Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effe...
Income Tax : The case emphasizes that ignoring clarification notices may result in denial of deductions and exemptions. Taxpayers must substant...
Income Tax : Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt ...
Income Tax : This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is tax...
Income Tax : A government official was arrested for demanding and accepting ₹1.5 lakh to wipe off outstanding tax liabilities. The key takeaw...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : CBDT’s 2024-25 APA report details 174 new agreements, including record bilateral deals, advancing tax certainty and reducing cro...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Corporate Law : Professionals request an amnesty scheme for partnership firms in Maharashtra to regularize past lapses and ease compliance with Re...
Income Tax : The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers ano...
Income Tax : Delhi High Court held that seized amount is prima facie proceeds of crime and not lawful income hence to treat such amounts as tax...
Income Tax : Mumbai ITAT allowed Mahindra & Mahindra's appeal, holding that advertisement and sales promotion expenses of ₹3.26 Cr for 'Mahin...
Income Tax : The ITAT in Mumbai has restricted an income tax disallowance on alleged bogus purchases for Quality Heightcon, capping it at 12.5%...
Custom Duty : Delhi High Court permitted the petitioner to pursue a customs duty appeal before CESTAT by depositing 50% of the required pre-depo...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
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...
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.
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.
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.
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.
The Income Tax Department today conducted searches at the premises of prominent industrialist Gautam Singhania here and in Delhi over alleged tax evasion. The I-T operation began early in the morning and was initiated by the Intelligence Wing of the department.
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. We have found instances where banks are running multiple accounts of certain customers for the purpose of hiding black money, a senior official of Central Board of Direct Taxes (CBDT) said, although refusing to name the banks.
The Income Tax Department is targeting an 18% jump in collection from the financial capital in FY12 to Rs 1,85,000 crore, a top official said on Wednesday.The department, which surpassed its target last fiscal by Rs 3,000 crore by collecting Rs 1,53,000 crore, has set itself the ‘fairly challenging’ target of Rs 1,85,000 crore for 2011-12, Chief Commissioner of Income Tax PP Srivastava told reporters.
Despite unrest consuming nearly five months of business in the valley last year, the Income Tax department has registered a growth of 27% in its revenue collection in Jammu and Kashmir at Rs 1,197 crore for the fiscal ended March 31, 2011.
Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But ‘if it is a tax evasion alone, it is a civil offence,’ the official said. He, however, asserted that ‘if there is an element of illegality about the source of income or if funds are used for illegal purpose…we can think of classifying these as criminal tax offences’.
) Income Tax department conducted raids at 14 premises and surveys at six places belonging to private doctors here for suspected tax evasion, officials said today. The raids launched yesterday were being carried out till late last night and are likely to end today, they said.
