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...
The Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. ‘Hasan Ali does not have enough assets to meet the tax liability,’ an I-T department official said.
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.
