Page 5 - Income Tax Department

NBCC bags Rs 263 crore contract in Kanpur from Income Tax Department

State-owned NBCC has bagged a Rs 263-crore contract in Kanpur from the Income Tax Department. In a statement on Wednesday, NBCC (India) Limited said it has signed a Memorandum of Understanding (MoU) with the Income Tax Department for construction of "Pratyaksha Kar Bhawan" along with a residential complex and multi-story training unit set up at Kheora Bangar, Kanpur, Uttar Pradesh. The estimated value of the project is Rs 263 crore. The Pratyaksha Kar Bhawan will serve as a state-of-the-art office space for the Income Tax Department, enhancing administrative efficiency and providing modern facilities. Additionally, the residential complex will cater to the housing needs of the department's staff, with a variety of quarters designed to meet diverse accommodation requirements. The project is set to be completed within 30 months from the start date. NBCC said it has also been awarded work of demolition and comprehensive design engineering, construction and furnishing of four buildin

JMM questions motive behind I-T raids on CM Soren's aide's residence

Income Tax department raided the residence of Sunil Srivastava, allegedly a close aide and personal secretary of Jharkhand CM Soren

Income tax dept receives 6,500 suggestions on review of income tax act

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act. Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the Budget announcement of a comprehensive review of the Income Tax Act, 1961. The meeting was attended by Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. In a post on X, the finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act. These committees have actively engaged in numerous meetings 'both in person and via VC' with domain experts to collaboratively explore and recommend improvements to the Act. "During the meeting, the Revenue Secretary also apprised FM Smt. @nsitharaman that 6,500 valuable suggestions have been received through the portal since it was opened on 6 October 2024, ...

I-T dept simplifies process under new guidelines for compounding offences

The income tax department on Thursday issued revised guidelines for compounding offences under the I-T law by simplifying the process and lowering the charges. The revised guidelines will apply to pending as well as new applications for compounding of offences. It has done away with the categorisation of offences and removed the limit for filing applications, among others, the Central Board of Direct Taxes (CBDT) said in a statement. To facilitate the compounding of offences by companies and HUFs, the requirement of the main accused filing the application has been dispensed with. The offences of the main accused as well as any or all co-accused can be compounded on payment of relevant compounding charges by the main accused and/or any of the co-accused, under the revised guidelines. The compounding charges have also been rationalised by abolishing interest chargeable on delayed payment of compounding charges, reducing rates for various offences, such as for TDS defaults multiple ra

Banks can claim deductions for broken period interest: Supreme Court

Broken period interest is the interest paid by a bank when purchasing government securities between coupon payment dates

New portal for filing I-T returns aims to simplify work for taxpayers

Before launching the new portal, the Income Tax Department is seeking feedback from the public and stakeholders

Tax dept invites public inputs for I-T Act review to simplify provisions

The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. "The committee invites public inputs and suggestions in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions," the CBDT said. A webpage on the e-filing portal -- https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review -- has been launched and the public can access the page by entering their mobile number and ...

SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021

In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue department after April 1, 2021, under old provisions. The top court on Thursday set aside the verdicts of several high courts that had held that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) of 2021 will not extend the time limit for issuing reassessment notices under the Income Tax Act. TOLA was brought in during the COVID-19 pandemic to extend time limit for income tax compliances. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dealt with two legal questions related to the interplay of three Parliamentary statutes, the Income Tax Act, the TOLA and the Finance Act. The issues, adjudicated upon by the top court, read: "Whether TOLA and notifications issued under it will also apply to reassessment notices issued after April 1, 2021 and whether the ...

Lesser settlement amounts for those who file tax declaration by Dec 31

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter. Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes. The scheme shall come into force with effect from October 1, 2024. Further, the Rules and Forms for enabling the Scheme have also been notified. The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter, the Central Board of Direct Taxes (CBDT) said in a statement. Four separate Forms have been notified - Form-1: Form for filing declaration and

I-T dept hikes threshold for filing appeals in courts, tribunal by officers

The income tax department has hiked the minimum threshold for filing appeals by the department in tribunal, high courts and the Supreme Court. As per a circular by the CBDT, tax authorities can file appeals before the ITAT, high courts and Supreme Court, if the disputed tax demand exceeds Rs 60 lakh, Rs 2 crore and Rs 5 crore, respectively. In 2019, the government had set the threshold for filing appeals at Income Tax Appellate Tribunal (ITAT) at Rs 50 crore, high courts (Rs 1 crore) and Supreme Court (Rs 2 crore). The Central Board of Direct Taxes (CBDT) also said that monetary limit with regard to filing appeals/SLP (Special Leave Petition) shall be applicable to all cases including those relating to TDS/TCS. It further said that SLPs/appeals pending before Supreme Court, high courts, and tribunals that are below the prescribed threshold should be withdrawn. "As a step towards management of litigation, it has been decided by the Board to revise the monetary limits for filing of

Explained: Are details of income-tax return filings confidential?

Experts cited that disclosing an individual's income tax returns constitutes a violation of their fundamental right to privacy as recognized by the Indian Constitution

Over 30,000 TCS workers affected by TDS errors; Tax dept sends notices

The problem is reportedly believed to have stemmed from a software error that resulted in TDS claims not being properly updated on the income-tax portal

India unit actively engaging with tax authorities: British insurer Aviva

Aviva's India business paid about $26 million to entities who purportedly provided marketing and training services, but they did not perform any work

Tax dept issues 10,000 reopening notices to various entities so far

Initial data suggest undisclosed income to the tune of Rs 15,000 cr

How to make tax officials accountable

The proposed simplification of the tax code offers a chance to instil accountability, following the model of the Public Service Guarantee Acts

After $4 bn GST notice to Infosys, other IT cos may also get under scanner

In serving its highest-ever tax demand on Infosys, the government accused India's second-largest tech services company of evading taxes and sought Rs 32,000 crore

Income Tax dept begins scrutiny in reassessment cases for AY-2018-19

The scrutiny might result in a raft of tax notices

More than 50 mn ITRs filed so far, 8% increase over last year: I-T dept

The income tax department on Saturday said more than 5 crore I-T returns have been filed on the e-filing portal, an 8 per cent increase over last year. It further said that Infosys has been instructed to ensure uninterrupted services and the company has assured uninterrupted services during the e-filing peak period. "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department till 26th of July 2024. This is 8 per cent more than the ITRs filed in the preceding year," the Department posted on X. Over 28 lakh ITRs were filed on July 26 itself. It said Infosys is the technology partner of ITD for operating the e-filing portal. In 2023-24 fiscal, over 8.61 crore ITRs were filed.

Maruti Suzuki India gets tax demand of Rs 779.2 cr from I-T authorities

Automaker Maruti Suzuki India Ltd on Friday said it has received a demand of Rs 779.2 crore, including interest from the Income Tax authority. The company has received a final assessment order for the financial year 2019-20 from the Income Tax authority, Maruti Suzuki India Ltd (MSIL) said in a regulatory filing. The order has a total demand, including interest, of Rs 779.2 crore, it said, adding that it has also received a showcause notice for initiation of penalty proceedings with respect to the order. MSIL said it will file an appeal before the Income Tax Appellate Tribunal. There is no impact on financial, operation or other activities of the company due to this order.

First draft of new I-T law to be prepared by tax dept panel: Revenue Secy

The first draft of a new simplified income tax law, as proposed in the Budget, will be prepared by an internal committee of the tax department and will undertake stakeholder consultation before finalising the legislation, Revenue Secretary Sanjay Malhotra said on Thursday. Malhotra said that the exercise is not linked to bringing a new direct taxes code, but a comprehensive review of the income tax law. Finance Minister Nirmala Sitharaman in her Budget speech earlier this week announced that a comprehensive review of the Income-tax Act, 1961 will be completed in six months. "The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation," Sitharaman said. To a question whether the review would mean that the government will come with a direct tax code, Malhotra said "It is not a new direct tax code... It is a comprehensiv