Page 27 - Income Tax Department

Securities transaction tax mop-up rises 14% despite sharp sell-off

The department collected Rs 2,568 crore against Rs 2,262 crore in the corresponding period a year ago.

Customs dept to launch faceless assessment of consignments from Monday

Faceless Assessment shall be the norm pan India by December 31, 2020, CBIC further said.

ITR-1 notified: Here is how to file Income Tax Returns for AY 2020-21

The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats

CBDT notifies revised Form 26AS, to include details of property, share deal

To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act

Madras High Court dismisses Karti Chidambaram's plea in tax violation case

He and his wife had sought to block the transfer of the cases to a Special Court

I-T dept releases Rs 5,200 cr refunds to over 800,000 small businesses

Further refunds of about Rs 7,760 cr to be made soon, GST refund claims of Rs 3,800 cr also processed

Income tax staff in a fix over 'informal' reporting orders amid lockdown

While some are stuck in towns other than their place of work, others are finding it difficult to commute as they have to rely on public transport

Coronavirus: Tax dept gives fresh relief to companies on lower TDS

CBDT had recently extended the validity of certificates issued for lower TDS or TCS for three months - till June 30 this year

Beyond virus: Setting course for a V-shaped recovery with right decisions

It's time for thoughtful decisions through 2020 and 2021, where the desired outcome is one where private investment in 2025 is superior to the value seen in 2011 in real terms

I-T dept extends deadline for filing TDS exemption forms amid lockdown

Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income.

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