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One income tax form to rule them all: Centre’s proposal to simplify filing returns explained
Explainers

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained

According to the finance ministry, the proposed form will be user-friendly with income from digital assets listed under a separate head. All taxpayers, except trusts and non-profit organisations, will be allowed to file returns under the proposed form

CBDT urges gamers to file income tax returns under updated scheme
Business

CBDT urges gamers to file income tax returns under updated scheme

The chairman of CBDT, Nitin Gupta, said just one online gaming portal awarded more than Rs 58,000 crore in winnings in FY20-FY22, but hardly any winners has paid taxes on their winnings

Net direct tax collection rises by 45% to over Rs 3.39 lakh crore till mid-June
Business

Net direct tax collection rises by 45% to over Rs 3.39 lakh crore till mid-June

The net collections are at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year, the CBDT said

Crackdown on Chinese firms linked to 'spy' Charlie Peng's arrest: Govt sources
India

Crackdown on Chinese firms linked to 'spy' Charlie Peng's arrest: Govt sources

The Income Tax Department caught Charlie Peng in raids related to a Rs 1,000 crore Hawala network in August 2020

Deadline to link PAN-Aadhaar ends today: What happens if you miss the last date
India

Deadline to link PAN-Aadhaar ends today: What happens if you miss the last date

People who link their Aadhaar and PAN cards within three months after the deadline, will be charged with a penalty of five hundred rupees

Income tax refunds of Rs 92,961 crore issued during this fiscal, says CBDT
India

Income tax refunds of Rs 92,961 crore issued during this fiscal, says CBDT

This figure includes income tax refunds of Rs 23,026 crore in 61,53,231 cases and corporate tax refunds of Rs 69,934 crore in 1,69,355 cases, an official Twitter post said

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest
Business

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest

Asking taxpayers to file their income tax returns (ITRs) for fiscal 2020-21 (April 2020-March 2021) at the earliest, the Central Board of Direct Taxes (CBDT) said all ITRs have been made available for e-filing.

CBDT extends deadline for filing Income Tax returns for AY 2021-22 to 31 December
Business

CBDT extends deadline for filing Income Tax returns for AY 2021-22 to 31 December

This comes merely a day after the income tax department said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.

CBDT says income tax portal's technical issues being progressively addressed; 1.19 crore ITRs filed
Business

CBDT says income tax portal's technical issues being progressively addressed; 1.19 crore ITRs filed

The Income Tax Return (ITR) filing has increased to 3.2 lakh daily in September 2021.

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing
India

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing

Income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with banks to get exemption from filing I-T return.

Income tax refunds over Rs 67,400 crore issued in five months of this fiscal
India

Income tax refunds over Rs 67,400 crore issued in five months of this fiscal

Of this, income tax refunds of Rs 16,373 crore have been issued in over 22.61 lakh cases and corporate tax refunds of Rs 51,029 crore have been issued in over 1.37 lakh cases

ITR due date extension: Centre extends FY21 filing deadline for individual tax payers to 30 Sep
India

ITR due date extension: Centre extends FY21 filing deadline for individual tax payers to 30 Sep

The deadline for issuing Form 16 by employers to employees has also been extended by a month till 15 July, 2021, the CBDT said

I-T Department seizes Rs 1.25 cr cash in UP and Bihar raids on businessman and bank chairman
India

I-T Department seizes Rs 1.25 cr cash in UP and Bihar raids on businessman and bank chairman

Though the CBDT did not identify those who were raided, sources said the businessman has links with a political party in election-bound Bihar

Faceless assessment and appeal, taxpayer charter: Decoding Narendra Modi's new reforms
India

Faceless assessment and appeal, taxpayer charter: Decoding Narendra Modi's new reforms

Under faceless assessment, a central computer picks up tax returns for scrutiny based on risk parameters and mismatch and then allots them randomly to a team of officers.

Narendra Modi unveils new tax reforms, says system will now be 'seamless, painless and faceless'
Business

Narendra Modi unveils new tax reforms, says system will now be 'seamless, painless and faceless'

Launching the platform 'Transparent Taxation – Honoring the Honest', Modi said that the I-T dept will start faceless appeals from 25 September

I-T Department continues raids on Chinese individuals, local contacts in Rs 1,000-cr money laundering case
India

I-T Department continues raids on Chinese individuals, local contacts in Rs 1,000-cr money laundering case

A 42-year-old Chinese man identified as Charlie Peng, alleged to be the kingpin of the racket, has been detained

Delhi: I-T department raids premises of Chinese entities, associates with suspected hawala links for alleged money laundering
India

Delhi: I-T department raids premises of Chinese entities, associates with suspected hawala links for alleged money laundering

The search revealed that a subsidiary of a Chinese company, related concerns took over Rs 100 crore advances from shell entities for opening retail showrooms

Income Tax Department notifies minimum fees for managers of India-based offshore funds
Business

Income Tax Department notifies minimum fees for managers of India-based offshore funds

The income tax department has notified the minimum fee to be received by India-based fund managers of an overseas fund

Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity
Business

Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity

The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis

Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'
Business

Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic', submitted by the Indian Revenue Service (IRS) Association to CBDT (Central Board of Direct Taxes) Chairman P C Mody,