I T Department

Centre extends 2020-21 income tax return filing deadline for individuals to 30 September

The government had given taxpayers the option to choose a new tax regime under section 115BAC of the I-T Act

'Huge suppression of income': I-T department says evasion of Rs 650 cr after raids on Taapsee Pannu, Anurag Kashyap

Pannu, 33, and Kashyap, 48, both known to be outspoken in their views on a range of issues, were shooting in Pune on Wednesday and were understood to have been questioned by the tax sleuths

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

Income Tax Department sends e-mails to 1.72 lakh assessees over outstanding tax dues

The income tax department has sent e-mails to 1.72 lakh assessees, including start-ups, companies and individuals, who have outstanding tax demands as well as tax refunds asking them to provide as update on the payment

I-T refunds worth Rs 4,250 cr issued in a week; to be credited in 5-7 days in taxpayer bank account: CBDT

The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday

Election Commission appoints 22 IRS officers of I-T department as expenditure observers for upcoming Delhi Assembly polls

The Election Commission (EC) has appointed 22 IRS officers of the Income-Tax Department as expenditure observers for the forthcoming Assembly polls in Delhi, officials said on Thursday

I-T dept carries out search operation on BSE share-brokers, traders across 39 locations, seizes unaccounted cash worth Rs 1.20 crore

These brokers were involved in facilitating accommodation of profits/loss through reversal trades in illiquid stock options in equity derivative segment and also currency derivative on the Bombay Stock Exchange (BSE), said the department.

I-T Dept detects Rs 435-cr undisclosed income after raids on Tamil Nadu firm; company inflates expenditures using bogus invoices

It was found, the CBDT said, that the company would pay for such bogus expenses by cheque or RTGS and then receive the cash back.

Supreme Court dismisses ED plea challenging DK Shivakumar's bail in money laundering case

The Supreme Court on Friday dismissed the Enforcement Directorate's plea challenging the Delhi High Court order granting bail to Karnataka Congress leader DK Shivakumar in a money laundering case

To tighten grip on black money, Centre likely to introduce more provisions in cash holding limit norms in Budget 2020-21

Top sources said the government is mulling stringent measures which could be announced during the Budget next year to cap the cash holding limit at home or in lockers.