Tag: 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...

Corporates, individuals challenge taxman’s move to dig out past assessments under old law

Corporates as well as individuals are contesting the Income tax (I-T) department’s move to reopen past assessments under the old law. More than a dozen...

Buying property from an NRI is not as simple as it might seem

So, if you are planning to buy a house, especially in the secondary market, it is possible that you might find a non-resident Indian (NRI)...

Tax department must introspect on failure in technology implementation

The launch of the new income tax portal has brought home the truth about how the tax department has made taxpayers dependent on technology in...

Know how you can claim tax deductions on donations via crowdfunding platforms

As the second wave of the pandemic ravages the country, social media websites are flooded with donation requests from people in need. These requests are...

New income tax e-filing portal to be launched from June 7, payment services from June 18

The income tax department will launch a new e-filing portal on June 7, which will be integrated to immediately process returns and issue refunds. The...

Yash Birla gets relief from tax tribunal; ruling set to have bearing on many other cases

MUMBAI: In what would have a bearing on several court battles between rich Indians and the Income Tax (I-T) department, a tribunal on Wednesday spared...

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...

Government reaches out to MNCs over global digital tax

MUMBAI: The tax department has reached out to some of the top multinationals and asked them about issues they could face under the Organisation for...

Taxpayers have to give details of each MF, stock that they sold: What it means?

If you redeemed your mutual funds or sold shares in the financial year 2019-20, you will have to give the details of each sale transaction...

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

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...

What to do if you get a scrutiny notice from the tax department

Although the tax department didn’t disclose the absolute number of cases, the tax experts believe that better data collection and mining may have helped in...

FY19 ITR deadline extended but don’t wait till last minute to file tax return

This is the third extension since 31 March 2020, which was the original deadline for filing the belated return for FY18-19. In the wake of...

IT department may soon reach out to you if you did a high-value transaction in FY 2018-19 and haven’t filed tax return

The tax department said in a notification issued on Saturday that it will start an 11-day e-campaign starting from 20 July to reach out to...