Page 9 - Income Tax Department

I-T dept notifies 'Angel Tax' rules for valuing investments in startups

The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method. Nangia & Co LLP Partner Amit Agarwal said the amendments to Rule 11UA of the Indian Income Tax Act bring positive changes by offering taxpayers flexibility through multiple valuation methods, simplifying the ...

I-T dept extends ITR filing deadline for charitable trusts till Nov 30

The Income Tax Department has extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30. Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2023. "The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023," the department said in a statement. ITR-7 is filed by institutions involved in charitable and religious activities; research; and professional bodies, besides political parties and electoral trust.

I-T dept conducts raids in offices of several builders in NCR, Haryana

Income Tax department on Friday launched raids in offices and other premises of several builders in Gurugram and other cities, a department official said. The I-T department is conducting searches at 28 places belonging to builders accused of tax evasion, the official said. Apart from Gurugram, the raids were conducted in Chandigarh, Karnal, Delhi, Ludhiana and Rewari, the official said. The searches began at 6 am and continued till late Friday evening in which the I-T department confiscated some documents, the official said. In Gurugram, CRPF personnel were deployed outside the locations where raids were being carried out.

Definition to deadline: What to know about advanced tax payment

Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax

I-T officials can seek details of ITRs filed by investors in startups

Income tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs, the I-T department has said. Replying to a post of former BharatPe co-founder Ashneer Grover on X on Friday, where he flagged that a number of startups have received tax notices in the last one month asking to furnish information about their shareholders, the I-T department said the Finance Act 2012 mandates that the source of funds from a resident shareholder in startup has to be also explained by an investor. "In the present case, it appears that the AO has sought to examine the genuineness of the transaction and source of investment by the shareholder-investor, to verify if the amount invested is commensurate with the income shown in the ITRs of the investors. "Alternatively, if the PANs of the investors are shared with the AO by the company, he can verify the ITRs of the investors," the I-T department ...

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

Tax filing will have to double every nine years to meet FY47 target

Growth rate to achieve target would be over 8% per annum

Around 500,000 taxpayers get I-T department alert for low advance tax

'Intimation' comes ahead of tax payment due date

Rajasthan elections: Corruption is rampant in the judiciary says CM Gehlot

The chief minister alleged that agencies such as the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax department conduct raids without making prior assessments

FirstCry founder Maheshwari probed for alleged $50 million tax evasion

At least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittal's family office, have also received enquiries related to the matter

ITAT nixes additional tax demand on firm for deposits during demonetisation

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

I-T dept initiates action against gangster Atiq Ahmad's 'benami' assets

The Income-tax department has attached half-a-dozen land parcels in Uttar Pradesh's Prayagraj district, being held by a BPL card holder security guard, as part of its action against slain gangster-politician Atiq Ahmad whose family and gang is considered beneficiary of several "benami" properties worth crores of rupees. This is the first action undertaken by the department's benami prohibition unit (BPU) located in state capital Lucknow against Atiq Ahmad's empire as part of a comprehensive investigation under the anti-benami law against his family and gang members. It was detected by the I-T authorities that a number of such lands and other immovable assets were held by people with "very limited means" and the funds being generated through these sales were purportedly being channelised for the requirement of Ahmad's family even after his death, official sources said. Ahmad (60) and his brother Khalid Azim alias Ashraf were shot dead by three assailants in April when they were being

I-T dept unveils revamped website for enhanced taxpayer experience

The redesigned website offers a user-friendly interface, value-added features, and new modules to provide taxpayers with easier access to information and services

Top headlines: Chandrayaan-3 on moon, vegetable prices to ease, and more

Business Standard brings you the top headlines at this hour

About 55 million might opt for new tax regime, says revenue department

Majority of them have a taxable income of upto 7 lakh- 7.5 lakh

Income Tax dept operationalises board for Advance Rulings in Delhi, Mumbai

According to the CBDT release, these Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing

Beware tax refund fraud: Verify your source before clicking on links

Verify source before clicking on links; enter address of tax dept's official website directly into browser

Direct tax collections rise 16% to Rs 6.53 trillion till Aug 10: I-T dept

Gross direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on Friday. Net direct tax collection after adjusting refunds stands at Rs 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of last year. "The provisional figures of direct tax collections up to 10th August, 2023 continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. The collection is 32.03 per cent of the total budget estimates of direct taxes for current fiscal 2023-24. Refunds amounting to Rs 69,000 crore have been issued till August 10, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.

Doing a second job? You may be under I-T department's lens for moonlighting

In the first phase, I-T department has sent notices to people with an average undeclared payment between Rs 5 lakh and Rs 10 lakh

I-T dept to hire 50 young law, accountancy graduates for better litigation

The Income Tax Department has decided to temporarily hire 50 young law and chartered accountancy graduates who will aid and augment departmental officers in preparing legal cases being contested before the Income Tax Appellate Tribunal (ITAT). The candidates, not exceeding 35 years of age, will be hired at a monthly remuneration of Rs 40,000 at various field offices of the department as part of a recently notified 'young professional scheme, 2023'. The scheme is being brought to "augment departmental representation in the ITAT and it envisions engagement of young graduates in law and accountancy who are rich in domain knowledge", according to a policy paper issued by the I-T department. "Such resources would aid the departmental officers in preparation of the cases admitted for hearing in Tribunals (ITAT). In addition, they will also take up research/study work encompassing critical areas of tax litigation for effective litigation management," the paper said. The young professional