Page 6 - Income Tax Department

Data sharing among authorities, taxpayers to improve I-T dept AIS: Deloitte

Deloitte India on Sunday said creating a seamless data exchange and establishing a framework for efficient data sharing among businesses, tax authorities and taxpayers would help improve the AIS functionality of the income tax department. The Annual Information Statement (AIS) is a comprehensive view of financial information for a taxpayer, made available by the income tax department. Information about the taxpayer relating to specified financial transactions such as cash deposit/ withdrawal from bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc. To improve the functionality of AIS and the efficiency of tax administration and compliance, Deloitte India's latest paper, "Annual Information Statement: Ushering in a new era of tax administration", recommends creating a seamless data exchange and establishing a framework for ...

Tax dept extends deadline for charitable trusts' registration till June 30

The income tax department on Thursday extended the deadline for charitable and religious trusts to furnish registration application with tax authorities till June 30. The Central Board of Direct Taxes (CBDT) had earlier extended the due date for filing Form 10A, Form 10AB by trusts, institutions and funds multiple times and the last such extension was till September 30, 2023. "Considering the representations received by CBDT requesting for further extension of due date for filing of such forms beyond the last extended date of September 30, 2023, and with a view to avoid genuine hardships to taxpayers, CBDT has extended the due date of filing Form 10A/Form 10AB up to June 30, 2024," the CBDT said in a statement. Form 10A is an application form filed by trusts/institutions who wish to get themselves registered for income tax exemption. Form 10 AB is filed by trusts/institutions to renew their permanent registration. CBDT further clarified that if any such existing trust, institution

Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC

The Environics Trust had filed a petition in the Delhi High Court, contesting the notice issued to it under Section 148 of the Income Tax Act, 1961

I-T dept allays apprehensions on reopening of large cases of HRA claims

Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the financial year 2020-21

Run a small biz or work as a freelancer? Pay tax on only 50% of your income

For small businesses with annual gross receipts under Rs. 3 crore, this scheme applies if the cash receipts are less than 5% of the total receipts.

No coercive action against Cong over tax demand notices: I-T dept to SC

The Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the Congress over the tax demand notices of approximately Rs 3,500 crore in view of the Lok Sabha elections. A bench of Justice B V Nagarathna and Justice Augustine George Masih recorded the statement of Solicitor General Tushar Mehta, representing the I-T department, that no precipitative action will be taken in the prevailing circumstances till the final adjudication of the matter. The bench posted the Congress' plea against the tax demand notices for July. At the outset, Mehta said, "I want to make a statement in this matter. The Congress is a political party and since elections are going on, we are not going to take any coercive action against the party." The department is not commenting on the merit of the matter and all rights and contentions should be left open, he said. Senior advocate Abhishek Singhvi, appearing for the Congress appreciated the gesture, terming it

Zomato gets GST notice of Rs 23.26 cr from Karnataka tax authorities

The company received the tax order for the overutilisation of input tax credit, along with associated interest and penalties

Cong gets I-T notice of over Rs 1,745 cr, total tax demand at Rs 3,567 cr

In mounting trouble for the Congress, sources in the party said it has received fresh notices from the Income Tax department, raising a tax demand of Rs 1,745 crore for the assessment years 2014-15 to 2016-17. With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress. According to sources, the fresh tax notices relate to 2014-15 (Rs 663 crore), 2015-16 (around Rs 664 crore) and 2016-17 (around Rs 417 crore). The authorities have ended the tax exemption available to political parties and have taxed the party for the entire collections, they added. The Congress has also been taxed for "third-party entries" made in diaries seized from some of its leaders by probe agencies during raids, the sources said. The main opposition party on Friday said that it has received notices from the I-T department, asking it to pay around Rs 1,823 crore. The tax authorities have already withdrawn Rs 135 crore from the party's accounts for a tax dema

Modi govt trying to make Congress party bankrupt: AICC gen secy Venugopal

The Congress on Friday sharply reacted to the Income Tax Department's notice to the grand old party to pay a penalty of over Rs 1,750 crore and said the officials were being used as the "gundas" of the ruling BJP. Addressing the media here, AICC general secretary in-charge of the organisation, K C Venugopal, lashed out at the Narendra Modi-led BJP government and accused it of trying to "financially strangulate" the opposition parties during the election time. Venugopal said the Modi government was trying to make the Congress party bankrupt. The Income Tax Department has served a notice to the Congress to pay over Rs 1750 crore, hours after the Delhi High Court had rejected its petitions challenging the tax reassessment proceedings against it. "Usually, the political parties are exempted from paying taxes. However, this penalty is in the name of delay in filing returns. The Narendra Modi government is doing this with the specific purpose of bankrupting the Congress party at a time w

Income Tax department levies Rs 564 crore penalty on Bank of India

The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the order, it said. "The bank has received the order under Section 270A of the Income Tax Act, 1961 from the Income Tax Department, Assessment Unit pertaining to AY2018-19, wherein the penalty of Rs 564.44 crore has been imposed on various disallowances made," it said in a regulatory filing. Looking to the precedence/orders of appellate authorities, the bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter, it added. "Accordingly, the bank expects the entire demand to subside. As such, there is no impact on financial, operations or other activities of the bank," Bank of India said. Shares of Bank of India closed at Rs 137, up 3.79 per cent over previous close on the

Delhi HC dismisses Cong's plea against tax re-assessment by I-T authorities

The Delhi High Court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of re-assessment for another year. The present matter pertained to assessment years 2017 to 2021. In the earlier petition, which was dismissed last week, the Congress party had challenged initiation of re-assessment proceedings pertaining to assessment years 2014-15 to 2016-17.

Banks to insurers: Using the ombudsman system to get complaints resolved

A guide to how banks, insurers, brokers and tax officials are supposed to listen to you

I-T dept searches premises linked to AAP's Delhi MLA Gulab Yadav, others

The Income Tax department on Saturday conducted searches against AAP MLA Gulab Singh Yadav and some others in Delhi as part of a tax evasion investigation, official sources said. Yadav (45) is a two-time legislator and represents the Matiala seat in the Delhi Assembly. The premises of the AAP MLA in Delhi's Ghummanheda village and some others are being raided as part of a tax evasion investigation. The tax officials are being escorted by the Delhi Police, the sources said. Some documents have been recovered and certain persons have been questioned, they said.

I-T dept expands scope for officers filing appeals, includes TDS disputes

The CBDT has permitted income tax authorities to file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence. Currently, tax authorities can file appeals before the ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 crore respectively -- a threshold fixed in 2019. The Central Board of Direct Taxes (CBDT) in a circular dated March 15 said that the said monetary limits will not be applicable for filing appeals in cases where prosecution has been filed by the department in the relevant case, and trial is pending and conviction order has been passed and the same has not been compounded. Cases where the assessment is based on information with regard to an offence alleged to have been committed under any other law and information received from law enforcement or intelligence agencies like CBI, ED, DRI, SFIO, NIA,

Congress moves Delhi HC against I-T dept's re-assessment proceedings

The Indian National Congress (INC) Party on Tuesday moved the Delhi High Court against the Income Tax Department order opening assessment proceedings of three years.

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore

Delhi HC to pass order today on Congress' plea in Rs 100 cr tax demand case

The Delhi High Court will pronounce its verdict on Wednesday on a petition by the Congress challenging an order of the Income Tax Appellate Tribunal which refused to stay a notice issued by the Income Tax department for recovery of outstanding dues of more than Rs 100 crore. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav is scheduled to deliver the order at 2:15 PM. The bench had reserved its order on Tuesday after hearing the submissions on behalf of the Congress and the I-T department. The Congress approached the high court after the Income Tax Appellate Tribunal (ITAT) on March 8 dismissed the party's application seeking a stay on the February 13 notice of the I-T department initiating recovery proceedings against it. The assessing officer had raised a tax demand of more than Rs 100 crore for the assessment year 2018-19 when the income was assessed to be more than Rs 199 crore. The counsel for the Congress had urged the court to grant it some protection otherw

CBDT starts sending emails, SMSs for mismatch in tax profile in FY24

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

LIC gets tax refund of Rs 21,740 crore from Income Tax department

Out of this, the Income Tax Department has released Rs 21,740.77 crore. The company further added that it is pursuing the balance with the Income Tax Department

Relief for Congress as frozen bank accounts by I-T dept now operational

Congress chief Mallikarjun Kharge said that the move to freeze the accounts just before the Lok Sabha elections is a deep assault on Indian democracy