Page 10 - Income Tax Department

I-T dept conducts searches across several premises of Kalpataru group

The search sites include the residences of Group founder Mofatraj P Munot and managing director Parag M Munot

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

Tax dept should conduct evasion searches with caution: Parl panel

"The committee are of the view that while stepping up enforcement action against wilful or chronic evaders, honest taxpayers should not be alienated," the report said

Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials

Transactions need greater scrutiny as the board has noticed rampant circumvention, according to CBDT's plan

Tax officials visit offices of edtech startup upGrad for routine survey

Indian tax officials have visited offices of ed-tech startup upGrad for a routine survey, the company said on Wednesday

Over 30 mn income tax returns filed so far, 91% verified electronically

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted. The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

NRIs asked to approach tax officers with residential status proof for PAN

The Income Tax Department on Tuesday said Non-Resident Indians (NRIs) and foreign citizens whose permanent account numbers have become inoperative due to non-linking with Aadhaar should submit proof of their residential status to the jurisdictional assessing officer for operationalising the PAN. The department said concerns have been raised by certain NRIs/Overseas Citizens of India (OCIs) regarding their PANs (Permanent Account Numbers) becoming inoperative. In a tweet, the department said it has mapped the residential status of NRIs in case they have filed ITR in any of the last three Assessment Years (AYs) or have intimated their residential status to the Jurisdictional Assessing Officer (JAO). The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs. "The NRIs whose PANs are inoperative are requested to intimate their residential status to their respective JAO alo

Yamuna floods: 33 students evacuated from training institute at ITO

The Delhi Fire Services Saturday evacuated 33 students stranded at an institute at ITO in central Delhi after floodwaters entered its premises, officials said. According to the fire department, they received a call at 11.20 am and rushed to rescue the students at the Indian Institute of Public Administration (IIPA). Using fire tenders, the DFS staff rescued 33 trainees of the Indian Statistical Service who were stuck at IIPA and shifted them to a safer location, the officials said.

Net direct tax mop-up grows 16% to Rs 4.75 trillion: I-T department

Net direct tax kitty swelled 16 per cent to Rs 4.75 lakh crore so far this fiscal, a reflection of economic activity gaining traction. The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore. "Direct Tax collection, net of refunds, stands at Rs 4.75 lakh crore which is 15.87 per cent higher than the net collections for the corresponding period of last year. Refunds amounting to Rs 42,000 crore have been issued during April 1- July 9, 2023, which are 2.55 per cent higher than refunds issued during the same period in the preceding year. On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs 5.17 lakh crore. The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.

I-T dept has taken many initiatives to ensure ease of compliance: Official

Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana, Mita Madhusmita was addressing a press conference on the 'Issue of Suspicious Refunds' being claimed by certain Taxpayers'

4 IRS officers appointed in CBDT under finance ministry: Govt order

Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union finance ministry, according to a government order. The CBDT is the administrative body for the department and it is tasked to collect revenue under various direct tax categories such as personal income tax and corporate tax. According to the order issued by the Appointments Committee of the Cabinet on Wednesday, two Indian Revenue Service (IRS) officers of the 1987 batch -- Pravin Kumar and Harinder Bir Singh Gill -- and two from the 1988 batch -- Sanjai Kumar Verma and Ravi Agrawal -- have been appointed as Members in the CBDT. These officers, currently posted in various regions of the tax department, will fill four positions in the CBDT which have been vacant from September 2021 to June 2023. The CBDT is headed by a chairman and can have a maximum of six Members who are in the rank of special secretary. The two serving Members in the board are

Top headlines: I-T lens on reporting entities, rupee to face headwinds

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I-T department lens on 50-60 reporting entities for non-compliance

SOP for reporting on overseas account holders in the works

Income tax department keeps tolerance range intact for transfer pricing

"It would have been worthwhile if the said range could have been revisited and reviewed," Amit Maheshwari, tax partner at AKM said

Charitable or religious? Trusts have to disclose to avail of tax benefits

CBDT notifies rules, to be effective from October 1

Income tax dept raids five Shree Cement locations in Rajasthan: Report

The Kolkata-headquartered cement firm and IT department did not immediately respond to Reuters' requests for comment

What if you miss Aadhaar-PAN linking deadline? Here's what I-T dept says

The Income Tax Department has again reminded taxpayers not to miss the deadline, warning them to miss it at their own risk

I-T dept sends queries to NRIs about big, unexplained transactions

Govt officials aware of the matter said that the I-T department was taking cues from its 'insight' database to gather information on these individuals

I-T dept searches businesses linked to 2 BRS MLAs, MP in Telangana

Income Tax department sleuths on Wednesday conducted searches at commercial establishments linked to BRS MLAs P Sekhar Reddy and M Janardhan Reddy and MP K Prabhakar Reddy here and at various locations in Telangana. According to sources, the I-T officials conducted searches to verify tax payments of the firms belonging to the MLAs and the MP. Media reports suggested that I-T searches were also conducted at some of the shopping malls belonging to Janardhan Reddy, who represents the Nagarkurnool Assembly constituency. Prabhakar Reddy is Medak Lok Sabha member while Sekhar Reddy is Bhongir MLA. Meanwhile, speaking to media on the raids, the Medak MP described them as politically motivated. In order to tarnish the image of the BRS party before the elections, the searches are being carried out. All our businesses are open and clean, Reddy said.

Govt releases 3rd instalment of tax devolution of Rs 1,18,280 cr to states

The Centre on Monday released the third instalment of tax devolution to states amounting to Rs 1,18,280 crore, as against normal monthly devolution of Rs 59,140 crore