Page 17 - Income Tax

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

Karnataka raids: Rs 94 cr cash seized after I-T searches govt contractors

The Income Tax department has seized Rs 94 crore in cash as well as gold and diamond jewellery worth Rs 8 crore and 30 luxury watches following raids on government contractors and real estate developers in Karnataka and some other states, the CBDT said on Monday. The searches were launched on October 12 and 55 premises were covered by the department in Bengaluru and some cities in neighbouring Telangana and Andhra Pradesh as well as in Delhi. "The search has resulted in seizure of unaccounted cash of approximately Rs 94 crore and gold and diamond jewellery of over Rs 8 crore, aggregating to more than Rs 102 crore," the Central Board of Direct Taxes said in a statement. "Further, a cache of about 30 luxury wristwatches of foreign make were unearthed from the premises of a private salaried employee, not engaged in the business of wristwatches," it said without identifying the accused entities. A war of words on the matter has broken out between Karnataka's ruling Congress and the ..

I-T dept raids on Kashmir biz led to detection of undisclosed income: CBDT

The income-tax department has detected undisclosed income worth crores of rupees after it conducted searches against a Jammu and Kashmir-based business group engaged in various sectors, such as cement, steel, glass, plywood, tourism and healthcare, among others. The Central Board of Direct Taxes (CBDT) issued a statement on Wednesday, saying it covered 40 premises in the Srinagar, Sopore, Budgam, Sonmarg and Pulwama areas of the Kashmir valley, apart from Delhi, after the raids were launched on Monday. Incriminating documents, hand-written diaries and digital devices were seized during the searches, it said. "Variation in stock has also been noticed in the various factories and retail outlets. Evidence of undisclosed investments in immovable properties located in Kashmir Valley of more than Rs 50 crore has also been found from various premises," the CBDT said, without identifying the business group. The CBDT is the administrative body for the I-T department. It further claimed tha

3.5 million refund cases 'held up', I-T dept working to resolve: CBDT

Around 35 lakh cases for issuance of refunds are currently "held up" with the Income-Tax Department owing to mismatch and validation of the taxpayers' bank accounts and the taxman is reaching out such assessees via a special call centre, CBDT Chairperson Nitin Gupta said on Tuesday. The direct taxes body chief said the department was "in correspondence" with such taxpayers and it is their aim to expeditiously resolve these issues. "We want to credit the refunds to the correct bank accounts of the taxpayers quickly," he said. Asked during an interaction about instances where refunds are stuck as taxpayers were getting old demands pertaining to years around 2010-11, Gupta said the department had undergone a technology shift around 2011 -- from paper-based registers to computers -- and hence some of those old demands were showing up in the accounts of the assessees. "We have started a unique demand management facilitation system about a year back for all such cases where refunds are h

I-T dept collects over Rs 700 crore in TDS from online gaming, crypto trade

The government has collected more than Rs 700 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said on Friday. About Rs 600 crore in taxes (under the tax deduction at source head) has been collected during the current financial year after the new online gaming regime kicked in, while around Rs 105 crore through TDS has been mopped up during 2023-24 fiscal after the taxation of crypto currency regime kicked in April 1 last year, he told reporters here. The Finance Act 2023 inserted a new section 194BA in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account. Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year. Similarly, from April 1, 2022, income from transfer of virtual digital assets or cryptocurrencies is taxable a

I-T dept attaches assets worth Rs 50 cr in 'benami' case against SP leader

Newly constructed flats and a building complex in Varanasi and bank deposits worth about Rs 50 crore have been attached under the anti-benami properties law by the Income Tax department as part of its probe against Maharashtra Samajwadi Party MLA Abu Azmi and his alleged associates, official sources said on Saturday. The Lucknow-based benami assets investigation unit of the department had launched searches in Varanasi and some parts of Maharashtra early this week as part of this investigation. Sources told PTI that the raids have ended and the department has attached Rs 10 crore worth of bank deposits of a company called Vinayak Group, Tower 'C' of a real estate property called Vinayak Plaza at Maldahiya in Varanasi worth a few crores of rupees, and 45 flats built in Varuna Gardens project in the Hamrautia locality of the city located on the banks of the river Ganga. The properties have been attached under the provisions of the Prohibition of Benami Properties Transaction ...

Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel

Chhattisgarh Chief Minister Bhupesh Baghel said that more than (stray) dogs and cats, the Enforcement Directorate and Income Tax are moving around

Income tax officers visit factory, Bengaluru office of China's Lenovo

The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquirY

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.

Govt extends deadline for filing tax returns by companies, audit reports

The government on Monday extended the due date for filing income tax returns by companies by one month till November 30. Also, the due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31. "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 finance ministry said in a statement.

IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank

GQG Partners acquires shares of IDFC First Bank through block deal

Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept

Tata Communications has moved the Income Tax Appellate Tribunal against an income tax commissioner court order rejecting the company's appeal against a tax demand of Rs 228.49 crore, according to an exchange filing. The company in a late-night filing on Friday stated that the company had filed appeals before the Commissioner of Income-tax (Appeals), Mumbai, in respect of TDS orders alleging short deduction of tax at source for assessment years 2013-14 to 2018-19. The potential financial implications are Rs 228.49 crore on the company, it said. The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company. "The company has on September 08, 2023, filed an appeal against these orders before the Income Tax Appellate Tribunal," Tata Communications said.

Ashneer Grover calls out officials for asking for ITR of shareholders

Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders

Over 60 mn ITR filings processed for assessment year 2023-24: CBDT

As many as 6.98 crore tax returns have been filed for income earned in 2022-23 fiscal and out of them, more than 6 crore filings have been processed, the Central Board of Direct Taxes (CBDT) said on Tuesday. The CBDT -- the apex decision making body in matters of income and corporate taxes -- said the department is not able to process certain Income Tax Returns (ITRs) for want of certain information/action on the part of taxpayers. Of the total ITRs filed, about 14 lakh are yet to be verified by taxpayers while the department has sought further information from another 12 lakh taxpayers, for which requisite communication has been sent through their e-filing accounts. Besides, certain ITR filers are yet to validate their bank accounts. "As on September 5, 6.98 crore ITRs for Assessment Year 2023-24 have been filed, of which 6.84 crore have been verified. Of these, more than 6 crore ITRs, or 88 per cent of the total verified ITRs, have been processed," the CBDT said in a ...

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

'Intimation' comes ahead of tax payment due date

CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012

The Income Tax department has signed 95 advance pricing agreements (APA) in 2022-23 -- the highest ever in any financial year since its launch in 2012. "In FY 2022-23, CBDT recorded the highest ever APA signings in any financial year since the launch of the APA programme, signing a total of 95 APAs," the income tax department said in a statement. The APA programme of CBDT is one of its foremost initiatives for promoting an investor-friendly and non-adversarial tax regime in India. Since its commencement in July 2012, the Indian APA programme has contributed significantly to the Government of India's mission of promoting ease of doing business, it added. The Central Board of Direct Taxes (CBDT), which is the apex decision-making body in direct taxes, also signed 32 Bilateral Advance Pricing Agreements (BAPAs) in 2022-23 being the maximum number of BAPAs in any financial year till date. The BAPAs were signed as a consequence of entering into mutual agreements with India's treaty ...

Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria

An ITAT ruling has clarified seller can commit to buy new house much before selling old one

Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

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

Individuals reporting annual income of above Rs 1 cr doubles in 2 yrs

Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22), 1,69,890 individuals have shown total income of above Rs 1 crore. This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22. The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over Rs 1 crore. During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above Rs 1 crore. This includes filings by 66,397 companies, 25,262 firms, 3,059 trusts and 2,068 Association of Persons. In AY 2022-23, the total number of ITR filed stood at over 7.78 crore, higher than nearly 7.14 crore filed in AY 2021-22 and 7.39 crore filed in AY 2020-21. As regards the state-wise filing count for AY .