Page 24 - Income Tax Department

Income-Tax department brings out 'faceless penalty scheme'

It is aimed to complement the faceless assessment scheme by handling penalty recommendations

Govt to set up national, regional centres for faceless penalty proceedings

As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings

Tax refunds worth Rs 1.73 trn issued so far this fiscal: Income Tax dept

The Income Tax Department on Wednesday said it has issued refunds worth over Rs 1.73 lakh crore to more than 1.57 crore taxpayers in the ongoing fiscal till January 11. Of this, personal income tax refunds are worth Rs 57,139 crore, while corporate tax refunds are worth Rs 1.15 lakh crore. CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between April 1, 2020 to January 11, 2021, the Income Tax Department said in a tweet. "Income tax refunds of Rs 57,139 crore have been issued in 1,54,55,577 cases & corporate tax refunds of Rs. 1,15,999 crore have been issued in 2,10,150 cases," it said.

CBDT launches e-portal for lodging complaints on tax evasion, benami assets

Tax Dept will allot unique number to each complaint; the complainant will be able to view status on Dept's website

Special units created in I-T dept for probe into undisclosed foreign assets

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad

Robert Vadra accuses ED, Income Tax Department of harassment

Pointing to the Covid-19 situation, he expressed reservations for being called by the ED in the office for questioning

Income Tax dept conducts searches at Zee offices for alleged tax evasion

Income tax officials are conducting a search and survey at offices of media firm Zee Group for alleged tax evasion, an official of the tax department said

Around 43.7 million income tax returns for FY'20 filed till December 28

Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday

Over 41.5 million ITRs for fiscal 2019-20 filed till December 26

As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush

I-T Dept finds Rs 700 cr unaccounted income in recent search in Tamil Nadu

Seizes cash amounting to Rs 21 cr in a search operation covering 15 premises at Erode and Chennai

Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme

Declarations under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can be revised till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable

I-T refunds worth Rs 1.36 lakh cr issued to 4.1 mn taxpayers till Nov 24

The Income Tax Department has issued refunds worth over Rs 1.36 lakh crore to over 41 lakh taxpayers so far this fiscal. This includes personal income tax (PIT) refunds amounting to Rs 36,028 crore and corporate tax refunds of over Rs 1 lakh crore during this period. CBDT issues refunds of over Rs 1,36,962 crore to more than 41.25 lakh taxpayers between 1st April, 2020 to 24th November,2020. Income tax refunds of Rs 36,028 crore have been issued in 39,28,067 cases & corporate tax refunds of Rs 1,00,934 crore have been issued in 1,96,880 cases, the I-T Department tweeted.

I-T unearths Rs 1,000-cr 'black money' after raids on Chennai IT infra firm

Income Tax department conducted searches against a Chennai-based IT infrastructure group and detected Rs 1,000 crore alleged black money and possible instances of holding of benami assets, CBDT said

Income tax dept raids hawala operatives across Delhi, Goa, other states

The Income Tax Department has recovered cash and jewellery worth about Rs 5.26 crore after it carried out multi-city raids against hawala operators and individuals who prepare fake bills

Income Tax, ED rarely raided BJP leaders in last six years: Congress

"IT and ED do not know what is happening? CBI does not know what is happening?" he asked further

I-T refunds worth Rs 1.2 trn issued in FY21 to 3.8 mn taxpayers till Oct 20

The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.25 lakh crore to over 38 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 33,870 crore and corporate tax refunds amounting to Rs 91,599 crore during this period. "CBDT issues refunds of over Rs. 1,25,470 crore to more than 38.23 lakh taxpayers between 1st April, 2020 to 20th October, 2020. Income tax refunds of Rs. 33,870 crore & corporate tax refunds of Rs. 91,599 crore have been issued during the said period," the Central Board of Direct Taxes (CBDT) said in a tweet. The government has emphasised on providing tax related services without any hassles during the COVID-19 pandemic, and accordingly has been clearing up pending tax refunds.

Clamour grows for extended deadline for tax audit, income-tax returns

The deadlines for tax audit and income tax return filing stand at October 31 and November 30, respectively

CBDT clamps down on coercive assessment, tax recovery measures by officers

Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept

Vodafone wins long battle against India over Rs 20,000 cr retro tax demand

India told to bear 60% of Voda's legal costs amounting to over £4 million; FinMin tells govt to consult counsel and consider all options