Page 11 - Income Tax Department

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 ...

Delhi HC dismisses Gandhis' pleas against I-T assessment transfer

The Delhi High Court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the Income Tax department's decision to transfer their assessments to the Central Circle, which is mandated to check tax evasion, instead of an ordinary assessment in a matter related to fugitive arms dealer Sanjay Bhandari. The court also rejected separate the petitions of Sanjay Gandhi Memorial Trust, Jawahar Bhawan Trust, Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust, Young Indian and the Aam Aadmi Party, raising similar legal issues on transfer of their assessments to Central Circle. The Gandhis had challenged the January 2021 order issued by the Principal Commissioner (Income Tax) to transfer their cases for assessment year 2018-19 to the Central Circle. Central Circles, which are mandated to check tax evasion, take over the evidence gathered by IT's investigation wing during searches. This Court is of the view that the assessments of th

Income tax department to monitor advance tax payments by companies

The idea is to both widen and deepen tax bases, according to two official in the know

I-T dept detects Rs 40 cr 'unaccounted' money after raids on business group

The income tax department has detected alleged black income of more than Rs 40 crore after it recently raided a West Bengal-based group "controlled" by a person with an active political background, the CBDT said Tuesday. The sleuths also seized cash and jewellery worth Rs 2.73 crore during the searches on the business group which has not been identified. The taxmen alleged that the group was "suppressing" its yield and making unaccounted cash sales of edible oils and DORB (de-oiled rice bran). "Several instances of cash transactions not recorded in regular books of account have been detected during the search operation," the Central Board of Direct Taxes (CBDT) said in a statement without specifying when the searches were conducted. The CBDT frames policy for the I-T department. It said the group is engaged in a variety of businesses ranging from production and sale of edible rice bran oil, mustard oil, DORB, different types of chemicals and real estate, etc. A total of 23 premis

I-T dept impounds Mukhtar Ansari's 'benami' land parcel in Ghazipur

The income tax department on Thursday issued a proclamation for impounding a Rs 12-crore land piece, alleged to be a benami asset of gangster-politician Mukhtar Ansari, in this district, official sources said. A team of officials from the department's Lucknow investigation unit accompanied by district authorities and local police erected an iron-made notice board at 'Mauja Kapurpur NZA' under Sadar Tehsil in the district, the sources told PTI. The I-T department is impounding this property temporarily under the benami assets law and any sale/purchase or transfer of this asset is prohibited, the board embossed with the department's logo and message said. A senior official also read out the proclamation to the public present around. As per the process, once the Adjudicating Authority of the Benami assets law approves the I-T department order, the property can be confiscated permanently. The department's Lucknow headquartered benami assets investigation unit attached this property la

I-T dept to release draft rules for foreign investment in unlisted firms

The Income Tax department will come out with draft rules within the next 8-10 days to specify the class of investors and norms of valuation of foreign investment in unlisted companies, an official said on Tuesday. The Finance Act, 2023, has amended Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The I-T department will notify the final rules on the so-called angel tax after seeking stakeholder comments on the draft rules, the official said. "The draft rules are expected in the next 8-10 days. Preliminary stakeholder consultation on the subject has been done," the official said. The draft valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said. The modification in valuation rules is needed as I-T Act and FEMA provide different methodologies for calculating the FM

I-T dept to notify investor for taxing foreign investments in unlisted firm

The Income Tax Department will soon notify rules specifying the class of investors and norm of valuation for implementation of the Budget provision of taxing foreign investment in unlisted companies. The modified valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said. The Finance Act, 2023, has amended Section 56 (2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The amendments are needed as I-T Act and FEMA provide different methodologies for calculating the FMV of shares of unlisted companies. "Rule 11UA of I-T Rules will be re-prescribed taking into account the concerns expressed by stakeholders to harmonise it with the FEMA regulations," another official said. Rule 11UA deals with the determination of FMV of assets, other than immovable property. Under the existing nor

I-T dept releases offline forms for ITR 1, 4 for fiscal year 2022-2023

June 15 has been set as the due date by the I-T department for employers to share Form 16

Angel investment at high premium under Income-Tax department scanner

Notices seeking explanation served to start-ups

I-T Dept sends 8,000 notices to taxpayers who claimed exemption for charity

The people who have been served notices include salaried employees, self-employed individuals, and companies

I-T dept challenges NCLT order approving Suraksha's Jaypee Infratech bid

The Income Tax Department has filed an appeal against the National Company Law Tribunal approving Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL) under the insolvency resolution process. Sources said the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order regarding certain claims. The department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising, the sources added. According to the sources, the plea is expected to come up for hearing before the appellate tribunal next week. The department's petition is the fourth plea filed by an entity against the NCLT order passed on March 7. Last month, Jaiprakash Associates Ltd and its promoter Manoj Gaur approached NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infratech matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JA

Tax evasion: 89 high-value foreign remittances come under I-T scanner

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

I-T dept seized assets worth over Rs 4,800 crore in last 4 fiscals: Govt

Assets worth more than Rs 4,800 crore were seized during searches conducted by the Income Tax department against 2,841 groups in the last four financial years, the government informed Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary said these searches are undertaken to find "suspected or identified large-scale tax evasion". He shared the figures in this regard as part of a written reply furnished in the Lok Sabha. The data pertains to financial years 2019-20, 2020-22, 2021-22 and 2022-23 (provisional figures till January 2023) and Chaudhary said a total of 2,841 groups were searched by the I-T department leading to seizure of assets worth Rs 4,863.12 crore. The highest seizure of assets took place during the last fiscal of 2022-23 (data till January 2023) at Rs 1,533.23 crore with searches being conducted against a total of 602 groups, the data stated. Properties worth Rs 1,159.59 crore were seized after searches against 686 groups in 2021-22, assets worth Rs .