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...
Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. According to a senior finance ministry official, the Direct Taxes Code (DTC) has to be implemented next year and considering DTC is a composite plan, it will not be a good idea to implement it in bits and pieces.
The Income Tax department has issued a notice to Bollywood actor asking him to pay tax on the Rs 17.84 crore villa in the UAE, I-T sources said today. He received the villa as a gift from a Dubai-based company during assessment year 2008-09
An expert group with the mandate of suggesting measures to plug revenue leakages under existing tax laws will be constituted by March, 2011, the Income Tax Department has said. Constitution of the expert group to be done before the end
The Supreme Court today waived one per cent court fee on the Income Tax Department , on the Rs 2,500 crore deposited by the Vodafone International Holdings , after the government gave an undertaking that it would not make claim of unjust enrichments.
The Income Tax Department may conduct a probe of its own into the Rs 400 crore fraud exposed at Citibank’s Gurgaon branch to ascertain if black money found its way into the ponzi scheme designed by Relationship Manager Shivraj Puri .
The Income Tax department plans to immediately capture on receipt the data of returns filed by taxpayers to enhance their investigation and enforcement action to curb tax evasion and reduce tax gap over the next few years. The department is also mooting developing a ‘criminal investigation’ system within its establishment to combat terror financing, money laundering, offshore tax evasion and other illegal trades which impact national security.
Supreme Court today said it would waive the 1 per cent court fee on the Income Tax Department, on the Rs 2,500 crore deposited by the Vodafone International Holdings, if the government gives an undertaking that it would not make claim of unjust enrichment
Enforcement and tax officials will keep a close watch on the proceedings of players auction for IPL-4 which will see as many as 350 top cricketers from India and abroad go under the hammer in Bangalore later this week. The financial dealings and investments of the earlier editions of IPL are already under the scanner of agencies like the Income Tax department and Enforcement Directorate (ED) since last year when extensive searches were conducted at the IPL headquarters in Mumbai and offices of various franchises.
The government has initiated an inquiry into Cadbury India’s takeover by US-based Kraft Food Inc on Delhi High Court’s directive, for alleged tax evasion and flouting of buyout norms. The Finance Ministry has initiated the inquiry under the Income Tax Act on the order of the High Court, which asked the government last month to complete the probe within 8 weeks.
Satyam Computer Services Ltd. said Tuesday it has received a letter from India’s tax department requesting it to get its accounts audited for the tax assessment years of 2002-2003 and 2007-2008. No further details were provided in Satyam’s filing to
