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I-T Department

Only 6.68% of population filed income tax return in 2023-24 fiscal

Only 6.68% of population filed income tax return in 2023-24 fiscal

Tue, Dec 17, 2024

Minister of State for Finance Pankaj Chaudhary said there is an increase in filing ITR with over 8.09 crore income tax returns were filed in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20.

Link your PAN with Aadhaar to avoid higher TDS deductions, check last date issued by I-T

Link your PAN with Aadhaar to avoid higher TDS deductions, check last date issued by I-T

Tue, May 28, 2024

According to income tax laws, if a Permanent Account Number (PAN) is not linked to a biometric Aadhaar, TDS must be deducted at double the appropriate rate.

Over 4.51 crore ITRs for FY21 filed till December 26

Over 4.51 crore ITRs for FY21 filed till December 26

Mon, Dec 27, 2021

Over 4.51 crore income tax returns for 2020-21 were filed till December 26, the I-T department said on Monday.

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ANNOUNCED! Tax relief on expenditure towards Covid treatment

ANNOUNCED! Tax relief on expenditure towards Covid treatment

Fri, Jun 25, 2021

The Centre on Friday announced income-tax exemption on the amount received by a taxpayer from his/her employer or from any other person for the treatment of Covid-19 during FY 2019-20 and subsequent years.

Income Tax Return E-Filing ALERT! Planning to file ITR Today? Can't be done on THESE dates - Here is why

Income Tax Return E-Filing ALERT! Planning to file ITR Today? Can't be done on THESE dates - Here is why

Tue, Jun 01, 2021

Income Tax India has issued an alert for taxpayers notifying that e-filing portal services of the IT-Department will be closed for six days in June.

I-T raids premises of MP CM's OSD, others; seizes cash

I-T raids premises of MP CM's OSD, others; seizes cash

Mon, Apr 08, 2019

In a major crackdown on hawala money, Income Tax Department teams on Sunday carried out raids at over 50 places in Madhya Pradesh`s Indore and Bhopal and New Delhi, including the residence of Chief Minister Kamal Nath`s officer on special duty (OSD) Praveen Kakkar and seized a huge amount of cash.

CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering

CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering

Fri, Mar 29, 2019

"In cases of detection of unusual transactions and beneficiaries thereof, appropriate action may be taken as per provisions of the I-T Act after seeking restoration of the struck off company by filing an appeal before the National Company Law Tribunal (NCLT)," the CBDT said.

Tax demand: I-T dept attaches portion of shares held by V G Siddhartha, Coffee Day in Mindtree

Tax demand: I-T dept attaches portion of shares held by V G Siddhartha, Coffee Day in Mindtree

Sat, Jan 26, 2019

The income tax (I-T) department has attached some of the shares held by V G Siddhartha and Coffee Day Enterprises Ltd in Mindtree, a move that may halt them from selling their stake in the IT firm.

IT dept to wait till Sep 7 for Walmart to pay tax on Flipkart deal

IT dept to wait till Sep 7 for Walmart to pay tax on Flipkart deal

Sun, Sep 02, 2018

The Walmart has not yet approached the tax department to ascertain the withholding tax liability, although some shareholders of Flipkart who are exiting the e-commerce company have sought guidance on their tax liability, the officials said.

Income Tax Returns (ITR) filing deadline: Did you miss it? Rush now, or face penalty; check 5 step guide

Income Tax Returns (ITR) filing deadline: Did you miss it? Rush now, or face penalty; check 5 step guide

Fri, Mar 09, 2018

Income Tax Returns (ITR) filing deadline: From April 1, 2018, the penalty has been fixed at Rs. 5000 for all delayed ITR filings before Dec 31, 2018 and for earnings above Rs. 5000. However, the penalty has been set at Rs. 10,000 if the ITR is filed after Dec 31, 2018.

ED probes shell companies linked to Nirav, Choksi

ED probes shell companies linked to Nirav, Choksi

Thu, Feb 22, 2018

The Enforcement Directorate (ED) is probing 120 shell companies allegedly linked to Nirav Modi and Mehul Choksi even as Income Tax officials claimed to have found two companies linked to Nirav that received Rs 555 crore from foreign companies between 2013 and 2014.

Why to file income tax return?

Why to file income tax return?

Wed, Feb 07, 2018

If you do not file ITR, you are liable to be fined and prosecuted by the I-T Department.

Income Tax officer suspended for harassing taxpayer

Income Tax officer suspended for harassing taxpayer

Fri, Dec 08, 2017

Meena was alleged to have sought illegal gratification through the taxpayer’s Chartered Accountant for favourably completing the assessment, said an official release from the I-T department.

Unsold realty inventory under Income Tax radar to check hoarding

Unsold realty inventory under Income Tax radar to check hoarding

Tue, Nov 28, 2017

A tax between 8% and 10% could be applied on the property that is held under "stock in trade" by the developers. The Central Board of Direct Taxes has already sent internal guidelines to I-T officials across the country,

Income Tax Department identifies over 400 benami transactions so far

Income Tax Department identifies over 400 benami transactions so far

Wed, May 24, 2017

The Income Tax Department (I-T) has announced on Wednesday of identifying over 400 benami transactions which include deposits in bank accounts, plots of land, flat and jewellery.

I-T Department launched E-filing facility on its website

I-T Department launched E-filing facility on its website

Mon, May 15, 2017

I-T Department launched E-filing facility on its website. Watch the full segment for more details.

I-T department launches online facility to correct errors in PAN, Aadhaar

I-T department launches online facility to correct errors in PAN, Aadhaar

Sun, May 14, 2017

The Income Tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document.

Benami Act violators to face double whammy of legal action: Income Tax Department

Benami Act violators to face double whammy of legal action: Income Tax Department

Fri, Mar 03, 2017

The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Thu, Jan 26, 2017

Post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.

Banks will now tell Income Tax Department if you deposit more than Rs 10 lakh in a year

Banks will now tell Income Tax Department if you deposit more than Rs 10 lakh in a year

Thu, Jan 19, 2017

The tax department has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8

Fri, Dec 30, 2016

As many as 60 lakh individuals and firms have made large deposits totalling an astonishing Rs 7 lakh crore in old notes, top government officials said today while warning that every penny of tax will be extracted as the black money does not become white by merely putting it in banks.

Axis bank-Noida: ED files money laundering case for forging customer's identity

Axis bank-Noida: ED files money laundering case for forging customer's identity

Sat, Dec 17, 2016

The Enforcement Directorate (ED) has registered a money laundering case in the alleged forging of a customer's identity to conduct huge illegal transactions in an Axis Bank branch in Noida for conversion of black funds into white post demonetisation.

I-T department sends 3,000 notices for high bank deposits post notes ban

I-T department sends 3,000 notices for high bank deposits post notes ban

Sat, Dec 17, 2016

Income Tax department (I-T) has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks.

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