Page 19 - Income Tax

Odisha cash haul set to be 'highest-ever' with Rs 290 crore seizure

The seizure of "unaccounted" cash after Income Tax department raids against an Odisha-based distillery group and its linked entities is expected to reach Rs 290 crore, making it the "highest-ever" black money haul by any agency in a single operation, official sources said Saturday. The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said. Besides these, more vehicles have also been requisitioned by the department to transport the seized cash to government banks in the state. A premises linked to Congress' Rajya Sabha MP from Jharkhand, Dhiraj Prasad Sahu, were also covered as part of the searches, the sources said. Efforts to seek a response from the MP and an e-mail sent by PTI to the distillery group did not fructify. Tax sleuths are now recording the statements of variou

I-T dept intensifies crackdown on a liquor distillery group in Odisha

A day after Prime Minister Narendra Modi assured people that "money looted from the public will be returned", the Income Tax (I-T) Department on Saturday intensified its crackdown on a liquor distillery group in Odisha. After recovering around Rs 225 crore till Friday, the I-T sleuths seized another 20 bagloads of cash from the house of a countrymade liquor manufacturer in Sudapara area of Bolangir district on Saturday. The amount of money recovered from Sudapara is being counted, an official said, adding it is expected to be over Rs 50 crore. I-T sleuths had on Friday taken 156 cash-loaded bags to the SBI main branch at Bolangir for counting. I-T DG Sanjay Bahadur, who has been camping in Bhubaneswar for the last three days, however, refused to divulge details on the ongoing raids. "Our people are working on it," he told reporters on Saturday. Sources said that while 150 officials were taking part in raids on the liquor distillery group, the I-T department has also engaged anoth

10-yr reopening of I-T assessment applies to serious cases: Delhi HC

Only in cases where there is evidence of concealing income above Rs 50 lakh, says court

ITAT dismisses I-T dept's appeal in BBC India case of AY 2004-05

The Income Tax Appellate Tribunal (ITAT) has dismissed the revenue department's appeal in a transfer pricing case related to BBC World (India) Pvt Ltd for AY 2004-05. The Delhi bench of ITAT upheld the CIT(A)'s ruling that advertisement expenses between group entities should be treated as pass-through costs for AY 2004-05. "The expenses relating to advertisement were on buying of advertisement space in the newspapers; that in such activities, the cost involved is too high and the effort required to buy such space is not much. On these reasonings, ld. CIT (A) held that they should be treated as a pass-through cost," the ITAT said in its order while dismissing the revenue department's appeal. Nangia Andersen India Partner - Transfer Pricing - Nitin Narang said the Delhi Tribunal, in a recent ruling in the case of BBC World (India) Pvt Ltd for AY 2004-05, agreed to consider expenses relating to the advertisement as pass-through cost and not to be considered as part of the cost base for

India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov

The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year

India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT

Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24

Kishida plans an income tax cut for households and corporate tax breaks

Japan's Prime Minister Fumio Kishida said Monday he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment, in what's seen as a move to lift his dwindling public support. In his speech to start a new Parliamentary session, Kishida said it was time to shift from an economy of low cost, low wages and cost-cutting to one backed by growth led by sustainable wage hikes and active investment. I'm determined to take unprecedentedly bold measures, Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years. He said he is determined to help people ride out the impact of soaring prices for food, utilities and other costs that have exceeded their salary increases, by implementing income tax cuts. He also pledged to introduce corporate tax incentives to promote wage increases, investment and optimisation. Previously, Kishida had been considered relucta

ED files charge sheet against man named in Panama Papers for foreign assets

The Enforcement Directorate on Saturday said it has filed a charge sheet under the anti-money laundering law against a man, whose name figured in the Panama Paper leaks, for alleged possession of undisclosed assets abroad. The prosecution complaint against Sanjay Vijay Shinde, his wife Aparna and a company named Venus Bay Offshore Ltd. was filed before a special Prevention of Money Laundering Act (PMLA) court in Bhopal on October 18 and the court took cognisance of the charge sheet on Friday, the federal agency said. The money laundering case against Shinde stems from an Income Tax Department charge sheet that was filed earlier under the anti-black money law. The I-T department acted against the man as part of its probe into the Panama Papers leak. Dubbed 'Panama Papers', an investigation of a stockpile of records from Panamanian legal firm Mossack Fonseca by the Washington-based International Consortium of Investigative Journalists (ICIJ) in 2016 had named several world leaders an

I-T dept may raise tax demand retrospectively from telcos: Analysts

The Supreme Court has set aside a Delhi High Court order of December 2013 and ruled that the licence fees paid by telecom operators should be treated as a capital expense

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