Page 58 - Income Tax

IT dept to 'name & shame' chronic crorepati defaulters

It was decided to name all category of taxpayers who have a default of Rs 1 crore and above by March, 31 i.e end of 2016-17 financial year

Income tax collection from Mumbai rises 9% to Rs 67,185 crore

Mumbai region officials are confident of meeting the target of Rs 2.79 lakh crore by the end of the year

Deduction benefit under section 35AC only till March 31

The Centre on Friday said the benefit of deduction under section 35AC of the Income Tax (I-T) Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any eligible project or scheme.

Only 1.4 million individuals fell in 30% tax bracket in 2012-13

They accounted for 75% of the total personal income tax collection

Online tax refunds reduce hardships of I-T assesses: Modi

Tax refunds of Rs 14,332 crore have been issued this year till August 5

1.36 crore non-filers identified under NMS: Govt

Total number of taxpayers of income tax in the country for the financial year 2015-16 is 5,24,38,971

E-returns jump 10% in assessment year 2016-17

According to the finance ministry, 226.98 lakh e-returns have been filed in 2016-17

Rs 1.23 lakh crore of income tax refund pending

Minister of State for Finance said Rs 97,825 crore are pending due to proceedings for scrutiny assessment

Why you must file I-T returns on time

Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries

Tough to use tax rulings to your advantage

HC or tribunal verdicts aren't the final word in disputes, but you can use them to persuade the assessing officer

Didn't quote PAN with high-value transactions? Read this

Remember, the onus is on you to prove that income has been declared and tax has been paid

Did you get income-tax notice? Explain high-value transactions with ease

Remember you need to have all the documents to prove that tax has been paid on income that has been used to make investments or purchase of property

I-T dept floats draft rules on taxing income

The Finance Act, 2016 has changed the definition of distributed income on which tax will be imposed

Assets without records add to taxpayers worries

Govt has issued a new set of income tax return (ITR) forms that require people with an annual income of Rs 50 lakh and more to disclose their assets by July 31

How government is targeting big income tax evaders

Tax evaders can come clean by using the IDS by paying 30 per cent tax, 7.5 surcharge, 7.5 per cent penalty, totalling 45 per cent

Taxman targets 100,000 high-value transactions

In the first tranche, CBDT to issue letters to those spending Rs 1 crore a year

Parthasarathi Shome: I-T department statistics - II

Taxpayer profiles reveal worrisome characteristics

Implementation of new accounting standards postponed

Breather for companies as norms are deferred by a year

I-T dept probes firm linked to former principal secy

The Income Tax department is probing tax evasion charges against a Kerala-based firm, in which a director is the daughter of former Principal Secretary to PM T K A Nair, for allegedly receiving Rs 45 crore funds from the Gulf. Officials said the company based in Thiruvananthapuram, Agrritho International Private Limited, was searched by tax sleuths last month after the department received "actionable" inputs that some undisclosed funds have been sent through an overseas account to the firm owned by a lawyer, Vinodkumar Kuttappan. Nair's daughter Mini and her husband are the two Directors in the firm which deals in agro-business activities. Kuttappan and his wife are the other two directors in the firm. The department is investigating if the amount of Rs 45 crore was sent in an unauthorised and illegal manner from an overseas location and if those were declared by the firm or its owners/directors in their respective Income Tax Returns (ITRs). The firm was registered in May, 2014 ..

Taxmen to meet UP traders, industry over amnesty scheme

Centre has provided a 4-month amnesty starting June 1 to evaders, giving them a chance to come clean and pay 45% tax