Income Tax : The FAQs explain that FAST-DS, introduced through the Finance Act, 2026, offers eligible taxpayers a one-time opportunity to discl...
Income Tax : The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiri...
Income Tax : The case highlights denial of TDS credit after an incorrect TAN was reported in the income tax return, even though the correct TDS...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
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 : Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and fina...
Income Tax : ITAT Bangalore restored the issue of consultancy fee deduction to the Assessing Officer after noting that additional evidence rela...
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 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 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.
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.’
