Income Tax Department's Task Force

I-T dept raids IIFL Finance, related entities over alleged tax evasion

In a stock exchange filing, IIFL Finance confirmed the ongoing tax searches and stated that it is fully cooperating with the authorities

I-T dept probes 500 Dubai property cases, Rs 700 cr evasion found in Delhi

The Delhi investigation wing of the I-T department has conducted more than a dozen searches, uncovering evidence of 43 undisclosed Dubai properties worth over Rs 700 crore

Failure to disclose foreign assets to incur Rs 10 lakh fine: I-T dept

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contract or annuity contract, financial interest in any entity or business, immovable property, custodial account, equity and debt interest, trusts in which a person is a trustee, beneficiary of settlor, accounts with singing authority, any capital asset etc., held abroad. The department said taxpayers figuring under this criteria "must mandatorily" fill the foreign asset (FA) or foreign source

Income tax department imposes penalty of over Rs 4.68 crore on L&T

The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing. The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday. "Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income," it said. However, the conglomerate said it will file an appeal against this order as it "does not agree with this levy" and expects a favourable outcome at the higher forum. L&T is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.

Raj Congress to hold protest against I-T notices, freezing of bank accounts

Rajasthan Congress will hold protests at all district headquarters of the state on Saturday against the fresh notices issued to it by the Income Tax Department and the freezing of the party's bank accounts. General Secretary and spokesperson of Rajasthan Pradesh Congress Committee Swarnim Chaturvedi said the BJP-led central government is continuously attacking democracy and democratic systems in the country. Public demonstrations will be organised by the district Congress committees at all the district headquarters of Rajasthan on Saturday, he said. All senior leaders, office bearers, and workers of the Congress will participate, he added. As part of a well-planned conspiracy of the central government, the bank accounts of the Congress party were frozen and now undemocratic action is being taken against it by the Income Tax Department which has asked it to pay Rs 1,823.08 crore, he said. This is being done so that the Congress is not able to participate with strength in the genera

I-T dept freezes Cong's bank accounts, appellate tribunal de-freezes later

The Congress on Friday said Income Tax authorities had frozen its main bank accounts, impacting all political activity. However, the accounts were later de-frozen by the Income Tax Appellate Tribunal pending a further hearing next week. Party leader Vivek Tankha, who appeared before the tribunal against the order, said the party was now allowed to operate its bank accounts. The tribunal will hear the matter next Wednesday before a final decision is taken on the matter. Tankha said he told the tribunal that the Congress would not be able to participate in the "festival of elections" in case its accounts remain frozen. Earlier in the day, treasurer Ajay Maken said the Income Tax department had frozen the Congress' main bank accounts on "flimsy grounds" and this affected all political activity of the party barely two weeks before general elections are announced. The accounts, including that of the Indian Youth Congress, were frozen on an Income Tax demand of Rs 210 crore for 2018-19,

I-T dept freezes Cong's accounts, party says political activity affected

The Income Tax department has frozen the Congress' four main bank accounts on "flimsy grounds", party treasurer Ajay Maken claimed on Friday and alleged that democracy was in danger in the country. This has affected all political activity of the party, Maken said at a press conference. Sources later said nine accounts had been frozen. The accounts were frozen on an Income Tax demand of Rs 210 crore for 2018-19, an election year, Maken said. "For the first time in the country's history, accounts of the principal opposition party have been frozen by the tax authorities on flimsy grounds, barely two weeks before the announcement of general elections," Maken told reporters. He appealed to the judiciary to save democracy as it was in danger and said the country is headed towards one-party democracy. Maken said the party has already appealed to the Income Tax appellate authority.

Higher cash seizures being recorded by I-T dept every assembly polls: CBDT

Cash seizures made by the Income-tax department during successive assembly elections have shown a substantial increase, CBDT Chairman Nitin Gupta has said. He said the tax department is investigating these cases apart from other such instances where huge unaccounted currency and jewellery was unearthed during raids and other enforcement action by tax personnel. "In relation to cash seizures if we speak about the assembly elections, then it has been found that cash seizures have been quite substantial vis-a-vis cash seizure in the similar point of time five years back for the same time period of assembly elections. "We have seen that cash seizures have been quite large and high (every assembly election). These seizures are quite significant," the chief of the Central Board of Direct Taxes (CBDT) told PTI. The Election Commission has also spoken about the surge in the seizure of cash and illegal inducements during various state polls. The poll panel, in an official statement issued

I-T dept searches premises linked to ex-Cong minister in Chhattisgarh

The Income Tax Department on Wednesday conducted searches at the locations linked to former Chhattisgarh minister Amarjeet Bhagat and others, including businessmen in the state, officials said. The reason behind the I-T department's action was not immediately known. The state's Economic Offences Wing/Anti-Corruption Bureau recently lodged an FIR in an alleged coal levy scam based on a complaint of the Enforcement Directorate which had launched a probe into the scam during the previous Congress government. Amarjeet Bhagat, who was a minister in the previous Bhupesh Baghel-led Congress government, is among the 35 accused named in the FIR. According to officials, the searches were underway since early Wednesday morning in different districts including Surguja, Raipur, Durg and Rajnandgaon. A team of a dozen I-T personnel reached the residence of Bhagat in Ambikapur city, the headquarters of Surguja district, early this morning, an official said. Police personnel were seen deployed .

Income Tax dept conducts search operations at Lux Industries premises

The Income Tax department Friday conducted search operations at the various premises of hosiery major city-based Lux Industries Limited, the company said in a regulatory filing. It is alleged that the company had evaded taxed to the tune of Rs 200 crore. The company in its regulatory filing with the BSE said that a search is being conducted at the premises of the firm and full cooperation is being extended to the central agency's officials. "We would like to further inform that as the survey is yet to conclude, we are unable to make the assessment of its impact. Once the survey concludes the company will update the stock exchanges in case there is any material impact resulting from the above survey," the company said. The company shares fell 3.02 per cent on the NSE and closed at Rs 1473.50 apiece.

IT wing conducts 'spot verification' at head office of Tamilnad Mercantile

The Intelligence and Criminal Investigation of the Income Tax department has undertaken a 'spot verification' at the head office of over century-old private sector Tamilnad Mercantile Bank, the bank said on Tuesday. The business operations of the bank continued, as usual, today and were not impacted due to the verification, Tamilnad Mercantile Bank said. "We hereby notify that the Intelligence and Criminal Investigation Directorate of Income Tax, Chennai, is conducting a spot verification of statutory compliances under section 285BA of the Income Tax Act, 1961 at our head office," the Thoothukudi-based bank said in a BSE filing. The bank is fully cooperating with officials during the ongoing proceedings and responding to the clarifications and details sought by them, the bank said in its response. "We will comply with our legal obligation for disclosure from time to time," it said. Tamilnad Mercantile Bank posted an 11.45 per cent rise in its net profit for the fourth quarter end

Left hits out at Centre over Income Tax survey operation at BBC offices

The CPI(M) on Tuesday hit out at the Centre over IT "raids" on the British Broadcasting Corporation's (BBC) offices in Delhi and Mumbai, questioning if India remains the "mother of democracy". CPI(M) General Secretary Sitaram Yechury also slammed the government for not accepting the opposition demand for a Joint Parliamentary Committee probe into the Adani Group issue. "First ban BBC documentaries. No JPC/enquiry into Adani exposures. Now IT raids on BBC offices! India: 'Mother of democracy'?," Yechury said in a tweet. CPI MP Binoy Viswam, on the other hand, said the "IT survey" was the attempt of a "frightened government" to "strangle" the voice of truth. He also alleged that the action was a "raid" and not a "survey". "Raid on BBC! They call it survey! This survey is killing spree of a frightened govt. To strangle the voice of truth. World is witnessing it. When Modi preside over G-20, they will ask about India's record on freedom of press. Can he reply truth fully?" Viswam sai

Rs 100cr worth unaccounted transactions post raids on J'khand MLAs: IT dept

The Income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week. The CBDT said in a statement on Tuesday that 50 premises in Ranchi, Godda, Bermo, Dumka, Jamshedpur and Chaibasa in Jharkhand, Patna (Bihar), Gurugram (Haryana), and Kolkata (West Bengal) were covered during the searches launched on November 4. The two MLAs, on the day the searches were initiated, were identified by the officials as Kumar Jaimangal alias Anup Singh and Pradip Yadav. Jaimangal, a legislator from Bermo seat, also spoke to reporters outside his Ranchi residence that day confirming the action, saying he was extending all cooperation to the raiding teams. Yadav, who joined the Congress after splitting from the JVM-P, represents Poriyahat assembly seat. The Congress is a partner of the JMM-led ruling alliance in the state led

Time for comments on redrafting direct tax laws extended till Jun 15

The Income Tax Department's Task Force has extended the date for sending suggestions or feedback on existing Income-Tax Act, 1961 and drafting a new direct tax law till June 15.In a statement, Surabhi Ahluwalia, Commissioner of Income Tax (Media & Technical Policy) and Official Spokesperson of Central Board of Direct Taxes said that the term for sending suggestion and feedback has been extended by a period of three months.Earlier, the department had asked for suggestions and feedback from stakeholders and general public to review the existing Income-Tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country.The feedback earlier had to be mailed to the department at rewriting-itact@gov.in by April 2, in the format provided on the departmental website www.incometaxindia.gov.in.