Page 21 - Latest Updates on Income tax
ITAT dismisses I-T dept's appeal in BBC India case of AY 2004-05
The tribunal noted that the inter-company agreement was clear in terms of the activities on which the Indian entity is expected to provide the services to its associated enterprises
 "ITAT dismisses I-T dept's appeal in BBC India case of AY 2004-05")
India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov
The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year
 "India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov")
India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT
Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24
 "India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT")
Kishida plans an income tax cut for households and corporate tax breaks
I'm determined to take unprecedentedly bold measures, Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years
 "Kishida plans an income tax cut for households and corporate tax breaks")
ED files charge sheet against man named in Panama Papers for foreign assets
The money laundering case against Shinde stems from an Income Tax Department charge sheet that was filed earlier under the anti-black money law
 "ED files charge sheet against man named in Panama Papers for foreign assets")
I-T dept may raise tax demand retrospectively from telcos: Analysts
The Supreme Court has set aside a Delhi High Court order of December 2013 and ruled that the licence fees paid by telecom operators should be treated as a capital expense
 "I-T dept may raise tax demand retrospectively from telcos: Analysts")
Rising economic activities lead to surge in personal income tax in H1FY24
Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now
 "Rising economic activities lead to surge in personal income tax in H1FY24")
Karnataka raids: Rs 94 cr cash seized after I-T searches govt contractors
The searches were launched on October 12 and 55 premises were covered by the department in Bengaluru and some cities in neighbouring Telangana and Andhra Pradesh as well as in Delhi
 "Karnataka raids: Rs 94 cr cash seized after I-T searches govt contractors")
I-T dept raids on Kashmir biz led to detection of undisclosed income: CBDT
Incriminating documents, hand-written diaries and digital devices were seized during the searches, CBDT said
 "I-T dept raids on Kashmir biz led to detection of undisclosed income: CBDT")
3.5 million refund cases 'held up', I-T dept working to resolve: CBDT
The direct taxes body chief said the department was "in correspondence" with such taxpayers and it is their aim to expeditiously resolve these issues
 "3.5 million refund cases 'held up', I-T dept working to resolve: CBDT")
I-T dept collects over Rs 700 crore in TDS from online gaming, crypto trade
About Rs 600 crore in taxes (under the tax deduction at source head) has been collected during the current financial year after the new online gaming regime kicked in
I-T dept attaches assets worth Rs 50 cr in 'benami' case against SP leader
The Lucknow-based benami assets investigation unit of the department had launched searches in Varanasi and some parts of Maharashtra early this week as part of this investigation
Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel
Chhattisgarh Chief Minister Bhupesh Baghel said that more than (stray) dogs and cats, the Enforcement Directorate and Income Tax are moving around
 "Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel")
Income tax officers visit factory, Bengaluru office of China's Lenovo
The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquirY
 "Income tax officers visit factory, Bengaluru office of China's Lenovo")
I-T dept extends ITR filing deadline for charitable trusts till Nov 30
Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended
 "I-T dept extends ITR filing deadline for charitable trusts till Nov 30")
Govt extends deadline for filing tax returns by companies, audit reports
The due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31
 "Govt extends deadline for filing tax returns by companies, audit reports")
IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank
GQG Partners acquires shares of IDFC First Bank through block deal
 "IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank")
Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept
The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company
Ashneer Grover calls out officials for asking for ITR of shareholders
Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders
 "Ashneer Grover calls out officials for asking for ITR of shareholders")
Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT
CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened
 "Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT")