Page 7 - Income Tax Department

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

I-T dept freezes Cong's accounts, party says political activity affected

The Income Tax department has frozen the Congress' four main bank accounts on "flimsy grounds", party treasurer Ajay Maken claimed on Friday and alleged that democracy was in danger in the country. This has affected all political activity of the party, Maken said at a press conference. Sources later said nine accounts had been frozen. The accounts were frozen on an Income Tax demand of Rs 210 crore for 2018-19, an election year, Maken said. "For the first time in the country's history, accounts of the principal opposition party have been frozen by the tax authorities on flimsy grounds, barely two weeks before the announcement of general elections," Maken told reporters. He appealed to the judiciary to save democracy as it was in danger and said the country is headed towards one-party democracy. Maken said the party has already appealed to the Income Tax appellate authority.

LIC expects income tax refund of Rs 25,464 cr in Q4, says chairman

Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years. "We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself," Mohanty said during the post-result interaction. During the quarter, he said, the Life Insurance Corporation of India (LIC) would be launching more new products, including child protection. In the third quarter, LIC launched Jeevan Utsav, Index Plus and some more products, helping it to increase the value of new business (VNB) margin levels to 16.6 per cent. The refund is likely to boost the bottom line of the corporation in the fourth quarter.

Higher cash seizures being recorded by I-T dept every assembly polls: CBDT

Cash seizures made by the Income-tax department during successive assembly elections have shown a substantial increase, CBDT Chairman Nitin Gupta has said. He said the tax department is investigating these cases apart from other such instances where huge unaccounted currency and jewellery was unearthed during raids and other enforcement action by tax personnel. "In relation to cash seizures if we speak about the assembly elections, then it has been found that cash seizures have been quite substantial vis-a-vis cash seizure in the similar point of time five years back for the same time period of assembly elections. "We have seen that cash seizures have been quite large and high (every assembly election). These seizures are quite significant," the chief of the Central Board of Direct Taxes (CBDT) told PTI. The Election Commission has also spoken about the surge in the seizure of cash and illegal inducements during various state polls. The poll panel, in an official statement issued

CBDT notifies income tax return forms for assessment year 2024-25

The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively

I-T dept will erase petty tax demands on its own, says CBDT chairman

The income tax department will "erase" petty tax demands pending against about 80 lakh taxpayers on its own and issue a "speaking order" explaining the process to be followed, CBDT chairman Nitin Gupta said Friday, a day after the measure was proposed in the interim Budget. Union Finance Minister Nirmala Sitharaman had on Thursday declared the government's proposal to withdraw outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years 2010-11 to 2014-15. This was being done, she said, as part of an effort to improve ease of living and ease of doing business for citizens. The finance minister added that there were "a large number" of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years. "We will erase these demands, we will extinguish such a demand from the

I-T dept searches premises linked to ex-Cong minister in Chhattisgarh

The Income Tax Department on Wednesday conducted searches at the locations linked to former Chhattisgarh minister Amarjeet Bhagat and others, including businessmen in the state, officials said. The reason behind the I-T department's action was not immediately known. The state's Economic Offences Wing/Anti-Corruption Bureau recently lodged an FIR in an alleged coal levy scam based on a complaint of the Enforcement Directorate which had launched a probe into the scam during the previous Congress government. Amarjeet Bhagat, who was a minister in the previous Bhupesh Baghel-led Congress government, is among the 35 accused named in the FIR. According to officials, the searches were underway since early Wednesday morning in different districts including Surguja, Raipur, Durg and Rajnandgaon. A team of a dozen I-T personnel reached the residence of Bhagat in Ambikapur city, the headquarters of Surguja district, early this morning, an official said. Police personnel were seen deployed .

Delhi HC stays I-T dept order cancelling tax exemption for Oxfam India

The bench also said the interim order passed in favour CPR on August 25, 2023, will continue till February 27, which is the next date of hearing

Form 12BB: Things to know about investment declaration tool for tax saving

Form 12BB, a key investment declaration document, can be used by the employees who fall under the taxable income bracket to claim deductions

SC to see if nuns, priests working as teachers entitled for I-T exemption

The Supreme Court has agreed to examine an important legal question whether nuns and priests, working as teachers in government-aided Christian missionary schools, are entitled to income tax exemption. A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra on Thursday took note of the submissions of senior advocate Arvind Datar that the plea of several dioceses and congregations from Tamil Nadu and Kerala on the issue needed an urgent hearing. The bench agreed to consider listing the plea, which raised the issue whether the income of nuns and priests, working as teachers, can be subjected to income tax. In December, 2014, the Income Tax department asked the educational authorities to effect TDS (tax deducted at source) from persons working as teachers. The appeals have been filed in the top court after the high courts did not agree to the challenge raised by nearly 100 dioceses and congregations from Tamil Nadu and Kerala. The plea said the inco

As interim Budget nears, check differences between old and new tax regime

Interim budget 2024: In a bid to improve the direct tax system, the finance ministry had introduced a simplified optional new income tax regime in 2020-2021

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

Supreme Court to hear stayed ruling on tax residency certificates in March

The Delhi High Court had in January 2023 said that TRC is sufficient for a foreign investor's claim to pay zero or lower tax under treaties between India and foreign jurisdictions