Page 14 - Cbdt

Rs 200-cr black income detected after raids on Pune business group: CBDT

The group was engaged in the manufacturing of heavy machinery

Rs 600 cr black income unearthed after raids on 2 Gurugram groups: CBDT

Unaccounted income of Rs 600 crore was detected after the Income Tax Department recently raided two business groups based in Gurugram in Haryana, the CBDT said on Monday. The searches were carried out on November 10 on the groups, one engaged in real estate and hospitality and the other a tools and equipment manufacturing group, it said in a statement. "The search action on these groups has led to the detection of estimated unaccounted income to the tune of Rs 600 crore," the Central Board of Direct Taxes (CBDT) said. Rs 3.54 crore in cash and jewellery worth Rs 5.15 crore were seized while 18 bank lockers have been placed under restraint, the policy-making body for the tax department said. "Various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, difference in stock, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money, evasion of capital

Fix these errors in Form 26AS before filing your Income Tax returns

Taking excess tax credit while filing your returns could lead to a notice from the income-tax department, say experts.

CBDT issues refunds of Rs 1.12 trn to 9.1 mn taxpayers from Apr 1-Nov 1

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,12,400 crore to more than 91 lakh taxpayers from April 1 to November 1, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,12,489 crore to more than 91.30 lakh taxpayers from 1st April, 2021 to 1st November, 2021. Income tax refunds of Rs 33,548 crore have been issued in 89,53,923 cases & corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases," the Income Tax department tweeted. The department said the amount includes 58.22 lakh refunds of Assessment Year (AY) 2021-22 amounting to Rs 11,086.89 crore.

Over 20 million I-T returns filed on new portal; many glitches rectified

Infosys has been asked to address issues linked to complex filings

Centre notifies rules to settle Vodafone retrospective tax case

Vodafone Plc is required to give a declaration to the Income-Tax Department, withdrawing all legal proceedings against the government over the levy of retrospective taxes

RBI authorises Karur Vysya Bank to collect direct taxes on behalf of CBDT

Karur Vysya Bank said it has commenced the integration process with the Central Board of Direct Taxes to collect direct taxes on its behalf, following the approval it received from the Reserve Bank

Centre orders multi-agency investigation into Pandora Papers leak

I-T dept may evoke Black Money Act; ED to examine FEMA violation

Cases pertaining to 'Pandora Papers' to be investigated, says Centre

To ensure effective investigation of these cases, government said it'll also proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers/entities

Retro tax framework: Companies to indemnify govt against any future claims

Indemnity bond to be furnished by the firm and other interested party

Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT

This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases

IT dept claims multi-crore tax evasion after raids on Gujarat diamond group

The CBDT Saturday said the Income Tax Department has detected tax evasion worth crores of rupees in raids on a leading diamond manufacturer and exporter of Gujarat.

Advance tax collection up 52% in September quarter, shows CBDT data

Current mop-up 14.6% higher than the 2019-20 level of Rs 2.21 trillion

CBDT chairman questions delay in time-barred assessment proceedings

I-T dept to dispose of 35K cases by mth-end; Rs 10K-crore demand may be raised

Raise refund reissue claim if tax rebate is delayed, say experts

Do this only if there are no remarks or reasons given by I-T division for withholding it

Loss-making PSUs more attractive for buyers after income tax tweak

Investor must retain at least 51% stake to take the benefit

Central Board of Direct Taxes sweetens Air India privatisation offer

The Central Board of Direct Taxes (CBDT) has exempted the airliner from deducting tax collected at source (TCS)

ITR filing extension: No relief to taxpayers on interest liability

ITR filing has increased to 320,000 daily in September 2021

Things to keep in mind while filing your income tax return this year

Ensure you file your returns ahead of time, in case you need to make changes

Strategic divestment to get tax deduction for previous losses

However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment