Page 4 - Income Tax Department

Income Tax dept not an adversarial entity, but participative: CBDT chief

CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India

HC pulls up I-T dept for software: Taxpayers can now claim 87A tax rebate

Bombay High Court finds Income Tax Department's restriction on rebate claims for certain income types to be unfair and arbitrary

I-T dept raids IIFL Finance, related entities over alleged tax evasion

In a stock exchange filing, IIFL Finance confirmed the ongoing tax searches and stated that it is fully cooperating with the authorities

CBDT notifies amendments in I-T rules for non-resident cruise ships

The income tax department has notified amendments in I-T rules to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators. As a measure to promote investment and employment, the government had in the July Budget, provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships. Further, exemption has been provided for any income of a foreign company from lease rentals of cruise ships, received from a related company which operates such ship or ships in India. As per the amendment to I-T Rules, 1962, notified on January 21, the applicability of this presumptive taxation regime is subject to conditions, including that the non-resident, engaged in the business of operation of cruise ships operate a passenger ship having a carrying capacity of more than 200 passengers or length of 75 metres or more, for leisure and recreational purposes and having appropriate dining and cabin facilities fo

SC dismisses income tax petition against Vi, reinstates Rs 1,600 cr refund

Vi has already received refund in December, telco told exchanges

Supreme Court agrees to hear income tax dept's appeal in Vodafone case

The Bombay High Court had rejected the PCCIT's move to issue a reassessment notice

I-T dept can attach assets under benami law even if actual owner not traced

The Adjudicating Authority for the anti-benami law has upheld a 2023 land assets attachment order issued by the Income Tax department despite the taxman not being able to identify the "beneficial owner", stating that the said law has specific provisions to deal with such instances. The Authority, a quasi-judicial body, issued the order on November 26 last year in a benami assets case that came to the fore after the department raided three Lucknow-based realty groups that had "purchased big land parcels in the Kakori (Lucknow district) area by paying huge amount of unaccounted cash". The Lucknow-based Benami Prohibition Unit (BPU) of the department issued a provisional order in October 2023 attaching five land parcels in Kakori valued at over Rs 3.47 crore and categorising them as "benami assets". The order was sent to the Authority for confirmation with the name of a 'benamidar' (in whose name a benami property is standing) apart from two companies and two individuals who were named

Delhi polls: I-T dept sets up control room to monitor unaccounted wealth

The Income-Tax Department on Wednesday said it has set up a 24x7 control room to keep a vigil on movement of unaccounted cash, bullion and other valuables to ensure clean and fair Delhi assembly elections. The Directorate of Income Tax (Investigation), Delhi, has made several arrangements to keep a vigil on the movement of unaccounted cash, bullion and other valuables, likely/suspected to be used for electoral purposes, during the Model Code of Conduct within the NCT of Delhi, the finance ministry said in a statement. The directorate has opened a 24x7 Control Room at Civic Centre, New Delhi, and has also issued a toll-free number 1800111309 where any person can communicate with and give any information to the Income Tax Department regarding suspicious movement/ distribution of cash, bullion, precious metals, etc, within the NCT of Delhi, in connection with the Delhi Assembly elections. The voting for Delhi Assembly polls will be held on February 5 and counting will take place on ...

Now, file rectification requests online for incorrect ITR processing

New feature added to the ITR portal streamlines rectification process, which previously required manual submissions and was often fraught with delays and complications

I-T dept set to enhance operations in 2025 by adopting PRUDENT approach

The chairman noted that the past year saw significant progress, with over 2.4 lakh grievances resolved, including 1.75 lakh through the E-nirvan platform

Is Digi Yatra data shared with I-T dept to catch tax evaders? Govt says no

Digi Yatra data stored on airport systems is automatically purged within 24 hours of a flight's departure, says aviation ministry

Government extends deadline for direct tax Vivad Se Vishwas Scheme

Under the scheme, penalty charges vary based on the date of payment

I-T dept refutes claims of crackdown on tax evaders using Digi Yatra data

The Income Tax department on Monday said it is not looking at Digi Yatra data to crack down on tax evaders. The I-T department in a post on X refuted reports which stated that Digi Yatra data will be used to crack down on tax evaders. "In this connection it is clarified that as on date there is no such move by the @IncomeTaxIndia department," it said on X. Based on Facial Recognition Technology (FRT), Digi Yatra provides for contactless, seamless movement of passengers at various check points at airports. The data shared by a passenger for Digi Yatra is stored in an encrypted format. For availing the service, a passenger has to register his or her details on the Digi Yatra app using Aadhaar-based validation and a self-image capture. In the next step, the boarding pass has to be scanned and the credentials are shared with the airport. Digi Yatra is managed by the Digi Yatra Foundation. Its shareholders are Airport Authority of India (AAI), Cochin International Airport Ltd (CIAL),

Simplification of policies to be govt's focus for taxation in 2025

Simplification of direct and indirect tax policies will be the main focus area for the government in the New Year after beginning the review of the six-decade-old income tax law and rationalisation of the GST rate in 2024. With monthly gross GST collections stabilising at around Rs 1.8 lakh crore and gross direct tax collections steadily rising at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction. On the GST front, individuals are awaiting a tax cut in life and health insurance premiums, which will bring down the cost of insurance, while businesses are awaiting the operationalisation of the GST Tribunal for faster dispute resolution. Also, the work on rationalising GST rates and slabs has been put in motion with a group of ministers (GoM) deliberating on the changes, but a final decision is expected only by the GST Council, comprising the Centre and state finance ministers. Currently, GST is a four-tier tax structure wit

Vivad Se Vishwas Scheme 2024: Income Tax department releases new FAQs

The scheme allows taxpayers to settle disputes with the government; check out who can avail of it

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

Simplify ITR forms, get 'one rate one section' for TDS: Deloitte survey

A vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for 'one rate one section', a Deloitte survey said on Wednesday. Deloitte's Income-Tax Policy Survey also suggested doing away with the requirement of issuing Form 16A as the TDS information is already reported and available in the Form 26AS and AIS of the recipient. The survey also suggested limiting the number of sections with regard to withholding tax, classifying payments into two-to-three distinct and non-overlapping categories, and ensuring that each section has only one rate, which will significantly reduce the burden of compliance without any major loss in tax collections from a tax administrative perspective. For example, 1 per cent TDS on tangible goods, 2 per cent on services, 0.1 per cent on e-commerce transactions, and 10 per cent on other transactions such as dividend and interest. The Income Tax Policy Surv

CBI arrests 2 income tax department employees in bribery case from Assam

As per the CBI release, the accused were arrested for demanding and accepting a bribe of Rs 4,000 from the complainant which is allegedly part of demanded bribe amount of Rs 10,000

I-T dept probes 500 Dubai property cases, Rs 700 cr evasion found in Delhi

The Delhi investigation wing of the I-T department has conducted more than a dozen searches, uncovering evidence of 43 undisclosed Dubai properties worth over Rs 700 crore

PAN 2.0 explained: How India is digitising its tax identification system?

The govt has allocated Rs 1,435 crore for technological upgrades to create a fully digitised and seamless ecosystem under PAN 2.0