Page 37 - Income Tax

IT dept widens probe against actor Sonu Sood; searches multiple premises

The Income Tax Department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said. The department had launched the action against the 48-year-old actor and some people linked to him on Wednesday and the action continued. The searches have now been extended to more locations in Mumbai, Nagpur and Jaipur, they said. On Wednesday, the action was carried out in at least half a dozen locations in the metropolitan city and Lucknow. A real estate deal and some other financial transactions linked to Sood are under the scanner of the department, official sources had said. The actor grabbed the national spotlight for helping migrants reach their home states during the nationwide lockdown clamped last year in the wake of the COVID-19 pandemic. The Delhi government, led by Chief Minister Arvind Kejriwal, had recently declared that Sood will be the brand ambassador of the Aam Aadmi Party government'

I-T portal continues to face glitches; deadline to Infosys draws to a close

The new income tax e-filing portal, which was unveiled with much fanfare, is not completely glitch-free even as the deadline set by the government for Infosys to fix the problems expired on Wednesday.

Loss-making PSUs more attractive for buyers after income tax tweak

Investor must retain at least 51% stake to take the benefit

ITR filing extension: No relief to taxpayers on interest liability

ITR filing has increased to 320,000 daily in September 2021

Probe attempt to stifle independent journalism: Newslaundry, Newsclick

Online news platform Newslaundry on Saturday said it does business "honestly and with integrity"

Strategic divestment to get tax deduction for previous losses

However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment

I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses

As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling

Income tax portal's tech issues being progressively addressed: CBDT

The income tax department on Wednesday said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.

Top headlines: Cairn makes peace with India; Sebi to speed up settlements

Business Standard brings you the top headlines of the day

Tax portal 2.0 to integrate with bourses to track trade transactions

Will take stock of discrepancies in assessee disclosures in ITR

Taxpayers can file settlement claims till September 30: Check details here

This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1

Faceless assessment: Rules for authentication of e-records submission eased

The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC

FinMin notifies rules for calculating taxable interest in PF account

The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum. In her Budget for 2021-22, Sitharaman had capped the tax-free interest earned on provident fund contribution by employees and employers together to a maximum of Rs 2.5 lakh in a year in an attempt to dissuade high earners from parking their surplus in what is supposed to be the common man's retirement fund. The Central Board of Direct Taxes (CBDT) on Wednesday notified rules for calculating taxable interest in provident fund. It said for the sake of calculation, separate accounts within the provident fund account shall be maintained beginning 2021-22 for taxable and non-taxable contributions made by a person. Nangia & Co LLP Partner Shailesh Kumar said the notification issued by CBDT has finally put to end the ambiguity which arose with the introduction of taxation of interest on provident funds with contribution above the specified

FM urges young tax officers to give ideas to amplify tech use in I-T dept

Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.

Pensioners' body urges government to exempt pension from income tax

The body in its first all-India conference held at Shirdi (Maharashtra) on July 23, 2018 has resolved that pension should be exempted from income tax.

Income-Tax notices give FPIs the jitters; experts suspect tech glitches

Experts called the development unprecedented and attributed it to a possible glitch in the new I-T portal

Top taxpayers may get flexibility to exit faceless assessment scheme

Recast of scheme is being discussed to bring in more flexibility into the system

NRIs should apply to I-T dept for relief from double taxation: Experts

If they have lost non-resident status because of enforced stay in India, this can bring them some reprieve

FinMin summons Infosys chief Salil Parekh over bugs in income tax portal

Taxpayers have since faced numerous problems accessing and using the portal since the day of its launch

CBDT issues Rs 49,696-cr refunds to 2.2 mn taxpayers from Apr 1-Aug 16

Income tax refunds of Rs 14,608 crore issued in 21,50,668 cases and corporate tax refunds of Rs 35,088 crore issued in 1,24,732 cases, the CBDT informed.