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...
Corporate earnings from trading in certified emission reduction or carbon credits has caught the eyes of income-tax department. Tax authorities plan to closely look at companies found active in carbon trading after finding non-payment of taxes on such earnings.
The Income Tax Department has carried out search operations at companies engaged in real estate business, I-T department sources said here today. Over 50 premises including business and residence of five builders are being searched by more than 250 I-T sleuths, sources said, adding some of the business premises in Ahmedabad are also being searched.
The Income Tax Department is likely to slap a demand of Rs 8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. “Income Tax Department is likely to raise over Rs 8,500 crore from transfer pricing audits. There has been scrutiny of 8,105 such cases,” Finance Ministry sources told PTI.
THE Central Board of Direct Taxes (CBDT) has directed the Income Tax Department ( ITD ) to make arrangements for receiving income tax returns on 31 st July 2010, the due date for filing tax returns by most taxpayers, as that day happens to be a Saturday. ITD has also been asked to make special arrangements by setting up additional counters from 28 th July to 31 st July 2010, to facilitate taxpayers in filing their income tax returns.
The Central Board of Direct Taxes (CBDT) have directed the Income Tax Department (ITD) to make arrangements for receiving income tax returns on 31st July 2010, the due date for filing tax returns by most taxpayers, as that day happens to be a Saturday.
By the end of this fiscal, income tax payers will be able to get all their problems relating to filing of returns and obtaining of refunds, among others, addressed at nine more help centres. The Income Tax Department has decided to set up help centres at 12 cities, including Kolkata, Coimbatore and Surat, to address the problems of tax payers. At present, help centres exist at three places in the country.
The Income Tax (I-T) department, which is investigating the origin of funds invested in Indian Premier League (IPL) teams, has run into a road block as most of the team owners have refused to part with their funding details. The I-T department’s problems stem from the fact that most of the IPL team owners, though of Indian origin, are citizens of other countries.
Finance Minister Pranab Mukherjee today said that after Bangalore, two more centres that handle I-T returns digitally would be set up at Pune and Maneasar. The Finance Minister also asked the Income Tax Department to partner with the corporate sector to automatise its non-core processes, so as to achieve economy of scale.
The introduction of electronic filing of I-T returns, e-payment of taxes, establishment of the national network (TAXNET), and consolidation of the Regional Computer Centers into the National Data Center have laid the foundation for the next generation administrative reforms in the Income Tax Department.
The Income Tax Department has started scrutiny of the assets and expenditure details furnished to the Election Commission by the candidates and MPs who fought Lok Sabha polls last year. The Election Commission (EC) has recently informed the department to take “appropriate action” with regard to the financial details furnished by the candidates after it finished uploading the affidavits from all the states and Union Territories (UTs) on its official website.
