I-T dept said move came after a series of outreach efforts, including SMS alerts, emails, and physical programmes, were made across various locations, nudging taxpayers towards voluntary compliance
The Income-Tax Department on Monday launched multi-city raids as part of a tax evasion probe against those entities which assist certain individuals avail bogus deductions in their returns by claiming a variety of exemptions, official sources said. They said false deductions claimed by persons in lieu of making political donations to registered or unregistered political parties, payment of medical insurance, tuition fee and certain category of loans are among those cases which are being investigated as part of these raids. Certain individuals and their tax advisors like filers and accountants, who help them claim bogus exemptions, are being searched as part of the operation, they said. The action was taken after it was found that certain taxpayers have not filed their updated correct ITRs (Income Tax Returns) even after the tax department approaching them under the NUDGE (Non-intrusive Usage of Data to Guide and Enable) campaign which has a philosophy of 'trust taxpayers first', the
Tax refunds in FY25 accounted for 17.6% of gross collections, a sharp rise from FY14. The average time to process refunds dropped to 17 days in 2024, compared to 93 days in 2013
This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing
A Delhi court on Thursday discharged 10 TMC leaders, including Derek O'Brien, Sagarika Ghose and Saket Gokhale, in a case linked to a protest outside the Election Commission of India last year despite prohibitory orders being in place. Additional Chief Judicial Magistrate Neha Mittal passed the order of discharge. A detailed order is awaited. Earlier on May 13, the court had granted bail to the accused persons. On April 30, it granted exemption from personal appearance to the accused persons, except Vivek Gupta The court had summoned the accused persons on April 21 while taking congisance of the chargesheet. The TMC leaders held the protest against central probe agencies CBI, NIA, ED and the Income Tax Department in April last year. A 10-member delegation of the TMC had announced the protest after meeting a full bench of the Election Commission of India (ECI) to press their demand. The party alleged the central probe agencies were targeting opposition parties at the behest of th
Sitharaman asks tax department to resolve 5.7 lakh pending appeals, improve grievance redressal and refunds, and adopt a more taxpayer-centric approach
Completing these tasks in compliance will impact your tax refunds, returns and penalties
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11. One important change has been introduced in ITR-1 and 4, which was notified on April 29, relating to the reporting of capital gain income from listed equities. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2. Under the I-T law, LTCG of up to Rs 1.25 lakh from sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh/ annum are subject to 12.5 per cent tax. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July .
With a record tax target this year, the CBDT is tightening scrutiny on top taxpayers, fake claims, and old dues while aiming for faster refunds and better taxpayer awareness.
The CBDT has directed income-tax officials to "closely" monitor top advance tax payers and identify bogus claims of exemptions and deductions as part of the strategy to improve direct tax collections during the current financial year. Official sources told PTI that the Central Board of Direct Taxes, the policy-making body for the department, had recently issued the central action plan (CAP) for 2025-26 that acts as the guiding light to steer 'key performance areas' for the department vis-a-vis revenue collection work. The Union government has set a target of Rs 25.20 lakh crore for the I-T department under the direct taxes head for the current fiscal, as per the Budget estimates presented in February. The sum consists of Rs 10,82,000 crore under the corporate tax head, Rs 13,60,000 crore under non-corporate taxes that includes personal income tax and others, and Rs 78,000 crore from securities transaction tax (STT). The net direct tax collection for the 2024-25 FY narrowly missed t
What to do if you find discrepancies in your assessment doesn't match with Income-Tax Department's claim
Demands raised for FY22, FY23
Luxury goods like handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract a 1 per cent Tax Collected at Source (TCS). The income tax department has notified the applicability of TCS at the rate of 1 per cent on sale of specified luxury goods, where the selling price exceeds Rs 10 lakh with effect from April 22, 2025. The TCS provision for luxury goods was introduced via Finance Act, 2024, as part of the Budget presented in July, 2024. The obligation to collect TCS shall be on the seller in respect of the notified goods such as wrist watch, art objects such as paintings, sculptures, and antiques, collectible items including coins and stamps, yachts, helicopters, luxury handbags, sunglasses, footwear, high-end sportswear and equipment, home theatre systems, and horses intended for racing or polo. Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala, said this notification operationalises the government's intent to enhance monitoring of high-value ..
ICICI Prudential Life Insurance on Friday said it has received an order from GST Commissioner (Appeals) upholding tax demand of about Rs 3.67 crore. On July 2, 2024, Central Goods and Service Tax (CGST) authorities in Mumbai had passed an order in this regard. The order denied part of service tax credit, which the company migrated to the GST regime in the 2017-2018 fiscal year, when GST was launched. Subsequently, the company had filed an appeal before the Commissioner (Appeals). In a regulatory filing, ICICI Prudential said "the company has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, on April 17 upholding the tax demand". The order includes GST liability of over Rs 1.83 crore and penalty of an equal amount. "The company shall file an appeal against the said order before appropriate authority," ICICI Prudential Life said.
The Appointments Committee of the Cabinet has approved the appointment of four senior Indian Revenue Service (IRS) officers as Members of the Central Board of Direct Taxes (CBDT), according to an official order issued yesterday.The newly appointed Members include Pankaj Kumar Mishra, who was serving as Member (Finance) of the Atomic Energy Commission, and Sanjay Bahadur, who held the position of Principal Director General of Income Tax (Training) in Delhi. L. Rajasekhar Reddy, who was the Principal Chief Commissioner of Income Tax (TDS) for Chennai, Tamil Nadu & Puducherry Regions and Ms. G. Aparna Rao, who was functioning as the Principal Chief Commissioner of Income Tax-1 for Bengaluru, Karnataka & Goa Regions, were also appointed as Members of the CBDT.All four appointees belong to the 1989 batch of the Indian Revenue Service (Income Tax).The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in ...
Yes Bank on Wednesday said it has received a demand notice of Rs 244.20 crore for assessment year 2016-17. The reassessment order considered the income reported in the return of income instead of assessed income, for computing the reassessed income and tax thereon, Yes Bank said in a regulatory filing. Towards this, on April 15, 2025, the Jurisdictional Assessing Officer (JAO), passed the rectification order rectifying the mistake and recomputed the tax demand, it said. "The said rectification order read with Computation Sheet and Notice of Demand has however resulted into additional tax demand of Rs 244.20 crore...has been recomputed significantly upwards, without any cogent reasons," it said. Against this order, the bank would file rectification application with JAO on an immediate basis as the demand appears to be unsubstantiated, and further, the bank would pursue all other available remedies, including filing an appeal, it said.
Businesses that may have claimed fake purchases in taxman's crosshairs
The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties
Food and grocery delivery platform Swiggy on Tuesday said it received an assessment order with an additional tax demand of over Rs 158 crore for the period between April 2021 and March 2022. The order has been issued by Deputy Commissioner of Income-tax, Central Circle 1 (1), Bangalore. It relates to alleged contraventions including cancellation charges paid to merchants disallowed under Section 37 of the Income-tax Act 1961 and interest income on income tax refund not being offered to tax. "The Company has received an assessment order for the period April 2021 to March 2022 where an addition of Rs 158,25,80,987 (one hundred and fifty-eight crores twenty five lakhs, eighty thousand nine hundred and eighty seven, only) has been made," Swiggy said in a regulatory filing. The company believes that it has strong arguments against the order and is taking necessary steps to protect its interest through review/appeal, it added. The company said the order has no major adverse impact on it
In a regulatory filing, Bosch said the delay in paying the tax 'is inadvertent and is swiftly reported, once it was brought to the notice'