Tag: Income Tax Department

Probing fictitious transactions of Rs 2,200-cr, says CBDT after raids on media group

The CBDT on Saturday claimed to have detected “fictitious transactions” of Rs 2,200 crore after the Income Tax Department carried out multi-city raids against the...

Income tax benefit on home loan under affordable housing explained

Home loan interest rates coming down to the tune of around 7 per cent (SBI home loan interest rate starts at 6.70 per cent per...

Users of new Income tax return portal continue to face glitches

A week after the Income Tax Department’s much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual...

Received income tax notice? No need to panic, suggest experts

Income tax department has become quite vigilant about our spending (both cash and digital). Just a single glimpse of mismatch between the income tax return...

5 cash transactions that can attract I-T notice

In the last few years, Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction...

Here is how you can check your status

Income Tax Department ITR refund list: The Income Tax Department has announced that it has issued refunds of over ₹12,038 crore to more than 10.83...

Would like to ensure ongoing assembly polls are held in peaceful and fair manner: CEC

Sushil Chandra, who assumed charge as the 24th Chief Election Commissioner on Tuesday, said he would like to ensure that the ongoing assembly elections in...

The three-phase poll witnessed a state average of 82.04 per cent

The three-phase poll witnessed a state average of 82.04 per cent. The election commission has assured strong vigilance has been put in place and assured...

Income Tax dept launches offline utility for ITR 1, 4

The Income Tax Department has launched the offline utility for taxpayers filing ITR – 1 and 4 for 2020-21 fiscal year. As per the online...

Tax department has launched new ITR filing utility for AY2021-22. Details here

To improve the tax filing process, the Income Tax Department has done away with the excel and java-based utility and has launched a new offline...

NRIs, foreign nationals stranded in India to submit details of double taxation by March 31

The Central Board of Direct Taxes (CBDT) has asked non-resident individuals facing double taxation on income for FY 020-21 because of forced overstay in India...

tax refunds: Max time for processing your ITR, tax refunds now 9 months vs 1 year earlier

Budget 2021 has proposed to reduce the time allowed to the income tax department to process income tax returns (ITR) by three months. As per...

ConocoPhillips-styled Indian overseas assets seizure to collect $1.4 bn Cairn award

New Delhi: Just like US oil firm ConocoPhillips grabbed Venezuelan assets overseas to enforce an arbitration award, Indian bank accounts, airplanes and other foreign properties...

income tax returns: 5% more income tax returns filed this year

NEW DELHI: Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed...

ITAT quashes revised assessment order passed by tax department against three Tata trusts

In a major relief for three of the Tata Trusts, the Income Tax Appellate Tribunal (ITAT) Monday quashed revised assessment orders issued by the income...

I-T dept detects black income of Rs 100 crore after raids on contractors in Assam | India News

NEW DELHI: Unaccounted income of Rs 100 crore has been detected after the income tax department raided three “leading” contractors of Northeast India based in...

Enhanced IT infra to be key for faceless assessments, appeals regime: PwC

Streamlined information technology infrastructure, comprehensive yet precise submissions by taxpayers and advance preparedness from both taxpayers and tax department would be key pillars for successful...

I-T dept unearths tax evasion and unexplained investments amounting to Rs 50 cr in J-K

Search and seizure operations by the income tax department in Jammu & Kashmir in two separate cases unearthed tax evasion and unexplained investments amounting to...

Why you shouldn’t wait for the 30 Sept deadline for filing belated returns for FY19

The 30 September deadline for filing belated or revised income tax returns (ITR) for assessment year 2019-20 (financial year 2018-19) is fast approaching. Belated ITR...

Faceless assessment ushers in a new era in tax transparency

· Faceless assessments; · Faceless appeals; and · Taxpayer’s charter This reform radically changes the way income-tax assessments would be carried out in future. While...

Widening the scope of SFT can affect taxpayers in many ways

The government is planning to widen the scope of the statement of financial transactions (SFT). It is an initiative under which various institutions report specified...

What govt must do to make the new tax charter more effective

Prime Minister Narendra Modi last week announced tax reforms, which includes a new charter defining the rights as well as the obligations of assessees. Clarity...

There’s no clarity on split shares’ taxation

The frequently asked questions (FAQs) released by the tax department on taxation of long-term capital gains (LTCG) under Section 112A didn’t cover the issue of...

Tax-related deadlines to keep in mind and finish tasks on time

Here are some deadlines you need to remember to complete your tax-related tasks on time. 15 August Last date for issuing Form 16 for FY20:...

Waiting for your tax refund? Know the reasons for delay and check the status

The income tax department stated in a notification, dated 17 July, that it has issued refunds worth ₹24,603 crore to 19.79 lakh taxpayers between 8...