I-T Dept

The Income Tax (I-T) department has imposed two separate fines on ACC Ltd, totalling Rs 23.07 crore, which will be contested by the Adani Group firm before the appellate authorities. The I-T department has slapped a penalty of Rs 14.22 crore allegedly "for furnishing of inaccurate particulars of income" for Assessment Year 2015-16. The department has also levied a penalty amounting to Rs 8.85 crore "for under-reporting of income" for Assessment Year 2018-19. "The company will be contesting both orders by filing appeals before the Commissioner of Income Tax (Appeals) within the prescribed timelines and, in parallel, will seek a stay on the penalty demands raised under the respective orders," ACC said in regulator filings on Thursday. The company received these two demands on October 1, 2025, and said that these penalties will have no impact on financial activity. ACC is a subsidiary of Ambuja Cement, the Adani Cement entity, which owns over 50 per cent of the company. Both the I-T

Choose 44ADA if your occupation is mentioned in Section 44AA(1); explain choice of regime with supporting documents

Income Tax payers can now match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Also, Section to Section mapping as per Income Tax Act, 1961 and Section number as per New Income Tax Bill has been uploaded on the I-T department's website. A simplified Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13 by Finance Minister Nirmala Sitharaman. The Bill, once enacted, will replace the 64 years old Income Tax Act which has become bulky over time with its traditional style of drafting and numerous amendments. The simplified Bill has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of Sections is 536, as against 819 effective sections in the existing law. The number of chapters also have been halved to 23 from 47 currently. The Bill has 57 tables, compared to 18 in the existing act, besides formulae which make it easier for a taxpayer to calculate tax liability. I

Initial data suggest undisclosed income to the tune of Rs 15,000 cr

Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the financial year 2020-21

BSE said that it has sought clarification from Polycab India on the reports of tax raids

The Income Tax department has seized assets worth Rs 5,095.45 crore through search and seizures actions on 2,980 groups in four years till 2022-23, Parliament was informed on Monday. As per details of the search and seizure actions, including those mounted on business establishments, shared in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary in 2019-20, a total of 984 groups were searched and the value of assets seized stood at Rs 1,289 crore. A total of 365 prosecutions were launched during the fiscal. In 2020-21, 569 groups were searched, leading to asset seizures of Rs 881 crore. Prosecution was launched in 145 cases. In 2021-22, 686 groups were searched and Rs 1,159.59 crore worth assets were seized, and 115 prosecution cases were launched. During 2022-23, 741 groups were searched, Rs 1765.56 crore assets were seized, and 97 prosecution were launched. "On the basis of the evidence gathered during search operation and subsequent investigation, tax-assessments ar

Widening its probe into the alleged benami assets amassed by slain gangster-politican Atiq Ahmad, the Income Tax department has issued fresh summons to a BPL cardholder security guard, who allegedly held about six land parcels worth crores in Uttar Pradesh, and recorded the statements of those linked to him. An Income Tax department team also reached the home of the security guard -- Suraj Pal -- in Prayagraj district's Pipalgaon and handed over the summons issued in his name to his family members. Pal is stated to be absconding and, according to the statement given to the department by his daughter, the family does know his whereabouts. The Income Tax department has identified Pal as the 'benamidar (in whose name a benami property is standing)' of more than 40 land assets of Atiq Ahmad and his gang members. Ahmad (60) and his brother Khalid Azim alias Ashraf were shot dead by three assailants in April when they were being taken for a health checkup by police in Prayagraj. Pal is

The grievance redressal process under the IT Rules have made Online Curated Content (OCC) publishers more accountable and there is a need to raise awareness regarding this self-regulatory mechanism to ensure its optimum use by the people, according to a joint study by The Dialogue and IAMAI. The findings of the study show that other than certain principle-level concerns, the rules have been implemented well by the OCC publishers and the compliance process has been seamless. Further, the mechanism has ensured greater accountability from the publishers towards user concerns. Leading policy experts and industry representatives highlighted that the IT Rules, 2021 have helped in swifter redressal of user grievances on OCC platforms. The research also shows that several times disjunct guidelines by different authorities and the creation of divergent grievance redressal channels under multiple state bodies lead to regulatory uncertainties. "To address this problem, it is important to buil

According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium.

Currently, Saturdays and Sundays are off days for I-T department employees

The Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal.

The income tax department will soon start sending out intimation to assessees undergoing scrutiny that such cases would now be handled under faceless assessment, a tax official said

3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme

The income-tax department will start an e-campaign from July 20 on voluntary compliance for the convenience of taxpayers

The directive has come in the wake of a significant drop in the direct tax collection in the first quarter of the FY21

The Central Board of Direct Taxes (CBDT) has notified changes to Rules 10TD and 10TE of Income Tax Rules relating to Safe Harbour Rules

Total Rs 2 crore tax dues are still pending with five PSUs run by the state government, said Chief Commissioner of Income Tax (Goa)

An individual is required to file a tax return when his total income exceeds the basic exemption limit of Rs 2.5 lakh, say experts

From PSU general insurance companies to Piramal's financial commitments, here are the top 10 business headlines for the day