Income Tax Department

Income Tax Department News

What is Long-term capital gains tax? All you need to know
Business

What is Long-term capital gains tax? All you need to know

Capital gain occurs when a person earns a profit by selling capital assets. This is defined as any kind of property held by the individual, jewellery and artwork

Income-Tax department is stepping into
Business

Income-Tax department is stepping into "new areas" to combat tax evasion, says CBDT Chairman Nitin Gupta

The Chairman said that data and risk analysis is being used to identify which cases have potential for investigation. 'We are touching new areas and various sectors of the economy which were never touched like asset reconstruction companies, gaming, betting etc.,' he said

IT slaps Rs 37.5 lakh 'due' notice to daily wager in Bihar
India

IT slaps Rs 37.5 lakh 'due' notice to daily wager in Bihar

In the complaint Girish wrote that the notice identifies him as someone associated with a Rajasthan based private company however he claims to have never visited the state.

Here's why you need to still file your income tax return after paying TDS
Business

Here's why you need to still file your income tax return after paying TDS

TDS is the tax deducted at source and represents only a part of the income tax that you are liable to pay, if you are above the exemption limits set by the government

Disproportionate assets case: DK Shivakumar moves High Court against CBI
India

Disproportionate assets case: DK Shivakumar moves High Court against CBI

The Income Tax Department conducted a search of Shivakumar's properties in Karnataka and Delhi on 2 August 2017

Missed 31 July ITR deadline? Don’t fret, here’s what you need to know
Explainers

Missed 31 July ITR deadline? Don’t fret, here’s what you need to know

Those who missed the 31 July deadline for the 2022-2023 Assessment Year can still file belated income tax returns until 31 December. However, they will have to cough up late fees and interest

ITR filing Assessment Year 2022-23 last date today: Nearly 34 lakh returns filed till 4 pm
Business

ITR filing Assessment Year 2022-23 last date today: Nearly 34 lakh returns filed till 4 pm

According to tax laws, a Rs 5,000 late fee would be payable by people having an annual income of over Rs 5 lakh, if they file their ITR by 31 December of the assessment year

Centre’s new e-filing portal hit by technical snags; IT dept blames 'irregular traffic'
Business

Centre’s new e-filing portal hit by technical snags; IT dept blames 'irregular traffic'

The new tax e-filing portal was launched on 7 June, 2021, and Infosys was paid Rs 164.5 crore to develop it. The website had also faced snags on the first anniversary of its launch when many users complained that they were unable to log in into the portal

'Received love letters from I-T': NCP's Sharad Pawar gets notices for affidavit in Lok Sabha polls
Politics

'Received love letters from I-T': NCP's Sharad Pawar gets notices for affidavit in Lok Sabha polls

Sharad Pawar said he has received notices from the Income Tax Department in regard with the affidavits filed by him during the 2004, 2009, 2014 and 2020 Lok Sabha elections

Delhi court summons Congress' DK Shivakumar on 1 July in 2018 money laundering case
India

Delhi court summons Congress' DK Shivakumar on 1 July in 2018 money laundering case

The court issued summon order to DK Shivakumar taking cognisance of a chargesheet filed by the Enforcement Directorate

Income Tax department notifies new form for filing updated I-T returns
India

Income Tax department notifies new form for filing updated I-T returns

Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income

ITR filing last date: What happens if you miss 31 March deadline to file returns?
Business

ITR filing last date: What happens if you miss 31 March deadline to file returns?

For filing belated tax returns, a fine of Rs 5,000 will also be imposed on individuals with an annual income of more than Rs 5 lakh.

Income Tax department detects Rs 224-crore undisclosed income after raiding start-up firm Infra.Market
India

Income Tax department detects Rs 224-crore undisclosed income after raiding start-up firm Infra.Market

The searches were launched on 9 March at the firm's 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh

How Budget 2022 will put curbs on ‘Entries’ that help convert black money into white
Business

How Budget 2022 will put curbs on ‘Entries’ that help convert black money into white

There are instances of businessmen giving their black money to other people and getting it back as a loan. Called ‘Entries’, this is how black money would get converted into white

I-T dept conducts raids on entities linked to Chinese mobile phone manufacturers across country
India

I-T dept conducts raids on entities linked to Chinese mobile phone manufacturers across country

The raids are being carried out at premises in the National Capital Region, Mumbai, Bengaluru, Kolkata, Chennai and Hyderabad, among others, officials said

Vedanta withdraws cases against Centre to settle Rs 20,495 crore retrospective tax dispute
Business

Vedanta withdraws cases against Centre to settle Rs 20,495 crore retrospective tax dispute

In a statement, Vedanta said it has used a recently enacted law to settle the tax dispute. As conditions for the same, it has withdrawn all legal challenges against the government and given an undertaking to forego all future rights pertaining to the tax demand

Income Tax officials seize properties worth Rs 1,000 crore belonging to Ajit Pawar
India

Income Tax officials seize properties worth Rs 1,000 crore belonging to Ajit Pawar

The authorities have seized Jarandeshwar Sahakari Sugar Karkhana in Maharashtra, a resort in Goa as well as an office at Nirmal Tower in south Mumbai

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