Page 28 - Income Tax Department

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

Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT

Income tax collection target for next fiscal is pegged at Rs 6.38 trillion and corporate tax collection at Rs 6.81 trillion

Filing ITR for AY 2020-21? Here're the changes you need to know

The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit

Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works

Dept plans to include more complicated cases in second phase of scheme

Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme

These taxpayers have declared tax dues of around Rs 79,968 crore and after availing the various reliefs and amnesty as per the rules of the scheme, they would pay around Rs 35,094 crore, sources said

Income Tax dept examines foreign contribution sought by Tata trust

The requisition was made after the Navajbai Ratan Tata Trust had given up Trust status in February 2015

Fully cooperated and provided all documents: Dishman on I-T search

Firm says probe was unanticipated as no prior tax demand notice was received, doesn't foresee adverse outcome; reinstates guidance of 8-10% revenue growth

Mukesh Ambani family case: I-T department seeks details from seven nations

According to the I-T department, the Ambani family refuted all the charges in the show-cause notice and submitted the copy of GDR offer documents on June 7 for RUPL along with other documents

Link your PAN with Aadhaar before Dec 31; it's mandatory, says I-T dept

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities.

I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019

In money terms, the income tax refunds have gone up by 27.2 per cent.

I-T dept searches 39 locations to check tax evasion by BSE brokers, traders

Over 39 locations spread across Mumbai, Kolkata, Kanpur, Delhi, Noida, Gurugram, Hyderabad and Ghaziabad were covered under the operation, the department said in a statement on Saturday