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 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.
“I-T department will review the property deals in Delhi and take action in appropriate cases,” Central Board of Direct Taxes chairman Sudhir Chandra told reporters here, adding that these reviews will include both individual and corporates property deals in Delhi and the National Capital Region (NCR – Noida, Gurgaon).
After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department on Monday said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11. In the first half of April, the I-T Department refunded Rs 6,183 crore to 8,23,101 assesses, Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra told reporters here.
