Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : In-depth analysis of the Income Tax Department crackdown in Chhattisgarh, uncovering a Rs. 13 crore scam involving a PEP, associat...
Income Tax : In a recent search operation in Odisha, Jharkhand, and West Bengal, Income Tax Department reveals staggering tax evasion of a grou...
Income Tax : Income Tax Department conducts search & seizure operation in Tamil Nadu and Puducherry, revealing tax evasion, unaccounted funds, ...
Income Tax : Rajasthan HC rules that using the Insight Portal for reopening income tax assessments under Section 148 is valid. Learn about Chat...
Income Tax : Detailed analysis of Dhoom Singh Sharma Vs ITO case where ITAT Delhi accepts agricultural income proof, overturning Rs.16.4 Lakhs ...
Income Tax : Telangana HC sets aside reassessment notices under Section 148 for not following the modified procedure of Finance Act 2021. Inval...
Income Tax : The Kerala High Court ruled that delays in approaching the revision authority under the Income Tax Act cannot be condoned. Learn m...
Income Tax : Karnataka HC ruled that pending income tax dues against borrowers don't prevent property registration for auction purchases. Learn...
Income Tax : Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My h...
DGFT : Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application f...
Income Tax : A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note abou...
Income Tax : The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total...
Income Tax : On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his juri...
The Income Tax department is probing a ‘treacherous’ and secretive channel of money transfer through ATMs along the ‘open” Indo-Nepal border which is suspected to have ‘national security’ implications. The department, which stumbled across the stealth money transfers during the recently conducted Assembly polls in five states, has sent a classified report to central security agencies for a detailed probe.
The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a department’s vehicle. Motor Accident Claims Tribunal ( MACT )) judge Rajiv Mehra ordered the IT department to pay damages to photographer Vijay Singh , saying ‘driver of the offending vehicle is the main tortfeasor (wrongdoer). A careless driving of the vehicle on his part has made the petitioner crippled for whole life.’
The government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results. The income tax department, sources said, has detected unaccounted income of Rs 18,750 crore in the last two financial years and collected an additional Rs 22,697 crore as taxes by stepping up vigil on cross border transactions.
The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achieving the direct tax collection target for 2011-12.
As many as 85 lakh salaried tax payers with an annual income of up to Rs 5 lakh will not have to file income-tax return from now onwards, a finance ministry official said. No income-tax returns would be required for salaried persons earning up to Rs 5 lakh per annum. We would notify this in first week of June, outgoing Chairman of Central Board of Direct Taxes Sudhir Chandra told reporters here.
Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official told PTI.
The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year. The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Sebi), said a CBDT release.
Gujarat High Court has issued notices to the Union Ministry of Finance and the Income Tax department in response to petitions by two companies of Adani Group, challenging the imposition of Minimum Alternative Tax (MAT) through an amendment in the Finance Act, 2011. The notices were issued yesterday by the division bench of Chief Justice S J Mukhopadhaya and Justice J B Pardiwala while hearing the petitions by Mundra Port Special Economic Zone Ltd (MPSEZL) and Adani Power Ltd (APL). Next hearing is scheduled for July 8.
The Supreme Court on Thursday said no person, irrespective of their chair or wealth, would be spared in the 2G telecom spectrum scam investigations and slammed the Income Tax (I-T) Department for the slow probe against corporate lobbyist Niira Radia and others for alleged tax evasion in the case.
The Income Tax (I-T) department has got disclosures of Rs 30 crore from two companies. IT officials initiated search and survey operation with around 200 officials on four city-based groups on Wednesday. While three of the groups have real estate as their core business, the fourth group is popular city-based jeweller and has huge investments in realty business. The department has also seized Rs 60 lakh from the two groups each of which have declared Rs 15 crore unaccounted income.
