Page 10 - Income Tax Department

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

Business Standard brings you the top headlines at this hour

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

ED, CBI, I-T dept should not work under pressure: Rajasthan CM Gehlot

Rajasthan Chief Minister Ashok Gehlot on Friday said central agencies like the ED, CBI, and I-T department should not work under any pressure. The statement comes in the wake of the Enforcement Directorate (ED) conducting searches at multiple locations in the state in connection with a money laundering probe into allegations of exam paper leaks for the recruitment of teachers. Reacting to the ED raids, Gehlot told reporters in Khandela, Sikar, "I had already said that the ED was waiting (to enter the state). We know that wherever elections are held in the country, the ED goes there first. They are given a list." "It is not appropriate for the ED to work under pressure. Be it CBI, ED, or Income Tax Department, if these agencies work impartially, without pressure, then we will welcome them," he added. Gehlot reiterated that if an opposition party is in power in a poll-bound state, the Centre sends its agencies there. "I would ask the officials of the ED, CBI, and Income Tax to pleas

Going to the bank with Rs 2,000 notes? Things you should keep in mind

The I-T department is keeping a close watch on cash transactions that deposit more than Rs 10 lakh in a saving account or more than Rs 50 lakh in current accounts

BBC communicates to I-T Dept on unpaid taxes, probe still underway

British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday. The development comes in the backdrop of the tax department conducting a three-day long survey in February at the offices of the organisation in Delhi as part of an alleged tax evasion investigation against them. I-T sources, however, said that the purported BBC communication has "no legal value" till it pays the due taxes. They also refused to quantify the possible amount of tax evaded or avoided by the company, saying their investigation was still on. The Central Board of Direct Taxes (CBDT), the administrative authority of the tax department, said they do not comment on individual cases. The company responded to PTI's queries in this context saying it continues to cooperate with the tax authorities. The BBC is ...

Income tax return: Common mistakes you should avoid while filing your ITR

It is important to note that one should complete their ITR filing process by taking some time to avoid mistakes

Link your PAN and Aadhaar by June 30: Here's all you need to know

PAN is essential when it comes to filling tax returns and making investments in mutual funds and stocks, here how to ensure your cards are linked

Income Tax department notifies e-appeals scheme to ensure electronic filing

The Income Tax department has notified the e-appeals scheme, which will ensure electronic filing and processing of appeals. Under the 'e-Appeals Scheme, 2023', the Joint Commissioner (Appeals) shall dispose of the appeals filed before it or allocated or transferred to it. The scheme also provides for personal hearings through video conferencing in appeal cases, where the assessee has filed an appeal against the assessment order of taxmen. Nangia Andersen India Partner Neeraj Agarwala said the implementation of e-appeals is a progressive step towards a more efficient, accessible and accountable tax system. "By taking the necessary precautions, such as meticulous preparation and providing comprehensive supporting documentation to substantiate their claims, taxpayers can look forward to speedy disposals. However, a lot will depend on the implementation of the procedures and providing adequate time for response to the taxpayers," Agarwala added.

I-T dept says delayed SFT filing attracts penalty; check details here

The report also added that certain capital market players and foreign exchange dealers are also required to file the annual report

I-T dept invites comments on draft rules for valuing startup investment

The income tax department on Friday invited comments from stakeholders on rules for valuing non-resident investment in unlisted startups. The Central Board of Direct Taxes (CBDT) has issued a draft notification inviting comments on the draft rule 11UA of Income-tax Rules, 1962, pertaining to the method of computation of fair market value (FMV) of unquoted equity shares for the purposes of section 56(2)(viib) of Income-tax Act, 1961. Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.in, latest by June 5, 2023, the CBDT tweeted. The rules would be effective from April 1, 2023. The CBDT was expected to come out with valuation guidelines for valuing non-resident investment in unrecognised startups for the purpose of levying income tax. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and above the fair market value. This was commonly ...