Page 18 - Income Tax Department

Reassessment dispute case: SC rules in favour of Revenue Department

The new reassessment law had capped the period for issuing notices with respect to reopening past cases at three years, down from from six years earlier

Govt notifies new form for filing updated ITRs for 2019-20 and 2020-21

Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income

Global funds likely to contest I-T dept's order on tax treaty misuse

The I-T department observes irregularities in tax filings of 2013-14, 2014-15, and 2015-16

New tax regime: Big unexplained expenditure may lead to I-T review

Assessees seek clarity from tax consultants on the new regime, fearing reopening notices

IT dept attaches 41 properties linked to Shiv Sena leader Yashwant Jadhav

The attached properties include 31 flats in Bilkhadi Chamber Building in Byculla, a flat worth Rs 5 crore in Bandra and Hotel Crown Imperial in Byculla.

Demand of over Rs 500 crore additional tax slapped on PE/VC funds

The tax authorities gave assessment orders to at least 12 such houses last week, and initiated penalty proceedings against them

Top headlines: Income in US on I-T radar, Sri Lanka cabinet resigns

Union Minister Piyush Goyal says people are looking at India as an emerging global superpower. More on this in our top stories.

Big Data can at times spell trouble for taxpayers

The tax department's initiatives would, in the normal course, have been welcomed by honest taxpayers, but implementation issues and the taxman's misaligned views are causing problems

Mukesh Ambani family case: I-T department concludes tax proceedings

Assessment order passed under section 10(3) of Black Money Act

Hero MotoCorp tax case: I-T finds Rs 800 cr siphoned off via shell firms

The department also found that 10 acres of farm land in Delhi was purchased through a few paper companies

I-T department detects Rs 1K-cr 'bogus' expenses at Hero MotoCorp

The findings are learnt to be part of the tax department's initial probe into a possible tax evasion by the two-wheeler giant

I-T notice to former PM Deve Gowda's wife Channamma, says son Revanna

He even asked the I-T officials to see for themselves how they were growing crops in each acre of land

I-T dept issues refunds of over Rs 1.93 trillion so far in FY22

This includes 1.85 crore refunds of 2020-21, AY2021-22, amounting to Rs 38,447.27 crore

Hero MotoCorp says visit by income tax officials was 'routine'

Offices and residential premises of the company including that of chairman and CEO of the group, Pawan Munjal, located in Gurugram, Delhi and few other locations were covered

Income tax department searches 24 premises of Hiranandani group

Last week, several premises linked to Omaxe were searched by the department for allegedly indulging in "unaccounted" cash transactions with customers of around Rs 3,000 crore.

I-T dept says found Rs 224-cr black income at Maharashtra-based unicorn

The Income Tax department has detected undisclosed income of about Rs 224 crore after it recently raided a unicorn start-up group based in Pune and Thane in Maharashtra, the CBDT said on Sunday

Working to improve tax literacy for widening taxpayer net: CBDT chairman

Income Tax department is working to improve abysmally poor tax literacy in India so that the number of tax paying people, entities can be increased leading to enhanced collections, J B Mohapatra said

I-T Dept reforms, stronger economy led to record tax collections: CBDT

Reforms undertaken within the Income Tax department and the "strengthening" of the economy are among the major factors that led to the highest-ever direct tax collections, CBDT Chairman said.

Land deal between Maha politician and Mumbai cable operator under I-T radar

The Income Tax department is probing a land deal between a "politician" of Maharashtra and a Mumbai-based cable operator as part of a tax evasion investigation against them and others, the CBDT said

Income tax dept issues refunds of over Rs 1.92 trillion till March 15

The income tax department on Wednesday said income tax refunds worth over Rs 1.92 trillion have been issued to more than 2.24 crore taxpayers so far this fiscal.