Page 27 - Income Tax Department

Securities transaction tax collection up 5% on higher derivatives trade

Tax payouts from dividend distribution tax are up 2%

Supreme Court stays Kerala HC order on deferring recovery process

The Kerala HC single judge Bench took note of the fact that government departments are issuing recovery notices, compelling litigants to approach the court for interim stay

Struggling to meet target, IT staffers urge to extend FY20 to Apr 30

The associations say at least 95 per cent of their members commute via public transport and "government advisories are suggesting to avoid public transport as far as possible"

I-T dept wants Goa PSUs to use Vivad se Vishwas scheme to resolve disputes

Total Rs 2 crore tax dues are still pending with five PSUs run by the state government, said Chief Commissioner of Income Tax (Goa)

Coronavirus outbreak may delay roll-out of Vivad se Vishwas scheme

Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.

CBDT asks govt to tell PSUs to opt for 'Vivad se Vishwas' scheme

So far, no PSU has shown interest in the scheme

Taxmen threaten to stall work in protest if working conditions don't change

Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades

I-T dept unearths Rs 324 crore worth TDS defaults of a telecom firm

The statement informed that several hospitals of the city were found openly flouting the norms of TDS and tax collected at source (TCS) and were paying less tax to the Income Tax Department

I-T unearths Rs 3,500-cr TDS default by oil, telecom firm in Delhi: CBDT

CBDT, which frames policy for the tax department, did not name the entities involved

PAN-Aadhaar linking: Do it before March 31 or else pay Rs 10,000 fine

As per the latest figures, over 307.5 million PANs have already been linked to Aadhaar, while 175.8 million PANs are yet to be linked with the 12-digit biometric ID

To shore up revenues, taxmen dig up three-year-old demonetization cases

About 15,000 Indian jewellers have been sent tax demands; tax authorities are seeking around Rs 500 billion from people in the gems and jewellery sector

Over 8,660 pharma firms claimed tax deduction during 2019-20: I-T dept

The matter will come up again in court on Monday

Taxing targets

Unreasonable I-T demands affect investment climate

Double trouble: PMC Bank asked to deduct TDS on notional interest paid

CBDT asks lender to deduct tax at source on notional interest paid

Yes, only 15 million Indians pay tax; but who is to blame for this?

It is Mr Modi's govt that has added to the problem, and it can resolve it, only if it has the stomach to ignore the inevitable howls of protest from a very vocal middle class, writes T N Ninan

I-T dept lines up Rs 1-trillion PSU tax row under 'Vivad se Vishwas Bill'

The Union Cabinet had on Wednesday expanded the scope of the scheme to cover litigation pending even in debt recovery tribunals

I-T Dept to help Sebi in market manipulation probe, share taxpayers' PAN

The sharing of information will be under three broad heads: request-based exchange of data, suo moto and automatic.

I-T notice in 422 cases involving undisclosed income of Rs 12,600 cr: Govt

The Income Tax department has issued notices under foreign black money law in 422 cases involving undisclosed assets and income of over Rs 12,600 crore till December 2019, Parliament was informed on Tuesday. Minister of State for Finance Anurag Singh Thakur said the Income Tax Department has taken continuous and concerted actions under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act since it came into force on July 1, 2015. "As a result, as on December 31, 2019, notices have been issued in 422 cases under this Act, involving undisclosed foreign assets and income of over Rs 12,600 crore," he said in a written reply to the Rajya Sabha. With regard to deposits made in unreported foreign bank accounts in HSBC cases, so far undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of more than Rs 1,290 crore levied. About 204 prosecution complaints have been filed. "Sustained investigations conducted in the cases revealed by ...

I-T dept reverses stance on NCLAT's proposed demerger order of Reliance Jio

Seeks law min opinion on course of action

I-T dept opposes Sasikala's plea in Madras HC in long-pending tax dispute

Sasikala is now serving a four year imprisonment in a Bengaluru prison in a corruption case