Income Tax-department

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Income Tax-department - Total results - 490
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.

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

Nirmala Sitharaman announces 25% cut in TDS/TCS for non-salary payments; ITR filing deadline extended
Business

Nirmala Sitharaman announces 25% cut in TDS/TCS for non-salary payments; ITR filing deadline extended

Finance Minister Nirmala Sitharaman said the reduction in TDS (tax deducted at source)/TCS (tax collected at source) rate would release about Rs 50,000 crore in the hands of people.

Income Tax Department cautions people against phishing e-mails promising refund
Business

Income Tax Department cautions people against phishing e-mails promising refund

According to the latest data, between 8-20 April, the department issued nearly 14 lakh refunds involving an amount of over Rs 9,000 crore to various taxpayers

Supreme Court asks Income Tax department to refund Rs 733 cr to Vodafone Idea within four weeks
Business

Supreme Court asks Income Tax department to refund Rs 733 cr to Vodafone Idea within four weeks

The Supreme Court Wednesday granted partial relief to Vodafone Idea Ltd by asking the Income Tax department to refund Rs 733 crore to the telecom firm within four weeks, for the assessment year 2014-15

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021
Business

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021

The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR

Vivad se Vishwas scheme: Assessee eligible to file declarations despite issuance of notice to initiate prosecution
Business

Vivad se Vishwas scheme: Assessee eligible to file declarations despite issuance of notice to initiate prosecution

In the FAQ issued on 4 March, the CBDT said that where notice for initiation of prosecution has been issued with reference to tax arrears, taxpayer has a choice to compound the offence and opt for Vivad se Vishwas.

Income Tax Department asks taxpayers to guard against possible breach of their personal e-filing account
Business

Income Tax Department asks taxpayers to guard against possible breach of their personal e-filing account

The Income-Tax Department has asked taxpayers to guard against possible breach of their personal e-filing account and report such an instance to the police cybersecurity wing

Income Tax Dept raids 25 premises linked to Chhattisgarh govt officials, Raipur mayor Ezaj Dhebar on charges of tax evasion
India

Income Tax Dept raids 25 premises linked to Chhattisgarh govt officials, Raipur mayor Ezaj Dhebar on charges of tax evasion

The Income Tax department on Thursday raided at least 25 premises linked to Chhattisgarh government officials and others on charges of tax evasion, officials said

I-T dept seizes tax evaders’ assets worth Rs 1,052 cr till January this fiscal, carries out searches on 893 groups, says Nirmala Sitharaman
Business

I-T dept seizes tax evaders’ assets worth Rs 1,052 cr till January this fiscal, carries out searches on 893 groups, says Nirmala Sitharaman

The Income Tax Department has seized assets worth Rs 1,051.79 crore up to January in the current financial year as it conducted searches on 893 groups, Finance Minister Nirmala Sitharaman said on Tuesday

Three Infosys employees attached to I-T dept's data division arrested in Bengaluru for taking bribes from taxpayers
India

Three Infosys employees attached to I-T dept's data division arrested in Bengaluru for taking bribes from taxpayers

The three Infosys employees have been booked for cheating and criminal breach of trust

Wealth tax, STT, CTT disputes kept out of Vivad Se Vishwas amnesty scheme; govt issues detailed FAQ
Business

Wealth tax, STT, CTT disputes kept out of Vivad Se Vishwas amnesty scheme; govt issues detailed FAQ

Disputes relating to wealth, securities transaction, commodity transaction taxes and equalisation levy will not be covered under 'Vivad Se Vishwas' amnesty scheme

Income tax officials threaten to cut workload in protest over working conditions
Business

Income tax officials threaten to cut workload in protest over working conditions

Indian tax officials on Wednesday threatened to cut their workloads in protest over working conditions, a move that could dent New Delhi’s tax collection just as the government scrambles to fill coffers before the fiscal year ends on 31 March

Bhupesh Baghel writes to Narendra Modi over ‘politically motivated’ I-T raids in Chhattisgarh, says action is affont to cooperative federalism
India

Bhupesh Baghel writes to Narendra Modi over ‘politically motivated’ I-T raids in Chhattisgarh, says action is affont to cooperative federalism

Chhattisgarh chief minister Bhupesh Baghel on Monday wrote to Prime Minister Narendra Modi over the ongoing "politically motivated" raids in parts of the state by the Income Tax department, terming the action as an affront to the idea of cooperative federalism.

PAN to become inoperative after 31 March if not linked with Aadhaar, says Income Tax dept; 17.58 crore PANs at risk
Business

PAN to become inoperative after 31 March if not linked with Aadhaar, says Income Tax dept; 17.58 crore PANs at risk

Permanent Account Number (PAN) will become inoperative if it is not linked with Aadhaar by 31 March, 2020, the Income Tax department has said

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year
Business

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year

The income tax (I-T) department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year

Confused between old vs new tax regime? Compare using I-T dept's new e-calculator
Business

Confused between old vs new tax regime? Compare using I-T dept's new e-calculator

The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday