Income Tax-department

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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

Actor Sonu Sood evaded tax worth Rs 20 crore, says Central Board of Direct Taxes
India

Actor Sonu Sood evaded tax worth Rs 20 crore, says Central Board of Direct Taxes

The CBDT also accused Sood of violating the Foreign Contribution Regulation Act (FCRA) while raising donations from abroad.

I-T Department conducts ‘survey operations’ in NewsClick, Newslaundry Delhi offices
India

I-T Department conducts ‘survey operations’ in NewsClick, Newslaundry Delhi offices

As per officials, the operations are being conducted to verify certain tax payment details and remittances made by the news organisations

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.

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

Taapsee Pannu responds to IT raids, condemns alleged reports of Rs 5 crore receipts: Have done nothing illegal
Entertainment

Taapsee Pannu responds to IT raids, condemns alleged reports of Rs 5 crore receipts: Have done nothing illegal

Taapsee Pannu opened up about income tax raids on her premises, and shared that she had nothing to fear because she has done “nothing wrong”.

Income Tax Department visits Robert Vadra's Delhi home, records statement in benami assets case probe
India

Income Tax Department visits Robert Vadra's Delhi home, records statement in benami assets case probe

The ED has previously questioned Vadra in this case and had, in 2019, attached assets worth Rs 4.62 crore belonging to his firm Ms Sky Light Hospitality (P) Ltd

Hague court cites statements by Modi, Jaitley to overturn Rs 10k crore tax demand from Cairn
Business

Hague court cites statements by Modi, Jaitley to overturn Rs 10k crore tax demand from Cairn

In 2016, the prime minister was quoted by the Financial Times as saying that the government "will not resort to retrospective taxation; we are making our tax regime transparent, stable and predictable"

Income Tax Return for AY 2020-21: Steps and documents needed to e-file your ITR
India

Income Tax Return for AY 2020-21: Steps and documents needed to e-file your ITR

ITR 2020-2021 | The last date to file income tax return (ITR) for assessment year (AY) 2020-21 has been extended till 30 November.

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.

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.