking on &#...

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Posted Under: Income Tax |

Income Tax Department detects Foreign Assets in recent search

Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amoun...

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Posted Under: Income Tax |

CBDT Taxalogue Magazine Jul – Oct 19 | Volume 1 | Issue 1

The Tax Policy, which feels the pulse of the public and addresses their concerns while raising taxes for the Government is considered as the most progressive one. On the other hand, if it ignores the ground reality, it arouses adverse public sentiments....

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Posted Under: Income Tax |

Finance Minister asks Tax officers to deal firmly with Tax evaders 

Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders ...

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Posted Under: Income Tax |