ministry of finance news

Resolve glitches in Income Tax e-filing portal by 15th Sep 2021: FM to Infosys

The Finance Minister demanded that the issues faced by taxpayers on current functionalities of the portal should be resolved by the team by 15th September, 2021 so that taxpayers and professionals can work seamlessly on the portal....

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Posted Under: Income Tax |

ITC fraud of more than Rs 31,000 crore busted in FY 2020-21

CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21 The Goods and Services Tax authorities have unearthed over Rs 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the […]...

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Posted Under: Income Tax |

GST authorities recovers more than Rs 1,900 crore in tax evasion in FY 2021-22

The interface for the taxpayers is on a digital platform and software-based, to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

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Posted Under: Income Tax |

Undisclosed credits of Rs. 20078 cr found in Panama Papers Scam

(a) As on 01.06.2021, total undisclosed credits amounting to Rs. 20,078 crores have been detected with respect to India linked entities in the Panama Paper Leaks. (b) Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (U...

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Posted Under: Income Tax |

No cases of Non-Compliance of CBDT orders on Not Filing Appeal

The number of cases of non-compliance of orders of the Central Board of Direct Taxes (CBDT) like not filing appeal in the High Court despite the direction of Directorate General of Income Tax (DGIT) (Investigation) and allowing appeal without collecting the requisite demand by the Commissioner of Income Tax (CIT) (Central) Mumbai-II and P...

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Posted Under: Income Tax |

54,439 appreciation certificates given to GST taxpayers

The Government has awarded Appreciation Certificates, on the eve of completion of 4 years of GST, to 54,439 (Fifty-four thousand four hundred and thirty-nine) taxpayers who have made substantial contribution in payment of GST and filed their returns in a timely manner....

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Posted Under: Income Tax |

Constitution of an Expert Committee on Longevity Finance

International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India....

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Posted Under: Income Tax |

Freezing of Indian government assets in France by Cairn Energy

There have been news reports that Cairn Energy has seized/ frozen State owned property of Government of India in Paris. However, Govt. of India  has not received any notice , order or communication , in this regard, from any French Court....

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Posted Under: Income Tax |

Launch of online filing of application for AEO T2 & AEO T3

Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications....

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Posted Under: Income Tax |

Enhanced revenue collection in recent months should now be “New Normal: FM

Finance Minister Smt. Nirmala Sitharaman appreciates CBIC efforts in fighting COVID-19 pandemic; says enhanced revenue collection in recent months should now be the New Normal...

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Posted Under: Income Tax |

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