Page 20 - Income Tax Department

Income Tax refunds of Rs 1.62 trillion issued so far this fiscal

The Central Board of Direct Taxes has issued Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24, 2022 of the current financial year, official data showed on Thursday.

Taxation of ULIP proceeds to create level-playing field with MFs: I-T dept

Proceeds of high-premium Unit Linked Insurance Plans (ULIPs) has been made taxable to create a "level-playing field" with mutual funds, official sources said

Despite teething issues, e-filing process largely smooth: CBDT spokesperson

'The faceless assessment scheme in India draws upon the best practices of the UK HRMC and Australian ATO'

Over Rs 1.54 trillion income tax refunds issued this fiscal so far

The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal.

Infosys working very closely with I-T Dept on tax portal: Salil Parekh

Infosys CEO Salil Parekh on Wednesday said the company is working closely with the Income Tax Department on the next set of areas related to the I-T portal as new modules will be added to it.

I-T refunds of Rs 1.50 trn issued till January 3 this fiscal year

This includes 1.1 crore refunds of Assessment Year 2021-22 amounting to Rs 21,323.55 crore

IT department raids at Samajwadi Party MLC Pampi Jain's residence in UP

Income Tax officials on Friday morning conducted searches at the Samajwadi Party (SP) MLC Pampi Jain's residence in Uttar Pradesh, claimed SP.

I-T dept relaxes time till Feb'2022 to complete verification of FY'20 ITRs

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru. If the verification process, which is done through ITR-V form, is not complete, then it is considered that the return has not been filed. The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said a large number of electronically filed ITRs for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid ITR-V Form at CPC,

I-T dept finds black income of Rs 300 cr after raids on 2 Rajasthan groups

The raids were carried out on December 22 and about 50 premises of the two unidentified groups located in Jaipur, Mumbai and Haridwar were covered

I-T dept raid at Tamil Nadu finance firm reveals Rs 12 cr unaccounted cash

The Income Tax department in searches conducted over a span of one week at the premises of a Tamil Nadu-based Chit and Finance company revealed unaccounted cash of Rs 12 crore

I-T dept finds bogus spends of crores after raids linked to Samajwadi Party

In the case of one company, it said, undisclosed income of over Rs 86 crore of its directors was detected

IT raid on chit fund group finds Rs 250-crore illicit cash transaction

The searches were carried out on December 16, and 30 premises of the unidentified group, also engaged in real estate and finance business

Choice of wrong ITR form can lead to a notice from Income Tax Dept

Take into account the amount and nature of your income, and residency status when choosing form

I-T department empowered to demand info from taxpayers for e-verification

The intention is to bring more transparency within the tax agencies and streamline the process of uncovering serious tax evasion or money stashed abroad

Over one million returns a day needed to meet December ITR deadline

This is at least 3.3x times the current pace of daily returns filed

Income tax department exempts e-auctioneers from 1% TDS

The department clarified that when these taxes are separately disclosed on invoices, then they have to be deducted before calculating the TDS

IT Dept raids more than 20 places of real estate premises in Gujarat

The Income Tax Department on Thursday raided more than 20 premises of a Gujarat-based group engaged in the manufacturing of chemicals and the development of the real estate.

I-T Dept raids instant loan app company; Rs 500-cr transferred illegally

A fintech company engaged in giving instant loans through a mobile app has been found to have repatriated Rs 500 crore 'non-genuine' funds overseas, the CBDT said

IT department sets up Taxpayers' Lounge at IITF till Nov 27

The Income Tax department on Sunday set up a 'Taxpayers' Lounge' at the India International Trade Fair, seeking to promote trust and fostering awareness. Central Board of Direct Taxes Chairman J B Mohapatra inaugurated the Taxpayers' Lounge to increase awareness about various services provided by the department to taxpayers and to facilitate compliance with the various income-tax rules and procedures. The Lounge will be at the IITF till November 27. ? "The Taxpayers' Lounge seeks to promote an environment of trust between the Department and the taxpayers as also to educate them about the initiatives taken by the Department in recent time," an official statement said. The Taxpayers' Lounge would provide assistance in application for PAN/e-PAN, Aadhaar-PAN linking and PAN related queries. Also assistance would be provided in queries related to e-Filing and Form 26AS. ?The lounge will also be utilised for obtaining feedback about the problems being faced by the taxpayers, the state

Nearly 24 mn income tax returns filed for FY21 so far, says I-T dept

Over 2.38 crore income tax returns have been filed for 2020-21 fiscal so far, the I-T department said on Tuesday