Page 22 - Income Tax Department

Top headlines: Auto industry protests taxes; FM seeks to boost PSB lending

The government is looking at modifying its Faceless Assessment Scheme for solving tax disputes.

Top taxpayers may get flexibility to exit faceless assessment scheme

Recast of scheme is being discussed to bring in more flexibility into the system

CBDT issues Rs 49,696-cr refunds to 2.2 mn taxpayers from Apr 1-Aug 16

Income tax refunds of Rs 14,608 crore issued in 21,50,668 cases and corporate tax refunds of Rs 35,088 crore issued in 1,24,732 cases, the CBDT informed.

A look into the reasons for the strong personal income tax collection in Q1

In a quarter affected by the second wave, India saw record personal income tax collection at nearly twice that collected in Q1FY21, and 26% more than Q1FY20

IT dept raids telecom equipment trading firm; claims incriminating chats

The Income Tax Department has conducted raids at the premises of a company engaged in trading of telecom equipment

'Faceless' authority proposes restructuring in Income-Tax department

Calls for merger of supervisory officers at CIT level and above

Bill to nullify retro tax to give impetus to India's $5 trn goal: I-T dept

Taxation Laws Amendment Bill, which seeks to nullify retrospective tax demands raised on companies, will instill investor confidence and provide impetus to goal of becoming a $5 trillion economy

Tax reassessment past deadline is a symptom

'Over the years this government, obsessed with alliterative dazzle, has talked about transparent taxation and honouring the honest', says the author

Towards a lean tax department

Worries about vacant positions and their impact on tax collection may be misplaced in a world of technological disruptions

Found Rs 2,200-cr fictitious transactions: CBDT after raids on media group

While the statement did not name the group, official sources identified it to be the Bhopal headquartered Dainik Bhaskar group

I-T department raids Dainik Bhaskar group; govt denies interference

Raids also at Bharat Samachar offices

Targeting taxpayers

Tax department should not issue notices indiscriminately

Centre mulls Ordinance for past tax assessment as litigation mounts

Many assessees have challenged reassessment notices under old law

Delhi High Court orders CBI to probe Income Tax department email

The court order follows the petitioner, Three C Homes, which filed a writ petition challenging the assessment order issued by tax authorities

Over 400 top-level posts lie vacant in the Income Tax department

Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year

IT dept detects Rs 880-cr hidden income after survey of Bengaluru company

The Income Tax Department has detected "concealment" of Rs 880 cr income after it surveyed the Bengaluru premises of a leading manpower service providing company, the CBDT said on Tuesday.

CBDT extends I-T deductions on donations made to Patanjali research trust

In a shot in the arm for yoga guru Ramdev-run Patanjali group, the Income Tax Department has extended tax deductions on donations made to Patanjali Research Foundation Trust for five years.

I-T dept tool to identify 'specified persons' who have to pay higher taxes

The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The Central Board of Direct Taxes (CBDT) issued a circular on Monday on implementation of Sections 206AB and 206CCA with respect to higher tax deduction/collection for certain non-filers. "New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors," the I-T department had tweeted. The CBDT said that since the TDS deductor or the TCS collector would be required to do a due diligence on whether the deductee or collectee is a 'specified person', this ...

I-T Dept allows manual filing of tax forms for foreign remittance

The I-T department also advised authorised dealers to accept such forms till June 30, 2021 for the purpose of foreign remittances.

New income tax e-filing portal continues to face technical glitches

Users continue to face technical glitches ranging from longer than usual logging time, inability to respond to notices and not all features functioning yet